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Director Of Spain's Failed Bankia To Leave With €13.8 Million Termination

Tyler Durden's picture




 

If those in charge are still confused why the general population is not very "appreciative" of the banker social substratum, the following example should provide some color. Following the ever greater public bailout fund black hole that Spain's Bankia has become (first of many zombies), we now learn that one of its financial directors, Aurelio Izquierdo, will be entitled to €14 million in pension and termination benefits. Supposedly in compensation for running the bank straight into the ground after just one year of operation, and lying fabulously about its financial performance, in the process suckering in thousands into investing their hard earned cash so that oligarchs such as Aurelio can promptly retire to a non-extradition locale. And this, dear powers that be, is why the general public continues to scratch its head at how it is remotely possible that incompetent crony capitalists get paid tens of millions for blowing up their firms, while everyone else is stuck footing the soon to be soaring inflation bill (because print they must, and print they will).

More from Delta World:

Bancaja and general Bank of Valencia, Aurelio Izquierdo, former financial director is entitled to a pension for cessation of 13.8 million euros, according to the annual report of bank financial and savings (BFA), matrix of Bankia, corresponding to 2011.

 

In accordance with the information contained in the report submitted to the National Commission of the market of values (CNMV) and Tuesday indicated in various media, Izquierdo would receive this payment in respect of the insurance policy contracted to his retirement, death and disability, which joins a savings insurance by early retirement.

 

“Box of the savings bank of Valencia, Alicante, Castellon, Bancaja, has made the following commitments with a person during the year 2011 was part of the high Directorate of the Bank and causing the same low 13 October 2011: 7.633 thousands of euros in a policy of defined contribution covering the contingency of retirement, death and disability”", and 6,285 thousands of euros in insurance of individual savings contribution defined to cover the option of that, under certain circumstances, the person taking by early retirement”, explains BFA in its report.

 

The compensation to which he was entitled was already known, but it is the first time that it appears fixed in a public document.

 

According to the newspaper ‘Expansion’, the now Chief Financial Officer of Bancaja, Aurelio Izquierdo, published in March has an armor that could charge about 14 million euros if he ceases the entity between compensation and pension, which has not gone through the governing bodies of the entity or it has been reflected in the report of the Council.

So... with one hand taxpayers (either those of Spain, or of Germany, assuming Spain "bails out" Bankia with more debt, which is then pledged at the ECB as worthless repo further diluting the value of the joint currency, and whose unwind costs are now solely footed by Germany) are paying billions to preserve the illusions that Spain's zombies are in check, while on the other they fund the expatriation costs of the bank's former directors before all those who have lost everything - investment and deposits - come knocking on Aurelio's door? Fear not: according to El Pais:

According to sources of the Finance and Savings Bank (BFA), that money will not come out of the accounts of the entity, but from Bancaja, and therefore "not a single euro" of the 23,500 million of public money will go to pay such compensation.

Oh, ok, so this is money of the non-fungible variety. Something like the JPM deposit cash not being used to fund JPM's prop trading operations.

Got it. That makes everything so much better.

 

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Tue, 05/29/2012 - 08:08 | 2471068 GetZeeGold
GetZeeGold's picture

 

 

€13.8 Million Termination

 

Status : PAID

 

Tue, 05/29/2012 - 08:09 | 2471074 ihedgemyhedges
ihedgemyhedges's picture

Put him in the ring with a nice cape and a pissed off bull and the crowds will flock to the scene....................

Tue, 05/29/2012 - 08:15 | 2471087 Mae Kadoodie
Mae Kadoodie's picture

Claw dat shit back.

Tue, 05/29/2012 - 08:22 | 2471107 THX 1178
THX 1178's picture

You're an inspiration to our entire organization. We're sad to see you leave. Here's 13.8 million.

Tue, 05/29/2012 - 08:30 | 2471131 GetZeeGold
GetZeeGold's picture

 

 

What? No gold watch?

 

Tue, 05/29/2012 - 08:41 | 2471164 Money 4 Nothing
Money 4 Nothing's picture

Just a Silver Plaque saying "Good job ole Sport"

 

Signed.. The Queen of England

Tue, 05/29/2012 - 08:58 | 2471203 Ethics Gradient
Ethics Gradient's picture

He'd be better off with the watch. The underlying 'assets' in his pension will be Bankia and Spanish bonds.

