Bankia bank floatation was a complete fraud admits Bank of Spain

The Bank of Spain has completed a report into the stock market launch of nationalised bank Bankia, and concluded that it was a complete fraud organised by Rodrigo Rato, the President of the bank at the launch, and carried on by his successor Goirigolzarri. Bankia is a nationalised bank that was formed from the corpses of several failed banks that went under during the recession. Spain forcibly merged them into one super bank and then Continue reading Bankia bank floatation was a complete fraud admits Bank of Spain

What’s all this about the “black credit cards” of Caja Madrid?

It’s almost as exciting as the Ebola scare – all of Spain is following with rapt interest the revelations that Caja Madrid was giving out black credit cards to politicians and board members, allowing them to spend vast amounts of the banks money. The “tarjetas B” as they’re called, were credit cards that weren’t linked to any particular account, but instead siphoned money out of the banks central reserve. The bank fooled auditors by sucking Continue reading What’s all this about the “black credit cards” of Caja Madrid?

Bankia closes almost all its offices in province, without bothering to tell you

Bankia, those little banking monkeys who were partly (yet heavily) responsible for bankrupting the nation, have quietly decided to close all offices in Almeria, with the exception of two in the capital. Everyone but a lucky few gets fired at the end of the month. Oh, and they weren’t planning to tell you, their loyal customers, either – so far, nobody I know has actually received a letter from them, telling them about their plans. Continue reading Bankia closes almost all its offices in province, without bothering to tell you

Bankia tells its Menorcan clients to come to Majorca

Bankia the bank is being forced to close a load of offices across Spain. Well, it’s bankrupt, nationalised, and burning billions of euros of taxpayers cash a year, so some of its overpaid and useless staff are being laid off. Anyway, clients of Bankia on the Baleric Island of Menorca are up in arms after Bankia announced all three of its offices on the small island will close next week. Instead, Bankia clients are cordially Continue reading Bankia tells its Menorcan clients to come to Majorca

Moratorium on evictions promised for Monday

Told ya. Rajoy has announced that he intends to order an immediate moratorium on all evictions that involve “vulnerable families” (taken to mean anyone with kids or seniors) until the situation can be revised. In other news, Bankia has confirmed that it will not proceed with three evictions in the Canary Islands that were supposed to be carried out today – after the Santa Cruz townhall withdrew 1,5 million euros in a current account it Continue reading Moratorium on evictions promised for Monday

Bankia is worth -13.65 billion euros (yup, that’s minus) and goes bust

The directors of Bankia have signed off on the final internationally backed independent assessment of the worth of the bank : it’s worth -13.635 billion euros. That is, add up the assets, take away the debts, and you’re left with a hole of almost 14 billion euros. That’s a big hole. The state has confirmed that 100% of the bank will be nationalised, with immediate effect, with the state backed FROB bank fund taking over Continue reading Bankia is worth -13.65 billion euros (yup, that’s minus) and goes bust

Disgraced banker who ran Banco Valencia into the ground, charged with financial fraud, given top job at Bancaja

A disgraced banker who has been charged with fraud, corruption and financial crimes after running the Banco de Valencia into the ground has been given the top job at Bancaja after the President quit unexpectedly yesterday. Antonio Tirado, the new head of Bancaja, has been charged by a court in Valencia with multiple financial crimes after he ran the Banco de Valencia into the ground (it collapsed last year). 137 shareholders signed a joint querella Continue reading Disgraced banker who ran Banco Valencia into the ground, charged with financial fraud, given top job at Bancaja

We need 12 billion to save Bankia (and the economy will shrink another 0,3% this quater)

De Guindos, the economy minister, has announced that Madrid will have to sign a check for 12,000,000,000€ to save Bankia, the failed bank that went titsup last week, instead of the original 4,5 billion euros expected. (El Mundo) Interestingly enough, that’s almost as much as Madrid slashed off the health and education budgets (14 billion) in an attempt to make savings and stop the country running out of cash. Bankia has an exposure of some Continue reading We need 12 billion to save Bankia (and the economy will shrink another 0,3% this quater)