Nationalized Bankia Director Will Not Receive Millions In Severance

Tyler Durden's picture

Earlier today we reported of an instance of fiduciary impropriety so gross and abhorrent - namely the director of insolvent and nationalized Bankia preparing to receive €14 million in severance - that the public outcry was furious and instantaneous. The result: less than 12 hours later Expansion reports that according to Bankia president Jose Ignacio Goirigolzarri, the management of the the firm will waive their pension rights, and the infamous Aurelio Izaquierdo will not get his accrued pension when leaving the firm.

From Deltaworld:

BFA-Bankia President, Jose Ignacio Goirigolzarri, has transmitted to the Government that the CFO of Bancaja, Aurelio Izquierdo, may not exercise their accrued pension rights when I leave the entity, and amounting to EUR 13.9 million, Government sources.

 

Left, that he was the right hand of the President of Bancaja, José Luis Olivas, who promoted him as commercial director of Bankia, he has right to a pension of nearly 14 million euros, according to the memory of accounts consolidated 2011 of bank financial and savings (BFA), Bankia matrix.

 

In particular, Bancaja has commitments with this steering, on October 13, 2011 decommissioned as commercial director of Bankia, 7,633 billion euros in concept of policy of defined contribution covering the contingency of retirement, death and disability. In addition, Bancaja has committed to Izquierdo 6,285 million in individual savings insurance to cover the option that “under certain circumstances”, opt for early retirement.

 

Bankia sources explain that neither bank financial and savings (BFA) nor Bankia are pending for any payment to left for his membership in the senior management of the entity. “Commitments are Bancaja,” the same sources stressed. The Levantine entity, like the other six boxes that are members of the group, will see their participation in the capital of BFA diluted when the Government becomes the preferred capital and sit the precise contributions to strengthen its solvency, which will mean a more than 23,000 million infusion of resources.

All we can say is congratulations Spain for not setting the wrong example. Which is much more than we can say about the below instances of sheer idiocy:

  • Stan O'Neill - 2007 severance, just before it all blew up: $161.5 million
  • Chuck Prince - 2007 severance, just before it all blew up: $99 million
  • Angelo Mozilo - profit from selling insolvent Countrywide to BAC, just before it all blew up, in what is now the worst M&A transaction of all time: $184 million (including stock 2005-2007 sales)... but at least he voluntarily gave up $37.5 million in severance
  • Sallie Krawcheck - 2011 severance as part of 30,000 termination effort at the above-mentioned BofA: $6 million
  • And of course, Merrill Lynch - $3.6 billion in secret bonuses, as it was all blowing up and being indirectly bailed out by another soon to be bailed out firm, Bank of America

And so many more.

Spain may be broke, but at least it is not the biggest banana republic in the world: its citizens saw an epic instance of injustice and within hours put a stop to it.

Meanwhile in America... nobody cares.

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pashley1411's picture

Dude, we have Obummer and Biden on the payroll, why are you jerking around with this pay-for-performance thing?

vast-dom's picture

tyler pisses in your soup and not to worry, Olivas et. al already have millions upon millions of euros spread across many non-spanish banks.......the devil does care........but Spain really is a bust.

Colombian Gringo's picture

Now, if we could only throw Corzine into jail and hammer Dimon in the financial balls.

bdc63's picture

"Nobody on main st. has a clue."

Agreed.  It's actually shocking to me how casually the general public is taking all of this.  At least back in 2008 there was some real fear and anger.  Today I see nothing but complacency.  There are some people out there that are in for the shock of their lives.

Right now on CNBC they are 'predicting' the US-10YR will go to 1.5% ... one guy actually has a 1.0% forcast -- HELLO?!

Pegasus Muse's picture

Pernicious advice targeted at the public is something we can come to expect from government officials when our government is dominated by the banking system and the Federal Reserve. There is no shortage of politicians that are happy to sacrifice the American public at the altar of the big banks.

 

“In Washington, the view is that the banks are to be regulated, and my view is that Washington and the regulators are there to serve the banks."

-- Spencer Bachus (R-AL), Chairman of the House Financial Services Committee, December 9, 2010 

 

Eventually the public will learn the truth.  Naturally, it will be after everything blows up.  Then they’ll act.

Heads on pikes .... all up and down Wall Street and along the Mall in DC.  It will be a gruesome but glorious day.  It will be the day the people will wrest the country from the clutches of the evil Banksters and venal politicians.  

 

 

eclectic syncretist's picture

How is it possible that Spain is truly broke so long as it has ~280 tonnes of gold reserves (~$15B) that haven't been sold or otherwise physically depleted?

