Let’s face it, fraud and corruption exists on every continent and in every nation from within the private and public sectors. What is the true impact on a nation, and what should be done about it?
Perhaps the best recent example comes from Iceland. After suffering a brutal financial crisis, which resulted in convictions and jail terms for those involved - politicians and banking executives alike - the IMF has just given their economic recovery a clean bill of health “without compromising its welfare model,” which includes universal healthcare and education.
In fact, Iceland is the first EU country that suffered in the financial meltdown to “surpass its pre-crisis peak of economic output”.
What does this say to the USA and St. Kitts and Nevis? Simply put, there should be no sacred cows, that scandal is scandal, and the moral and right choice is that if you commit fraud…if you are corrupt, you will go to jail. No matter who you are or how ‘big’ your bank or company, there will be no bailout or mercy.
There were many critics voicing their protests about Iceland’s handling and moral convictions to DO THE RIGHT THING. Many felt that by sweeping corruption under the rug would spare the nation embarrassment. Many believed that a decision to prosecute would harm direct foreign investment.
Iceland chose to handle the disaster head-on. It simply let the banks fail, which resulted in defaults totalling $85 billion - lending ample justification for the prosecution and conviction of bank executives and politicians for various fraud-related charges.
The USA chose an entirely different route. The US bailed out the banks and let executives off the hook by levying fines that ultimately ended up being paid by the corporations. Executives and politicians got away with it all.
The moral question our Federation has is clear: “Why should we have any aspect of our private or public sector policed or without responsibility or accountability?”
After Iceland’s Supreme Court upheld the convictions for those found guilty, Iceland’s special prosecutor Olafur Hauksson said: “It is dangerous that someone is too big to investigate...it gives a sense there is a safe haven.”
By contrast, Americans have grown bitter and have lost respect for their financial institution and political system which, in the view of the majority, lacks justice and integrity.
As a nation, our leaders must possess the moral resolve to protect the sanctity of our financial and political systems and process. Allegations must be investigated! Where there is guilt, this author advocates following the example of Iceland to ensure long-term respect of our citizens within the region and abroad.
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