Monday, May 07, 2012

Austerity For Everybody

Except the free money bazooka for the rich assholes who run the banks.

The reform of Bankia, saddled with huge toxic loans which put it at the heart of Spain's banking crisis, will include cash injections and a management shakeout, a government source and another source said. The lender is run by Rodrigo Rato, a former minister for the ruling centre-right People's Party.

However the sources declined to confirm reports Bankia - an agglomeration of local banks or "cajas" - would need as much as 10 billion euros ($13 billion) in capital, and it was not clear how the government, struggling to reduce its deficit, will raise the money.


Four years later and apparently the "give rich assholes free money" strategy isn't work out so well.