Iceland, a tiny nation of only 317,593 souls has looked at its epic bank failures, and said, “Why yes, we do have to make a federal case out of this:

More than a year and a half after Iceland’s major banks failed, all but sinking the country’s economy, police have begun rounding up a number of top bankers while other former executives and owners face a two-billion-dollar lawsuit.

Since Iceland’s three largest banks — Kaupthing, Landsbanki and Glitnir — collapsed in late 2008, their former executives and owners have largely been living untroubled lives abroad.

But the publication last month of a parliamentary inquiry into the island nation’s profound financial and economic crisis signaled a turning of the tide, laying much of the blame for the downfall on the former bank heads who had taken “inappropriate loans from the banks” they worked for.

What a quaint and old fashioned idea. When people corruptly enrich themselves at your expense, investigate.

If you find that they broke the law, arrest them and try them.

I vote for going medieval on the bankers asses.

[on edit]

Perhaps the bankers should learn this old prayer, “A furore normannorum libera nos domine.”^*

^*From the fury of the Northmen deliver us, O Lord!