Shares of Astroc Mediterráneo – one of Spain’s biggest property companies – crashed 43% yesterday in Madrid. Shares in this company had risen by 1000% since its IPO, and turned its president – Enrique Bañuelos – into one of the richest men in the world, with a personal fortune of 5.8 billion Euros, according to Forbes Magazine. Bañuelos’ wealth is down by some 3 billion Euros in the last couple of months. Sob!
The knock on effect that the shares on the Irish stock market crashed and lost 1.5 BILLION due to the link with the spanish property market. Yhe strange thing about it though was that even though the market in Ireland lost 1.5 billion there was only one line on the daily news about it. I think the major banks /institutions involved want it kept quiet for fear of even more shares dropping. I have written to the major t.v stations here but not even a reply, I just wanted to ask them why is it being kept so quiet? if this was happening in any other country it would be all over the news but not so in this case as they want it kept quiet.
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