bankia

Une big example is Bankia (previously caja madrid), the president of bankia was a friend of Aznar and certainly underqualified.

Meanwhile in Bankia, Blesa, Rato and other top officials where spending and charging to Bankia millions of public money to black credit cards given by himselves.

But Bankia is NOT owned by the state, only 100% of BFA (the bad part of Bankia) is owned by the state, which in turn controls 45% of Bankia.

In Germany and Spain Hypo Real Estate and Bankia indeed were nationalized due to the crisis.

That allows effectively saving Bankia as a Bank of PP.

Someone should take responsibility for letting Bankia go public.

Speaking of Deloitte, they were the auditors when the Spanish bank Bankia (then a newly formed conglomerate of 6 saving banks, with Caja Madrid as the cornerstone) went public.

Basically they are cards delivered by Bankia (an important 'Caja', sort of a bank but politicians are in the board) without any limit and the expenses were charged to different expeses(e.g.

In fact, when the Spanish government directed $19B ECB funds to Bankia via injecting Spanish debt into the bank, it was a covert form of sovereign debt monetization - something the ECB objected to vehemently, but couldn't stop.

This is by no means the typical Bankia experience, and I would still advocate the use of the bank, it is normally a fabulous one, but my experience in particular was terrible, and I shall be swapping to another bank (preferably Santander or a british one) prior to being paid again.

Bankia is the result of many "Cajas" creating a bank together.

Bankia is the fusion of many "Cajas" controlled by the PP (Partido Popular - Popular Party, right-wing party) in an effort to create a "Bank of Popular Party", that is Bankia.

We know now that that Deloitte's report was based not on actual independently collected and analyzed information but on "possible future scenarios" outlaid by Bankia's executives.

You forgot to mention that "this government" is also aligned with the "craziness" If not how do you justify the 20billion rescue on Bankia?

A couple of weeks ago Bankia, one of the biggest spanish banks, could not hide it anymore.

That leaves 55% of Bankia, free of toxic assets and owned by private hands, but effectively controlled by the PP.

Politic and President of the supervisory board of Caja Madrid, that crashes and became Bankia.