It was a matter of time before someone high up in the banking sector was sent down.
Kaupthing bosses have the dishonour of being the first -surely not the last- top bankers to go to prison for defrauding their company, their clients, their country and presumably too, the Tax Office.
But whilst this case may not be directly connected to Equity Release, it is clear that if someone at the bank came up with the brilliant idea of giving out a massive loan to a Middle East-based wealthy Arab to buy stock from the company, why not give smallish loans to owners of Spanish unencumbered property to invest, for instance, with Lex Life, the company Landsbanki owned?
I could not agree more. Perhaps it is not the same as equity release, however it does demonstrate as to the fraudulent culture that existed in this bank. From what I have read on this site perhaps one could place Danske Bank in the same mould. Let us hope that the Landsbanki vicitms in Spain and France, use this to the fullest extent in their fight against Hamilius and Landsbanki. One would have thought by now that if Hamilus (Landsbanki Administrator) would realise that there was something seriously wrong with the Luxembourg Arm of Landsbanki.
The reputation of all the Banks involved in this has been so badly damaged with the constant negative stories.
Can they not see it is now time to come out with hands up?
When the time came the big global Banks became aggressive sales machines determent to make profit at absolutely any cost and completely lost touch with morality.
Especially if they read the posts on this site and the newspapers they MUST realize that the law suits will grow and grow, or will they drag it out for years to come?
Do the decent thing, COME OUT WITH YOUR HANDS UP !
I could not agree more with this comment. There is little doubt that the lawyers are finally collating enough evidence to bring these cases to a successful conclusion. We have now seen claims before the courts in respect of Nordea Bank SA, Danske Bank SA (criminal) Landsbanki (criminal in both Luxembourg and Spain) Rothschild and Surrenda Linked Mortgages, either in court now or about to be finalised by the lawyers. Can any one tell me if Antonio Flores and Lawbird Legal Services are involved in this one.
With regards to this post. Erva should point out that the bosses jailed were not Landsbanki but Kaupthing. Our apologies for this error.