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Spain’s FROB (a sort of bank resolution trust) has accused managers of the now defunct Bancaja (a savings bank from the Valencian region) of overpaying for rural land by a factor of as much as 50!!!! The land was bought off a mate, of course. “They paid various millions of Euros for properties that had practically no value” goest the official denunciation.
Just more evidence how the managers of some of Spain’s savings banks looted with gay abandon whilst they were in control, appointed by politicians.
Makes you sick.
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I totally agree with your comment there Mark, not only Spain but everywhere, it seems those in charge are only out for themselves and don’t mind screwing naive people. Even Rajoy and his Government are supposed to be mates of old giving jobs for the boys, they probably know too much about each other đŸ™„
A bit like EU President Von Rumpy Tumpy, his job and that of his deputy created from nothing at huge salaries, new BOE Governor Mark Carney huge salary, pension pot, housing costs etc etc even more so than Merve the Swerve King’s 5 million pound pension pot and salary and benefits for failure, they can all bath in 100 Euro notes, Putin is another. Will they live forever, maybe they hope to?
Huge bonuses being paid to lots of Lloyds/Barclays/RBS Bank traders and executives etc even though they make losses. Reward for failure it’s called and no-one seems to be put inside for a spell.
The whole world has gone bloody mad and greedy đŸ˜‰
Rant over
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Friend of mine works at Barclays in Madrid and she said similar stuff went on on a smaller scale. The (ex) manager would simply hand out cheap loans to his mates, basically giving them away with no colateral. He got found out and sacked but it seems to have been the norm during the boom.
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Not sure you know this but most bank employees in Spain are allowed interest free loans on the behalf of the tax payers and other customers.
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Used to be the case in the UK as well (maybe it still is)
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It’s a rant that will continue sadly…..it doesn’t surprise me at all. Makes me fume what bankers in cajas have done….and they still sit there with their comfy jobs as though they are the bees knees. If they loose their job who cares, they’ve creamed off enough for a lifetime.
We are applying for a medical card here in Ireland and i’ve asked our hateful bank five times via email and phone if they could write a letter with the amount of mortgage we have. I know, I know..why did we tell the system here that we have a mortgage. Because i’m stupid and honest. They are still deciding if they are going to be able to do it they say…. We pay them 600 euros a month from the little we make and eat virtually toast so that we can pay them and clear the mortgage arrears. I hate them, a strong word but it’s true, I hate them.
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