Bankia reports record loss.

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    • #57300
      logan
      Participant

      The largest loss in Spanish corporate history reported today by Bankia at €19.2bn. Mostly write downs on residential property losses. Particular abhorrence is reserved towards this company formed out of the bankrupt cajas two years ago. Then the shares were touted to small investors as an almost solid buy. Now they have junk status and are suspended on the Ibex. The bank had to be bailed out by the state with EU money but not the shareholders who have all but lost their investment.

      http://www.bbc.co.uk/news/business-21612720

    • #115785
      GarySFBCN
      Participant

      What’s even more disgusting is that while the banks are being bailed-out with taxpayer funds, they can choose to “hold-onto” empty viviendas, instead selling them at a bargain to ‘the people.’

      This isn’t capitalism. This is thievery. Maybe those two words are now synonyms.

    • #115786
      Anonymous
      Participant

      “This is thievery. Maybe those two words are now synonyms.”

      You said it. This is giving capitilsm a bad name. No system is pefect I prefer to have the less of the evil & a system which gives me the opprtunities and motivation to financially better myself.

    • #115787
      Anonymous
      Participant

      “while the banks are being bailed-out with taxpayer funds, they can choose to “hold-onto” empty viviendas, instead selling them at a bargain to ‘the people.'”

      I made an offer to them on 20 of their properties in one block in Malaga Capital in April 12 and also offered to buy more if the price could be bettered. I have to date not had a response or a counter offer.
      How many such people/institution are there who could have taken the properties off their back over the last five years.

      Their non performing loans would become performing loans, along with sales of bed, linen, sofa, TV, fridges, employment for transport companies, cleaning ladies etc.

    • #115788
      Anonymous
      Participant

      In 2008 George W Bush pulled the plug on Lehmans, rightly or wrongly, which sent the world into the deepest recession since the 1930’s.

      The western leaders, fearing that their bankers would again leap out of their windows, met in London at the invitation of Gordon Brown and set out a plan to rescue their banks.

      They bailed them out with taxpayers money, Western world wide. Spain was a bit slow off the mark, the bank of Spain had prevented their banks from buying sub-prime mortgages and the country thought it was safe. They forgot that if the rest of the West went skint, they couldn’t buy the million homes the Spanish entrepreneurs had built for them.

      They’re now doing what the others did five years ago.

      (I won’t mention RBS, it wouldn’t be fair).

    • #115789
      GarySFBCN
      Participant

      Their non performing loans would become performing loans, along with sales of bed, linen, sofa, TV, fridges, employment for transport companies, cleaning ladies etc.

      And that just highlights the idiocy of everyone involved. Have they never started a fire with a few twigs? Have they never primed a pump?

    • #115790
      Anonymous
      Participant

      Knew this was comming a long time ago. Still disgusted. Tax payers will take the hit.

    • #115791
      Anonymous
      Participant

      @rocker. This is a good example of Spanish manana, pasa nada or simple being an Ostrich comes from. Their leaders have been behaving in this manner for decades and as far I am concerned long may it continue.

    • #115792
      Anonymous
      Participant

      Crazy as it sounds, both Bankia and RBS still made a profit, ignoring their bad debt provisions. We live in a mad world, where only fools like Osborne worry about debt, trillions of it all around the globe.

      Argentina, of all countries is showing us the way, along with the US if looking at the wider picture. A stroke of the pen can wipe it all out, and if some silly people insist on being repaid, they can easily be nuked.

    • #115793
      Anonymous
      Participant

      @shakeel wrote:

      @rocker. This is a good example of Spanish manana, pasa nada or simple being an Ostrich comes from. Their leaders have been behaving in this manner for decades and as far I am concerned long may it continue.

      Sorry, I posted before seeing your post.

      I concur.

    • #116465
      angie
      Blocked

      http://www.euronews.com/2013/03/25/bankia-s-sc … s-plummet/

      Investors have lost all of their money in Bankia for now, shares bought at equivalent of £3.18 but now worth 1p 🙄 😯

    • #116468
      Chopera
      Participant

      http://www.ft.com/intl/cms/s/0/3b780328-9543-11e2-a4fa-00144feabdc0.html#axzz2OZSOn6l8


      Bankia shares, which were listed in the summer of 2011 at €3.75 in a sale marketed to hundreds of thousands of retail investors and deposit holders, opened down more than 50 per cent at €0.12. They closed down 41.4 per cent at €0.14.

    • #116470
      logan
      Participant

      I remember the publicity, a once in a lifetime opportunity you shouldn’t miss. Doh 🙁

    • #116472
      katy
      Blocked

      Many of those Bankia shareholders weren’t aware they owned shares. They were sold investment bonds and told they were investing in a basket of companies. The bank then bought their own bank bonds and conned the mainly small mom and pop investors 👿 There has been demos in the north of Spain this weekend.

    • #116533
      katy
      Blocked

      Spain’s stock market has taken a hammering since the Cyprus fiasco. Now back well below 8000. Greece has been suffering too.

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