Tag Archive: Spanish Judge Pursues Bankers

Spanish Judge Pursues Bankers, Government Pursues Judge

Spanish Judge Pursues Bankers, Government Pursues Judge 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… View Article