And here is another open question I don't know the answer to but am wondering about.  What if creditors demanded that gold in payment?  And if said demands became public knowledge?

SilverRhino's picture

And it will continue until 30.06 solutions are flying.  :(

Eireann go Brach's picture

I hear the Spanish banker has 12 relatives in the US, and Obama will pay his pension of $14 million to buy the 12 votes, that's a good deal!

El Oregonian's picture

Yea, Barry just pissed off the Poles big time by stating of "Polish Death Camps", which of course were Nazi camps, They are extremely pissed. Boy wonder strikes again...

Element's picture

What happens when hystery is an amalgam of dodgy mythology combined with fear-mongering for geopolitical and social leverage, in order to manipulate on a grand scale.

 

Q: "Hey Barry, what's a 'Polish death-camp'?"

A: "Well, let's see, to put it in more familiar terms, it's the equivalent of Camp X-Ray crossed with 9-11, but it's administered by FEMA"

Q: "That bad huh? ... fucking cruel bastards!"

A: "Yes sir, those Poles were really sick puppies.  Thank God our brave boys stopped them before they could get over here."

Q: "Yeah, ... we're safe as houses now."

robertsgt40's picture

What this really means is he will take his loot in a brown bag or have it offshored stealthly electronically 

robertsgt40's picture

What this really means is he will take his loot in a brown bag or have it offshored stealthly electronically 

Pseudo Anonym's picture

not so fast

and the infamous Aurelio Izaquierdo will not get his accrued pension when leaving the firm

oh yes he will.  through the back door, baby.

FieldingMellish's picture

"Meanwhile in America... nobody cares." Job creators, dudes, job creators...

/sarc

erg's picture

For every force there is an equal and opposite force.

narnia's picture

Boards don't give a rat's ass about shareholders, and shareholders don't give a rat's ass about themselves. This is only a government problem to the extent people in charge of public pensions are ignoring their stewardship obligations.

junkyardjack's picture

Boooo! The Spanish people should riot, he deserves his pay.....

toady's picture

Exactly.

Life just isn't worth living if the banksters don't get their billions.

palmereldritch's picture

That's what happens when you try and sneak out the back with the alarms going off with all those witnesses.  And then there's American caper-style....

 

 

Catflappo's picture

What's also very sad is the fact that many CEO's lost their jobs in 2003-2006 because they were running a conservative strategy (which would prove to be correct).  But at the time it seemed as though they were not 'keeping up with their peers' and so they were shown the door.   

Good performance rejected, laughably poor performance rewarded.

Funny old world we live in.

Common_Cents22's picture

yep, i owned a mfg biz during the dotcom days.  Thought i was dumb and falling behind the dotcom boom generating 25% ebitda in a real biz, while others were getting funded hundreds of millions for faux dot flop biz plans.   But I was eventually proved correct.

jekyll island's picture

Whew, I'm glad I'm not a banker!

woolybear1's picture

well, in espana there are people with cojones, in amerika we have serfs eating potato chips

woolybear1's picture

well, in espana there are people with cojones, in amerika we have serfs eating potato chips

nathan1234's picture

Sad to say.

Americans are prisoners in their system and Wall Street and the Admin are on the outside.

Americans have lost their B..ls.

Not to mention their marbles

 

JOYFUL's picture

this thing musta been google translated...

bank financial and savings Bankia matrix...The Levantine entity, like the other six boxes...

but it's kinda kool, this googlespeak...I had thought of google translate as just another AAnonymous, words all juggled together n blobbed up, with no sensible pattern, but this is just the ticket!

 

Crab Cake's picture

Hey. Fuck you nobody cares. I got laid off in int he year of our lord 2008, and found myself in guess what transitional hellhole? Bank of America Mortgage division in the middle of transition from Cuntrywide. I left on moral grounds after a few months of first hand hypocrisy, and after seeing the clients I worked with offered not so much as vaseline or a bite stick while getting fucked. This is one of the primary reasons I lost my house, my fucking house, with a newborn to my name. Oh yeah the other reason my wife worked at Wachovia... Toast. I still wonder if I made the correct decision, but I certainly made the right one. Fuck you. Fuck you. Fuck you nobody cares. No response from calls to so called representatives, or letters, or emails... Fuck you. What have you done? What have you given up? Fuck you nobody cares. What the fuck am I supposed to do? Stop even trying to bring in a means to live so I can go protest or attempt 'civilian' rendition. Fuck you. Im not some tough guy, but if you could tell me nobody in America cares to my face right now tonight you wouldnt see the aun rise again. Fuck you from whatever comfy office you pen this shit. FUCK YOU. I need a drink.

cherry picker's picture

Yeah, when the shit hits the fan and people see you in that situation, doors close, "friends" disappear and if you're lucky maybe one or two family members "may" stick around for awhile.

