{"id":5732,"date":"2015-02-15T07:50:41","date_gmt":"2015-02-15T12:50:41","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5732"},"modified":"2015-02-15T07:50:41","modified_gmt":"2015-02-15T12:50:41","slug":"spanish-judge-violates-global-rule-makes-bank-president-former-imf-chief-pay-for-financial-crimes","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5732","title":{"rendered":"Spanish Judge Violates Global Rule, Makes Bank President &#038; Former IMF Chief Pay for Financial Crimes"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2015\/02\/15\/spanish-judge-breaks-rule-makes-bank-president-former-imf-chief-pay-for-financial-crimes\/\" target=\"_blank\">Spanish Judge Violates Global Rule, Makes Bank President &amp; Former IMF Chief Pay for Financial Crimes<\/a><\/h3>\n<p><strong>Bankers never go to jail.\u00a0<\/strong>This is one of the unwritten new laws to which most of us have grown wearily accustomed in this new post-crisis reality. Also begrudgingly taken for granted is the fact that a banker\u2019s fortune will never be seized or confiscated by the authorities; in today\u2019s new Gilded Age a banker\u2019s gains, whether ill-gotten or not, are his of hers until death do them part.<\/p>\n<p>However, nobody seems to have told any of this to Fernando Andreu, the Spanish judge investigating Bankia\u2019s allegedly fraudulent and for investors disastrous\u00a02011 IPO. On Friday 13th, he ordered Bankia, its parent company BFA, the bank\u2019s former chairman, Rodrigo Rato, its former deputy chairman, Jos\u00e9 Manuel Olivas, and former Bankia board members Francisco Verd\u00fa and Jos\u00e9 Manuel Fern\u00e1ndez to pay an \u20ac800 million civil liability bond for signing off on the bank\u2019s 2010 financial statements \u2013 financial statements that were included in the IPO brochure and \u201cwhose veracity is questioned with solid and well-founded evidence\u201d.<\/p>\n<p>Referring to a report prepared by Bank of Spain inspectors seconded to the court for the investigation, Judge Andreu said:<\/p>\n<p>From the current experts\u2019 report, it can be seen quite clearly that the financial statements contained in the Bankia IPO pamphlet did not represent a true image of the company.<\/p>\n<p><strong>Breaking with Convention<\/strong><\/p>\n<p>Two months ago, I wrote that Bankia\u2019s saga of lies, deception, and fraud should (but probably won\u2019t) culminate in the imprisonment of Rodrigo Rato, crippling fines for the auditors (Deloitte), and fireworks at financial regulators [<a href=\"http:\/\/wolfstreet.com\/2014\/12\/14\/spanish-judge-exposes-too-big-to-fail-bank-robbery\/\" target=\"_blank\">Spanish Judge Exposes Too-Big-to-Fail Bank Robbery<\/a>].<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spanish Judge Violates Global Rule, Makes Bank President &amp; Former IMF Chief Pay for Financial Crimes Bankers never go to jail.\u00a0This is one of the unwritten new laws to which most of us have grown wearily accustomed in this new post-crisis reality. Also begrudgingly taken for granted is the fact that a banker\u2019s fortune will [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3569,3172,3568,63,743,802,3567],"class_list":["post-5732","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-of-spain","tag-bankers","tag-bankia","tag-banks","tag-spain","tag-too-big-to-fail","tag-too-big-to-jail"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5732"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5732\/revisions"}],"predecessor-version":[{"id":5733,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5732\/revisions\/5733"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}