Prepare to savor pushovers Catalan

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Prepare to savor pushovers Catalan

Posted on  April 17, 2017

In June last year I published:  Losses Banco Popular exceed 5,000 million have since been two things,  a)  what seemed a product of a fevered mind exaggeration it turned out that at year end a declared  loss of  3.485 million euros  (the record losses from previous years). We are told that this result stems bulky to provisioning 5,700 million to cover the depreciation of their toxic assets. The accounts for 2016 are signed by Ángel Ron, who was given the "passport" and a former JP Morgan, Emilio Saracho correcting accounts and tab  adds 600 million that had not been counted among the provisions . Losses after added, exceeding 4.  000 million euros, and that's just part recognition, but places the size of the "hole" of Banco Popular. To be a forecast six months after the end of the year is not bad. The other thing that has happened,  b)  is that  it has reached the end of the cycle of continuous capital increases  to solve the ills of the bank.

Banco Popular has reached the end of the journey to find a solution based on capital increases. Expansions are over rather fleeced with wildlife fooled by the siren song of director of the office as institutional investors no longer caught. 

The recipe that now it is in line intervention. The  intervention  may be  in sight , ie, a purchase by a financial institution in a better position is simulated. Like the People 's Bank "ate" the Pastor Bank, the People will eat another behemoth and so on  until only the bank of all banks.  It will be made to the exchange of shares in a swap in which pringar return to shareholders Popular. The other intervention  will call  the classic : what drives the Bank of Spain and Inspection Service to date not see, hear, or say anything, now transformed into a chatterbox exaggerates everything. Along with this decision to intervene, as wolfpack, the media to bring to light the dirty rags before were silent and their participation in the coven will both "published page" are added. Are also incorporated into the pack, unabashedly, those who once swore in Aramaic that "nothing happens here." Exaggerating the "hole" is what matters as medicine, infallible, is none other than public funds. The assault case is State loot the herd waits impatiently. is none other than public funds. The assault case is State loot the herd waits impatiently. is none other than public funds. The assault case is State loot the herd waits impatiently.

History repeats itself

The Bank of Spain, the overnight found in 1,998 in Banesto (Spanish Credit Bank) chaired by Mario Conde hole 605,000 million pesetas, a fortune for the time,  it was 17,000 delinquent assumptions, which also all agree stood and overnight decided not to repay their loans and credits . 285,000 million pesetas from public coffers were needed to solve the serious problems of Banesto. No, the big media questioned the sudden death of the bank 's centenary, when nine months before it was authorized a capital increase that much was placed in institutions and international funds. It was a lie or if you prefer a scam.

Indeed, it is the  modus operanti  of this clique that controls, with an iron hand, state structures, attentive to what I'll tell you: the new managers of Banesto  claimed in a court of the United States that never existed any "hole "the opposite of what emphasized here.  The Wall Street Journal made mention of a lawsuit filed by the extremely powerful investor group Carlisle Ventures Inc. seen on trial in the Court of Manthatan. The Americans had attended the capital of the Spanish Credit Bank attracted by the benefits reported in his report on the good progress and solvency of the entity. Implicitly the Bank of Spain gave its approval to all investors, especially international, what he recounted that memory. His surprise was when they learned Morrocotudo bank intervention by a huge "hole" that had produced thousands of delinquent customers. Americans not a single word is not believed, moreover, were not willing to be fooled.  Sharks of that magnitude always get to the ultimate consequences, would not allow their investment in shares of a Spanish bank down the drain. They sought to recover its investment in its territory: New York, far from the Spanish courts. Sharks of that magnitude always get to the ultimate consequences, would not allow their investment in shares of a Spanish bank down the drain. They sought to recover its investment in its territory: New York, far from the Spanish courts. Sharks of that magnitude always get to the ultimate consequences, would not allow their investment in shares of a Spanish bank down the drain. They sought to recover its investment in its territory: New York, far from the Spanish courts.

The testimony before the US Court of the Bank of Spain and Banesto managers claimed that the irregularities -the same that led to the intervention - were irrelevant. Americans had not left chulear with child argument "hole". In the United States it belied what was stated in Spain : the existence of the monumental "hole". In Spain, even the slightest reference to the judgment of New York or anything like it. Total silence. There was no judgment, Carlisle Ventures Inc. and Banesto reached agreement. The other shareholders were not so lucky and lost much of their savings . The following year Banesto's intervention by the Bank of Spain 596,696 million estimated as 605,000 "hole" recovered. 

The minnows of the Savings Bank of Catalonia

The banking oligarchy fight against each other to lay hands on loot once they have pointed the finger at the loser, call it Spanish Credit Bank, Savings Bank of Catalonia, or Banco Popular or come back. The loot in the box Catalan savings is 13,000 million euros came from public coffers.  The method of appropriating the booty is always the same, just as they do with them are becoming more sophisticated. For my part I have been learning the method on the fly and I do not mind the "bad" perfect the coup and the foundations are in my two books on astronomical mangancia of public money in  the Power , and  Loot Loot . On the transformation of the Savings of Catalonia Catalunyacaixa SA bench, his fall from grace and the intervention of the Bank of Spain, the SAREB and FROB and the sale of a package of mortgages to fund Blackstone can announce that an investigation has led me their time is about to come to an end . Prepare to savor the pushovers box Catalan savings , delicious dessert will be served in a couple of weeks