How the news would look if everyone stopped waffling and told the truth.
Friday, 25 May 2012
Spain's Bankia Seeks To Have Its Debt Nationalised.
It would seem that its towering block of offices is not the only thing that is wonky about Spain's fourth largest bank, Bankia. Ahead of this year's board meeting the bank has asked the Spanish government to bail it out yet again. Once again we are to treated to the spectacle of a failing business failing to fail and to private debt being nationalised by a business that seems to think that it lives in a socialist paradise. Funny how capitalism seems to be suspended when banks screw up isn't it? And who is that will eventually pick up the bill? Those who have made vast fortunes over the last 30 years? Not on your life. It will be Spanish taxpayers (those that are still left in work) and, eventually, the rest of Europe's taxpayers or, as our governments like to call us, the mugs. In the meantime the banks are still handing themselves lottery wins for bonuses and patting themselves on the back for being so incredibly gifted. Perhaps Adrian Beecroft is right after all and the people who run these institutions should be summarily dismissed with no right of appeal - now that might just improve productivity.