A UK politician, justifiably upset about the banking fraud of some banks in Iceland, wants to prosecute all the people who live in Iceland. Here’s my response:
You can blame the policeman, but not arrest him. If Iceland’s politicians conspired with the criminal banks to defraud UK savers, then you can arrest and prosecute the politicians, along with the bank owners and responsible employees. If the politicians simply ignored the criminals, then you can only vote for others during the next election (or ideally disband the gov’t completely). It is the criminals who are responsible for the crimes, and in this case it was the banks who took on deposits and then lent them to people who likely would never repay. The UK should be going after the bank operators and that might mean an extradition request.
Don’t blame ALL the people who live in Iceland for the crimes of a bank owners. There’s a local bank in my town here in the USA. If they lose your deposits, don’t expect me to pay. And I won’t come after you if your local Huddersfield banks steal deposits.
For your next column, write about the need for people to investigate banks, especially ones in other countries, before depositing their money and the crucial need to separate government from banking so people don’t expect taxpayers to foot the bill for the crimes of banking officials — no one expects taxpayers to cover missing dry cleaning items or failed restaurants.
Read politician’s column.