- This topic has 14 replies, 8 voices, and was last updated 11 years, 5 months ago by
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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.
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“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.
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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).
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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?
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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.
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@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.
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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 🙄 😯
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http://www.ft.com/intl/cms/s/0/3b780328-9543-11e2-a4fa-00144feabdc0.html#axzz2OZSOn6l8
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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.
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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.
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