Monday, July 30, 2012

How Bankia conned its customers and small investors.

Reuters has a good analysis, linked here, of some of the dirty tricks used to keep the large bank Bankia afloat for a few more months in Spain.

Given that foul, dirty and despicably fraudulent tactics were used to disguise losses within the Spanish banking sector and pass off some of the already known losses to depositers AND that this happened in one part of the EU where all that is awful, rapidly spreads throughout the other twenty-six member states while all that is worthwhile is ruthlessly turned against and eradicated, it would be worthwhile if Britain's bank account holders read of some of the tricks used, so as  to avoid being duped in the same manner and reduce similar potential losses in Britain.

This is probably particularly true regarding RBS, whose head has warned of huge coming financial penalties in respect of that bank's failings over LIBOR, events that took place before the taxpayer became obligated for its past sins, read here.

Rodrigo Rato, former head of the IMF and head of Bankia, has at least been arrested, see here, for criminal fraud in Spain as has one of the top bankers in Ireland but no such moves have been seen in Britain.

Little seems likely to happen in the UK given the glimpse we have been given into the mindset of our leaders over the London Olympics, as covered in this post from Orphans of Liberty, linked here.

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