As Nelson (of The Simpsons fame) would say: "Ha-ha!"

Tue, 05/29/2012 - 10:10 | 2471456 Bananamerican
Bananamerican's picture

i remember an interview with a "conscientious" film maker back in the 80's who said of some of his more "successful" peers (paraphrasing) "what good is it for them to make all these slasher films and movies that contribute to social degradation... and then have to live behind security gates?"

I look at that pudgy, amoralist & wonder the same thing.

When you're the best fed pig in a hungry world...

Tue, 05/29/2012 - 11:40 | 2471873 Real Money Wins
Real Money Wins's picture

Congratulations Aurelio Izquierdo you did a great  job of destroying Bankia and getting it Nationalized, be sure to pick up you wheelbarrow full of cash on your way out the door.

Tue, 05/29/2012 - 08:41 | 2471162 greyghost
greyghost's picture

oh lookie here.....just another future bain capital employee. destroy destroy destroy....never build. just another example of zombie bain capital business model, eating the host. i am going to feel so warm and fuzzy come november

Tue, 05/29/2012 - 08:47 | 2471179 GetZeeGold
GetZeeGold's picture

 

 

Can we please put the Bain crap to bed? I wish they could find something new.....and at least relevant. The dude didn't work there at the time.

 

Tue, 05/29/2012 - 09:00 | 2471233 nmewn
nmewn's picture

Its Bain vs Bane in a Hide the Pea Steel Cage Death Match...one using private dollars, the other taxpayer dollars.

Who will emerge victorious? Find out in November...only on Pay For Vieeew...lol.

Tue, 05/29/2012 - 09:06 | 2471258 greyghost
greyghost's picture

remove head from ass to proceed....bain capital is the business model of the past 30 years,!!! where have you been? oh i know, you still are a believer as in democrap and republicrap. where oh where have the jobs gone? where oh where have these bank jobs gone?

Tue, 05/29/2012 - 09:05 | 2471256 knightowl77
knightowl77's picture

Bain BS...if it was relevant at all, why would BHO's #1 campaign bundler actually be the guy in charge at Bain who did destroy those companies in the ad....Vote for Obammy if you want, but at least do it for an honest reason.....If you have one.

Tue, 05/29/2012 - 09:13 | 2471278 greyghost
greyghost's picture

where did i say i was voting for obama...anywhere in that post? another true believer!!!! watching the true believers spin positive about mitt the pitch's business model is looking real painful. AGAIN WHERE DID THE JOBS AT THIS BANK GO????????????? don't worry...still alot of time for the communist organizer to get his time in the spotlight.

Tue, 05/29/2012 - 09:50 | 2471377 IAmNotMark
IAmNotMark's picture

Ah...the brainwashing worked!  Don't vote for the evil, bad, meany white guy!  Vote for the saintly, good, inclusive, smily black guy!

And sure as hell, don't look at the guy that's waving the constitution, saying we need to return to sanity...he's just our kooky old uncle.

Vote for TweedleDee, not TweedleDum!

Tue, 05/29/2012 - 08:18 | 2471099 goldfish1
goldfish1's picture

Paying him to keep his mouth shut?

Tue, 05/29/2012 - 08:20 | 2471103 GetZeeGold
GetZeeGold's picture

 

 

Bout what?

 

Tue, 05/29/2012 - 08:24 | 2471116 LeonardoFibonacci
LeonardoFibonacci's picture

Erect the gallows, lads.  Once a century or so, it becomes obvious its time to use them again.

Tue, 05/29/2012 - 08:30 | 2471133 Cast Iron Skillet
Cast Iron Skillet's picture

about every 80 years - 4 generations, or the length of a long human life.

Tue, 05/29/2012 - 08:52 | 2471206 Al Gorerhythm
Al Gorerhythm's picture

Being of the 4th generation, born into an elite household in the middle of the 4th turning, has got to suck.

Tue, 05/29/2012 - 09:09 | 2471260 Dugald
Dugald's picture

Can you not hear, on the soft night wind, the muted clinks and creaks of tumbrils growing restless. Choose your yarn, select your needles, buy popcorn.... there will be entertainment for all...

Tue, 05/29/2012 - 08:39 | 2471160 Money 4 Nothing
Money 4 Nothing's picture

And charge admission, it's more entertaining than a bake sale!

 

Tue, 05/29/2012 - 08:09 | 2471075 battle axe
battle axe's picture

This asshole should be shot. Trial by jury then a nice firing squad...

