Spanish bankers being arrested
Credit: Neon Nettle
Spain has followed Iceland’s footsteps by charging their top bankers for failed Bank leading the loss of Millions of Euros for smaller investors. Last year, Iceland jailed nine of its top bankers for a total of 46 years for crimes relating to the 2008 economic crash. Spains Supreme court last year ruled that there was “serious inaccuracies” about listing led investors to back bankia in error, as a result the bank has paid out millions of Euros in compensation.
Freethoughproject reports: This, of course, markedly departs from the mammoth taxpayer giveaway — commonly referred to as the bailout — approved by the U.S. government ostensively to “save” the Big Banks and, albeit unstated, allow the enormous institutions to continue bilking customers without the slightest fear of penalty. But Spanish authorities could not abide the telling findings of a yearlong investigation into the failed listing, as Wolf Street explains, “As part of the epic, multi-year criminal investigation into the doomed IPO of Spain’s frankenbank Bankia – which had been assembled […]
US Bankers may not be arrested, but I work on regulatory projects in banks and they are spending more and more money responding to regulatory demands.
SK. When the donald finishes appointing people to roll back regulations, you may not have as much to do. And, we may end up with another yuge depression and no way to contain it. As Mr Buffet once said, beware of derivatives……..