Then you discover what lonely is like and it aint pretty.

Crab Cake's picture

You. You go fuck yourself. I went to a food bank last week, how about you asshole. How you doing?

Colonial Intent's picture

Doing great just got some schmucks job at 'Bank of America Mortgage division in the middle of transition from Cuntrywide'

Apparently some librul pinko who didnt have the balls to do what it takes to make money just walked out of his job because of his morals (maybe he was a quaker?) anyways him his wife and new babe are now going to the food bank to survive, (commies that they are).

/Sarc off

 

 

WillyGroper's picture

Sad indeed. I'd share my garden w/u. 

Better brace urself. The next line you'll hear in a job search is "You don't have the skillset necessary."  If ur over 40, ur fucked again. 

Crab Cake's picture

Oh yeah, and p fucking s, founding member of the bs coopted tea fucking party at your service from sunny d fucking w, I should note I have indeed 'protested' as well. Before being laid off in 08 while still at my crumbling company searching sites like this one for answers and info I made a sign and stood on a corner with some people I helped bring together to go to the very first Tbag rally... Never done something like it in my life, and neither had anyone I brought... I handed out sheets of computer paper with sites addresses like this one and denningers... I even called the white house repeatedly along with state reps.... Im such a fucking idiot... Fuxk you nobody cares... I wish I could see you right now I would field strip you like a deer. Rack you. Line down the middle not to deep. Then harder but not to hard right under the cage, and out with the guts.... Hopefully they come out clean usually not. Do we need the skin... Na no big deal lets make our life easy, just the trophy, the rest well just make fit in the cooler. Easy now around the shoulders high, and arouuund to just where the top of the cage starts, and flip the skin up... almost there now...off with head. Fuck you.

Day_Of_The_Tentacle's picture

Is there a way to get in touch with you? A hushmail or something?

monad's picture

You aren't out of work, your new job is just 100% commission. Your job is to get a job.

Getting a job is exactly the same as getting a date. Before you go to work you have to successfully romance the target. When you apply for a job its an opportunity to do recon & practice on live subjects. Don't wait for them to call you back, call them. Follow up promptly. Its harder to reject a person than a piece of paper, and you'll stand out from the hundreds of other applications. Practice selling to them. If they say no, find out why. Usually it has absolutely nothing to do with you, otherwise fix it. They know people in the business and might be able to flip you a referral. keep in mind that exactly like dating, if they are in the same business, sooner or later they will talk to each other about you.

Don't drink on weekdays. Network. Join the local militia. Start a ABCD garden. See if Obama will pay you to go back to school.

Don't give the bastards the satisfaction.

Peace

Go Tribe's picture

Great advice, and here's some more from a job coach who helped me when unemployed....

1. The purpose of a resume is to get the interview.

2. The purpose of the interview is to get the offer.

3. The purpose of the offer is to get agreement.

4. The purpose of agreement is to get employed.

Colonial Intent's picture

WTF?

"I left on moral grounds"

If you had morals what the feck were you doing trying to make a career in finance.........?

 

zhandax's picture

You, dickhead, have clearly never been there.

Colonial Intent's picture

As it happen's, Cuntarse, i had 8 years under the lash.....

bdc63's picture

Gerald Celente:  When people lose everything and they have nothing left to lose, they lose it.

q99x2's picture

How about giving them a lead parachute instead.

Manthong's picture

Severence is entirely appropriate..

just above the collar.

Godisanhftbot's picture

 Are you threatenting these people in a public venue?

 

 I hope so!

GeorgeHayduke's picture

Now to see if the usual cast of Americans will look down upon Spaniards as lazy, stupid, etc... You know, all the insults Americans usually apply to European countries to which they have never been, nor that they know anything about, beside, they may perceive or be told Spain is possibly, maybe kinda socialistic. Meanwhile, the Spaniards have shown more backbone than most Americans could muster these days, especially on a night they are showing Dancing With the Stars while Domino's Pizza is having a sale.

That may change as the money masters start dishing it out to Americans this summer. Then we might see what Americans are made of when it's time to put your money where your mouth is. I do hope it doesn't get ugly and violent but most of my fellow countrymen have few skills in their tool box beyond violence. We will likely see within 12 months or so.