Tue, 05/29/2012 - 08:13 | 2471083 GetZeeGold
GetZeeGold's picture

 

 

Junked....by some banker no doubt.

 

Tue, 05/29/2012 - 08:42 | 2471168 orangedrinkandchips
orangedrinkandchips's picture

Send the little fucker to Mexico....he can communicate with the gangbangers down there....

 

how much can we take of this bullshit? The joke is on us obviously and this shit is beyond absurd. Borderline fiction.

 

the good news is that this fucking boil is coming to a head....(i hope).

Tue, 05/29/2012 - 09:53 | 2471384 IAmNotMark
IAmNotMark's picture

And the bad news is when this comes to a head, the bastards in charge will pull a war lever.

Tue, 05/29/2012 - 08:58 | 2471223 Al Gorerhythm
Al Gorerhythm's picture

@ Getzegold

Status: PAID.

SETTLEMENT: in due course.

Tue, 05/29/2012 - 09:12 | 2471279 midtowng
midtowng's picture

From what I understand of libertarian ideology, he gets this money from a free enterprise and therefore he deserves it and earned it. And everyone who got screwed by the fraud also deserve what they get because everyone has perfect information ahead of time.

Tue, 05/29/2012 - 09:54 | 2471392 IAmNotMark
IAmNotMark's picture

Maybe you should read more.  Libertarian ideology isn't part of this story.  You think this is free enterprise?

Tue, 05/29/2012 - 08:07 | 2471069 Mongo
Mongo's picture

Just give it to him... it's just paper right?

Tue, 05/29/2012 - 08:19 | 2471101 sessinpo
sessinpo's picture

Not as long as the public accepts it. And if he is smart, he'll be converting that paper into something of value when that "paper" ain't shit.

Tue, 05/29/2012 - 08:08 | 2471072 Sandmann
Sandmann's picture

They must have run a good slush fund for politicians - then again Property Developers know how to grease palms and buy permits. Best thing Trump ever inherited from Daddy must have been the little black book

Tue, 05/29/2012 - 08:10 | 2471076 BlueCollaredOne
BlueCollaredOne's picture

I'd expect nothing less, I mean cmon, only 3.3 billion was lost on his watch.  Now that he is leaving the private sector he will most likely have a job with the ECB, or IMF.  Such is the life of a crony capitalist.  

 

Tue, 05/29/2012 - 08:15 | 2471079 GetZeeGold
GetZeeGold's picture

 

 

Dude.....it's Spain. It's not capitalism.....it's socialism.

 

Cronies go both ways.

 

Tue, 05/29/2012 - 08:11 | 2471078 jekyll island
jekyll island's picture

What was I thinking?  4 years of college, 4 years of medical school, 3 years of residency, 35k/yr malpractice insurance and I didn't have my first real job until age 30.  Should have been a banker. 

 

 

Tue, 05/29/2012 - 08:12 | 2471080 BlueCollaredOne
BlueCollaredOne's picture

The best way to rob a bank is to own one. 

      ~William Black

Tue, 05/29/2012 - 08:13 | 2471084 jekyll island
jekyll island's picture

If I had that kind of results with patients I would be in jail.   Hmmm.....

Tue, 05/29/2012 - 08:13 | 2471082 ihedgemyhedges
ihedgemyhedges's picture

Close.  You should have been a FAILED banker.

Tue, 05/29/2012 - 08:14 | 2471085 jekyll island
jekyll island's picture

I thought that was understood. 

Tue, 05/29/2012 - 08:17 | 2471093 sessinpo
sessinpo's picture

Dude,

Set your sights higher. Be a politician. You don't even need a degree. I believe in you. You can do it.

Tue, 05/29/2012 - 08:30 | 2471138 jekyll island
jekyll island's picture

I think the transition would be too hard.  As a doctor, you diagnose a problem and suggest a course of treatment.  It is up to the patient to execute the plan, if they don't then they are responsible for the outcome.  As a politician you tell people what to do, pass laws to make them do it and send the SWAT team in if they don't and deny their "freedom".  That is not my nature, politicians want everyone to be like Stepford wives.  

Tue, 05/29/2012 - 08:47 | 2471186 ihedgemyhedges
ihedgemyhedges's picture

If I had a Stepford wife the last 18 years instead of a traditional one, you'd never see me posting here 'cause I'd be getting laid all the time.

