CAM Former Directors arrested.

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    • #57844
      logan
      Participant

      A Spanish judge at the Audiencia Nacional, Spain’s top criminal court ,yesterday ordered the arrest of five CAM senior bankers, including the former director general Roberto López Abad and Daniel Gil who was in charge of real estate during the boom years.

      These are the people suspected of being responsible for the demise of CAM a former regional savings bank based in Alicante which crashed after the property market collapsed costing investors millions. Sadly I was personally affected. CAM was a symbol of all that went wrong in the Spanish property market and it’s long overdue that they should be brought to book.

      Although in custody they have yet to be charged with any offence. It remains to be seen if this is just window dressing, later to be overturned like the former directors of Caja Madrid.

      Why the Fred Goodwin’s of this world have never been treated in the same way is a mystery to most of us.

      http://www.ft.com/cms/s/0/2242a40a-46e4-11e3-9c1b-00144feabdc0.html?siteedition=uk#axzz2jwdtA7YN

    • #118626
      Anonymous
      Participant

      Well, at least arrests are being made. Like you point out, no arrests in the UK yet, or ever I guess.

    • #118627
      logan
      Participant

      The next big banking scandal, currently brewing nicely is the trader manipulation of the FOREX markets. I used to be a modest player and suspected for some time the market was rigged. I even wrote to the regulators who of course did nothing.

      Now we learn there is a case and it’s being investigated. I shall be first in the queue when the issue of financial compensation is made public.

      The City of London is a cess pool of corrupt barrow boy traders. It has been allowed to run uncontrolled for far too long. In my time there was a phrase, ‘my word is my bond’. It used to mean something despite the cynics but those days ended with ‘big bang’. The attitude now is get in, make zillions as quickly as possible and get out. Shelf life five years or jail. That risk is acceptable to them.

    • #118730
      Anonymous
      Participant

      Logan,

      I wrote and sent you private messages, asking to be your “student”.

    • #118731
      marios
      Participant

      Now that’s a suprise NOT

      http://www.bbc.co.uk/news/business-25193877

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