Spanish Judge Pursues Bankers, Government Pursues Judge
by Don Quijones, Spain & Mexico, editor at WOLF STREET.
The criminal investigation into Spain’s Too-Big-To-Fail monstrosity Bankia’s highly dubious 2011 IPO this week descended from the surreal into the downright macabre. In a rare departure from standard judicial practice, Judge Fernando Andreu had ordered Bankia, its parent company state-owned BFA, the bank’s former President, Rodrigo Rato, and three former directors to pay an €800 million civil liability bond for signing off on fraudulent financial statements in the run-up to the IPO – a criminal offense in Spain that is punishable with up to six years’ imprisonment.
However, given the stakes involved, especially in a make-or-break election year, Rajoy’s government is unlikely to allow another impudent judge to jeopardize everything they’ve worked for so hard – namely, their own enrichment and that of their closest friends and corporate sponsors. After all, the trial’s defendants include not only senior bankers but also former ministers of the governing People’s Party.
As I wrote ten days ago, it was just a matter of time before injustice was once again served. [read… Making Me Pay For My Crimes Would Send a “Message of Uncertainty to the Markets”: Bank President to Spanish Judge]. Unfortunately, it seems, I was right.
Bailing Out Banks and Bankers
First off the bat came an announcement late last week that in the event that the defendants would be held liable for the civil liability, Bankia’s publicly owned parent company BFA would pick up more than half of the €800 million tab. In other words, another taxpayer-funded bailout.
That, however, was just the beginning. Four days ago the real fun and games began with news that the country’s anti-corruption prosecution office, tirelessly working on behalf of the Spanish government, had launched an appeal against Andreu’s ruling.
Philosophers stone – selected views from the boat
http://philosophers-stone.co.uk
Source: http://philosophers-stone.co.uk/wordpress/2015/03/spanish-judge-pursues-bankers-government-pursues-judge/
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