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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GetZeeGold's picture

 

 

€13.8 Million Termination

 

Status : PAID

 

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....................

THX 1178's picture

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

GetZeeGold's picture

 

 

What? No gold watch?

 

Money 4 Nothing's picture

Just a Silver Plaque saying "Good job ole Sport"

 

Signed.. The Queen of England

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!"

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...

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.

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

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.

 

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.

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?

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.

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.

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!

goldfish1's picture

Paying him to keep his mouth shut?

LeonardoFibonacci's picture

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

Cast Iron Skillet's picture

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

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.

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...

Money 4 Nothing's picture

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

 

battle axe's picture

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

GetZeeGold's picture

 

 

Junked....by some banker no doubt.

 

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).

IAmNotMark's picture

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

Al Gorerhythm's picture

@ Getzegold

Status: PAID.

SETTLEMENT: in due course.

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.

IAmNotMark's picture

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

Mongo's picture

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

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.

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

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.  

 

GetZeeGold's picture

 

 

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

 

Cronies go both ways.

 

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. 

 

 

BlueCollaredOne's picture

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

      ~William Black

jekyll island's picture

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

ihedgemyhedges's picture

Close.  You should have been a FAILED banker.

jekyll island's picture

I thought that was understood. 

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.

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.  

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...................

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.

Rusticus's picture

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

ah-ah-ah-ah   staying alive.

Rip van Wrinkle's picture

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

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 )!!

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".

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.

Downtoolong's picture

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