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doahh

Crimial investigation into Spain's biggest bank bailout

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I haven't got any better links to confirm this so it may be post-truth or aka: bo11ock arsed lies but ...

From ZeroHedge:

Quote

...

As part of the epic, multi-year criminal investigation into the doomed IPO of Spain’s frankenbank Bankia – which had been assembled from the festering corpses of seven already defunct saving banks Spain’s national court called to testify six current and former directors of the Bank of Spain, including its former governor, Miguel Ángel Fernández Ordóñez, and its former deputy governor (and current head of the Bank of International Settlements’ Financial Stability Institute), Fernando Restoy.

...

The six central bankers and one financial regulator stand accused of authorizing the public launch of Bankia in 2011 despite repeated warnings from the Bank of Spain’s own team of inspectors that the banking group was “unviable.”

...

Featured in the IPO prospectus, those results were crucial in luring 360,000 credulous investors into buying shares in the soon-to-be-bankrupt bank, not to mention the 238,000 people who bought “preferentes” shares or other forms of high-risk subordinate debt instruments being peddled by Bankia’s sales teams as “perfectly safe investments.” Most have since been refunded by Spanish taxpayers.

...

The IPO prospectus was also signed off on by Bankia’s auditor, Deloitte, whose Spanish representatives are also warming the defendants’ bench. Deloitte was not just the bank’s auditor, it was also the consultant responsible for formulating its accounts.

...

Deloitte was happy to confirm in Bankia’s IPO prospectus that the newly born frankenbank was in sound financial health, having made a handsome profit of €300 million just before its public launch. It was a blatant lie: in reality Bankia was bleeding losses from every orifice.

...

Now, just about everybody who played a role in this momentous deception, with the exception of the government itself, is standing trial. That includes 65 former members of Bankia’s management team including its former President and ex-chief of the IMF, Rodrigo Rato, who faces charges of money laundering, tax fraud, and embezzlement.

...

The last Spanish judge that dared to take on the financial elite, Elpidio Silva, sent Caja Madrid’s CEO Miguel Blesa to jail — not once, but twice – and was barred from the bench for 17 years.

Holy crap! What a list of people to be prosecuted.

  • Ex-president of the IMF;
  • Current head of the BIS Financial Stability Institute;
  • Deloitte.

This really does sound like something from an Illumanati conspriacy:

"What should we call this load of toxic crap?"
"Well, it is made from 7 other peices of crap and it will be a walking zobmie - so why not call it Frankenbank"
"Isn't that a little to obvious"
"No, hide it in plain site. They are all Tuckin mugs and we are untouchable!"
"OK, Frankenbank it is then"
ROFLOL all round.

Edited by doahh

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The continuation and extension of the abnormally low base rate along with more QE suggests that the UK banking system is in a similar  position - a similar but apparently less transparent position to that of Spain.

Edited by billybong

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http://www.scotsman.com/business/companies/financial/rbs-to-put-brave-face-on-multi-billion-pound-loss-1-4371092

'Royal Bank of Scotland is likely to take the shine off solid progress elsewhere in the banking sector this week as it unveils further cost-cutting and losses for the ninth year running.

Chief executive Ross McEwan will look to persuade the City that the bank – still majority owned by the UK taxpayer – is close to turning the corner though more job losses are likely as it pays for the mistakes of the past.'

 

 

Whereas the UK taxpayer has 72% of RBS....................................

 

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