Saturday, September 01, 2012

Bankia - the fraud and waste continues

This from here yesterday -

Bankia, nationalised by the Spanish government in May, lost 4.448 billion euros in the six months to end-June after provisioning 2.7 billion euros in the second quarter against bad debt and assets. Spain's Fund for Orderly Bank Restructuring (FROB) said it would inject capital into Bankia immediately

This blog has been following the lies and deceit over Bankia for well over a year, some of what we posted is here, (bearing in mind as always nowadays, that this blogger has evidence that some of the past postings have been altered and tampered with by unknown third parties).

I would particularly like to repeat this warning from this July, as follows:

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.

The above two paragraphs may be considered particularly apt given the pathetic compensation announced yesterday to be offered to account holders of the Ulster Bank in respect of the shenanigans earlier this year when their own money was rendered inaccessible.

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