But, as you know, I post here a lot...................

Tue, 05/29/2012 - 08:14 | 2471086 sessinpo
sessinpo's picture

In another story, The Onion reports seeing former JP Morgan executive Ina Drew on the Riviera of Cannes with former director of Bankia, Aurelio Izquierdo. Just kidding but it wouldn't surprise me.

Tue, 05/29/2012 - 08:15 | 2471091 Rusticus
Rusticus's picture

Living expenses, those round the clock security details don't come cheap.

ah-ah-ah-ah   staying alive.

Tue, 05/29/2012 - 08:17 | 2471095 Rip van Wrinkle
Rip van Wrinkle's picture

I hope these shysters can afford decent security. They're going to need it.

Tue, 05/29/2012 - 08:22 | 2471109 ellandroadfaithful61
ellandroadfaithful61's picture

Instead of paying top Euro. imagine how bad things would have been, if they had got some cheap MUPPET to run it ( Dive, Dive, Dive )!!

Tue, 05/29/2012 - 08:23 | 2471110 lizzy36
lizzy36's picture

I think there should be a new reality TV show (one that i might actually watch).

Take all the failed bankers, divide them into 2 teams, put them on opposite sides of an island. Give them swords,armour, and one crown for each side. Then let them play the banker version of "Game of Thrones".

Tue, 05/29/2012 - 10:20 | 2471171 Paper CRUSHer
Paper CRUSHer's picture

Sounds okay sis, although i'd prefer more entertainment 'gladiator style' and give them bankstaz justice by throwing them some 2x4's and watch them take on a large pack of hungry african wild dogs in the arena...........oh,and a dozen komodo dragons as well.

Tue, 05/29/2012 - 08:25 | 2471115 Downtoolong
Downtoolong's picture

How to succeed in business without really trying. Go into banking and just keep failing and leaving. ^&%$# Madness.

 

 

Tue, 05/29/2012 - 08:28 | 2471124 nmewn
nmewn's picture

So, it's a reverse sliding scale...the more you lose, the higher your severance package.

Excellent!!!...go downtown, pickup another wino and throw a suit on him.

Tue, 05/29/2012 - 08:28 | 2471126 ziggy59
ziggy59's picture

Hmmm.. Not sure what average salary for those still working in Spain is, but that could pay for 100s to work for a year. I'm surprised no catalan justice has been provided.

Tue, 05/29/2012 - 08:30 | 2471130 Reptil
Reptil's picture

It could very well be that the guy was paid to run this bank into the ground. (Not that he'd have to break a sweat to do so)

What's the reason for hiding this debt? Or was he (and his friends) hiding the reason why this debt exists?

USA banks have never repaid the bailouts.

Why would we fall for the same trick?

I don't think that everyone's THAT stupid.

Tue, 05/29/2012 - 08:30 | 2471134 ziggy59
ziggy59's picture

Spain's average salary among EU's lowest

http://m.upi.com/m/story/UPI-71121302717491/

Tue, 05/29/2012 - 08:32 | 2471143 ziggy59
ziggy59's picture

Bank Clubs Rules are same around the world...break the publics piggies and give yourself a multimillion bonus, severance pay package, whatever the BS term of the day for a "Job Well Done"

Tue, 05/29/2012 - 08:33 | 2471144 firstdivision
firstdivision's picture

Surely the Spanish taxpayers feel that this is a travesty.  I mean, how will he survive on such a meager severance package?  Can we get a fundraiser going?

Tue, 05/29/2012 - 08:34 | 2471147 Troy Ounce
Troy Ounce's picture

 

 

Job well done. Here's a watch and an envelope. Now fuck off.

 

 

Tue, 05/29/2012 - 08:46 | 2471170 Money 4 Nothing
Money 4 Nothing's picture

No, No.. Not "Fuck off" It's "here is your envolope and within is a list of where would you like to be recycled next"? BoA? or JPM?

Thanks for the money wire on Friday. We promise not to reduce you to the likes of Dick Fuld.

-Jamie Dimon

 

Tue, 05/29/2012 - 08:47 | 2471183 euflated
euflated's picture

To add to the sad irony of bankers of a bankrupt bank getting paid handsomely, his name Izquierdo happens to be very close to the Spanish word for left - Izquierda.

Tue, 05/29/2012 - 08:48 | 2471187 midgetrannyporn
midgetrannyporn's picture

yet another disgusting example.

