Re: Re: More Economic Bad News for Spain


@katy wrote:

The worse thing about all this whiich isn’t mentioned in the article is that many shareholders didn’t know they were buying them. Anyone who has banked in Spain will have had the bank pushing them to buy investment bonds, sign up for a year and your money will be invested in a basket of shares such as telefonica blah, blah. Bankia did the same…except they were economical with the truth. Bankia just used the customers money to buy…you’ve guessed! Bankia shares. So, many ordinary spanish have found themselves owning a few thousand worthless shares.

Yes that’s true Katy. The bank I use in Spain tried it on me. I spent an hour a couple of years ago with the female manager who tried her best to lull me into buying them. I remember the spiel. Investment in A listings only on the Ibex, no risk blar, blar and blar. 👿
I declined because I didn’t trust them. I have years of experience but can easily see how others less cynical would see a potential ‘opportunity’.

In Spain it’s scandal after scandal. The country deserves better and desperately needs cleaning up.

Here is another property scandal.