Tue, 05/29/2012 - 08:48 | 2471189 SmoothCoolSmoke
SmoothCoolSmoke's picture

Facists back in charge in Spain (if they ever left)

Tue, 05/29/2012 - 09:23 | 2471304 WmMcK
WmMcK's picture

Franco's still dead, no?

Tue, 05/29/2012 - 08:50 | 2471196 Money 4 Nothing
Money 4 Nothing's picture

Is there a fucking adult in the godamn room?

Corzinization is still alive and well.

Tue, 05/29/2012 - 08:50 | 2471198 BeetleBailey
BeetleBailey's picture

Rasputin death to this sack of shit.

Jesus....the guy even looks like a cunt.

Tue, 05/29/2012 - 08:51 | 2471202 10mm
10mm's picture

Nothing going to happen to them.The day im walking down the street,going into a cafe,store,pub etc and the mindless shit talk of sports,celebriety gossip,etc continues unabated,nothing and i mean nothing will change.

Tue, 05/29/2012 - 10:11 | 2471467 j0nx
j0nx's picture

Can't say this enough. People aren't even CLOSE to getting it while they still talk of such nonsense.

Tue, 05/29/2012 - 08:53 | 2471211 monopoly
monopoly's picture

Just goes to show us that nothing, nothing has changed. 

Tue, 05/29/2012 - 09:17 | 2471289 dwdollar
dwdollar's picture

And we're suppose to believe a true recovery comes from the same failed system that got us here.

Tue, 05/29/2012 - 09:27 | 2471311 Money 4 Nothing
Money 4 Nothing's picture

Stop pulling the curtain back, that's cheating...

Tue, 05/29/2012 - 08:55 | 2471222 Satan
Satan's picture

This is front page news in all the papers in Spain today. There is real anger but I'm not sure it's going to lead to a ' pitchfork and torch' situation.
It is however another piece of straw on a very fucking tired camels back...

Tue, 05/29/2012 - 09:09 | 2471266 Al Capowned
Al Capowned's picture

I would say now i have seen everything... but i have been on Zerohedge long enough to know better.

Seriously seriously FUBAR

Tue, 05/29/2012 - 09:15 | 2471284 GMadScientist
GMadScientist's picture

Me iran, le iran!

Tue, 05/29/2012 - 09:28 | 2471314 savagegoose
savagegoose's picture

wonder ow many welfare checks  for a year 13.8 mill buys?

Tue, 05/29/2012 - 09:37 | 2471340 bozzor
bozzor's picture

Please all, take some inspiration from the below...

http://listverse.com/2009/11/13/top-10-snipers-in-history/

 

 

Tue, 05/29/2012 - 09:47 | 2471371 bhakta
bhakta's picture

The hypocrisy and fraud are just without limit. It is no wonder there is no regard for "law" any more, anywhere. IMHO banksters should all be prosecuted.

Tue, 05/29/2012 - 09:58 | 2471405 exodus11
exodus11's picture

Its not Bancaja, It's Bank Caca.

Tue, 05/29/2012 - 10:00 | 2471424 Elvis is Alive
Elvis is Alive's picture

A banker got $17.5 million as a termination bonus. So he is getting paid that amount to not work?

Can anyone tell me what this guy's work actually consisted of? I mean, what exactly did he do to make that kind of money?

 

Tue, 05/29/2012 - 10:06 | 2471443 nathan1234
nathan1234's picture

Ask the guys who gave him the contract to pay out his compensation.

Aurelio - a pansy who has screwed up !!!!

Tue, 05/29/2012 - 10:33 | 2471586 Gimp
Gimp's picture

And the list goes on...these parasites have no shame

Tue, 05/29/2012 - 11:12 | 2471757 Tom Terrific
Tom Terrific's picture

Google him and look at his pictures.  There isn't one of them that doesn't have the exact same flat expression.  Has anyone ever considered that he may be a robot?

Tue, 05/29/2012 - 13:29 | 2472454 BattlegroundEur...
BattlegroundEurope2011's picture

This dipshit should be given Gold boots...and then thrown into the sea.

Tue, 05/29/2012 - 13:37 | 2472490 vh070
vh070's picture

They're all retiring to their fincas, with their shotguns, horses, dogs and the odd bull or too — a must-have to remind them of all the bullshit they had to issue to get there.

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