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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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Tue, 05/29/2012 - 22:37 | Link to Comment pashley1411
pashley1411's picture

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

Tue, 05/29/2012 - 22:47 | Link to Comment SHEEPFUKKER
SHEEPFUKKER's picture

No soup for you. 

Tue, 05/29/2012 - 23:53 | Link to Comment vast-dom
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.

Wed, 05/30/2012 - 00:39 | Link to Comment Colombian Gringo
Colombian Gringo's picture

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

Wed, 05/30/2012 - 01:18 | Link to Comment NotApplicable
NotApplicable's picture

Nobody on main st. has a clue.

Wed, 05/30/2012 - 06:34 | Link to Comment bdc63
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?!

Wed, 05/30/2012 - 09:54 | Link to Comment Pegasus Muse
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.  

 

 

Wed, 05/30/2012 - 05:49 | Link to Comment eclectic syncretist
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?

Tue, 05/29/2012 - 23:28 | Link to Comment SilverRhino
SilverRhino's picture

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

Tue, 05/29/2012 - 23:48 | Link to Comment Eireann go Brach
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!

Tue, 05/29/2012 - 23:57 | Link to Comment El Oregonian
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...

Wed, 05/30/2012 - 08:12 | Link to Comment Element
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."

Wed, 05/30/2012 - 17:18 | Link to Comment robertsgt40
robertsgt40's picture

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

Wed, 05/30/2012 - 17:18 | Link to Comment robertsgt40
robertsgt40's picture

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

Tue, 05/29/2012 - 22:39 | Link to Comment Pseudo Anonym
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.

Wed, 05/30/2012 - 00:14 | Link to Comment Dead Canary
Dead Canary's picture

That's a no brainer.

Tue, 05/29/2012 - 23:09 | Link to Comment FieldingMellish
FieldingMellish's picture

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

/sarc

Tue, 05/29/2012 - 22:46 | Link to Comment Alpacanio
Alpacanio's picture

Oh, thank God!

Tue, 05/29/2012 - 22:48 | Link to Comment erg
erg's picture

For every force there is an equal and opposite force.

Tue, 05/29/2012 - 22:49 | Link to Comment narnia
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.

Tue, 05/29/2012 - 22:52 | Link to Comment junkyardjack
junkyardjack's picture

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

Tue, 05/29/2012 - 22:57 | Link to Comment toady
toady's picture

Exactly.

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

Tue, 05/29/2012 - 22:59 | Link to Comment palmereldritch
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....

 

 

Tue, 05/29/2012 - 22:57 | Link to Comment Catflappo
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.

Tue, 05/29/2012 - 23:27 | Link to Comment Common_Cents22
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.

Tue, 05/29/2012 - 23:09 | Link to Comment jekyll island
jekyll island's picture

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

Tue, 05/29/2012 - 23:12 | Link to Comment woolybear1
woolybear1's picture

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

Tue, 05/29/2012 - 23:12 | Link to Comment woolybear1
woolybear1's picture

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

Tue, 05/29/2012 - 23:32 | Link to Comment nathan1234
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

 

Wed, 05/30/2012 - 06:41 | Link to Comment bdc63
bdc63's picture

yep. 

Tue, 05/29/2012 - 23:44 | Link to Comment JOYFUL
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!

 

Tue, 05/29/2012 - 23:54 | Link to Comment Crab Cake
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.

Wed, 05/30/2012 - 00:08 | Link to Comment cherry picker
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.

Wed, 05/30/2012 - 00:11 | Link to Comment narnia
narnia's picture

Lighten up Francis

Wed, 05/30/2012 - 00:23 | Link to Comment Crab Cake
Crab Cake's picture

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

Wed, 05/30/2012 - 03:01 | Link to Comment Colonial Intent
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

 

 

Wed, 05/30/2012 - 10:07 | Link to Comment WillyGroper
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. 

Wed, 05/30/2012 - 00:20 | Link to Comment Crab Cake
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.

Wed, 05/30/2012 - 20:31 | Link to Comment Day_Of_The_Tentacle
Day_Of_The_Tentacle's picture

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

Wed, 05/30/2012 - 01:04 | Link to Comment monad
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

Wed, 05/30/2012 - 05:49 | Link to Comment Go Tribe
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.

Wed, 05/30/2012 - 02:46 | Link to Comment Colonial Intent
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.........?

 

Wed, 05/30/2012 - 03:05 | Link to Comment zhandax
zhandax's picture

You, dickhead, have clearly never been there.

Wed, 05/30/2012 - 11:20 | Link to Comment Colonial Intent
Colonial Intent's picture

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

Wed, 05/30/2012 - 06:56 | Link to Comment bdc63
bdc63's picture

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

Wed, 05/30/2012 - 00:00 | Link to Comment earleflorida
Wed, 05/30/2012 - 00:01 | Link to Comment q99x2
q99x2's picture

How about giving them a lead parachute instead.

Wed, 05/30/2012 - 00:08 | Link to Comment Manthong
Manthong's picture

Severence is entirely appropriate..

just above the collar.

Wed, 05/30/2012 - 00:21 | Link to Comment Godisanhftbot
Godisanhftbot's picture

 Are you threatenting these people in a public venue?

 

 I hope so!

Wed, 05/30/2012 - 00:02 | Link to Comment GeorgeHayduke
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.

Wed, 05/30/2012 - 00:23 | Link to Comment Godisanhftbot
Godisanhftbot's picture

 Spain. This is the country that fell for that sealed envelope filled with mystery stamps scam that was pulled some years ago.

 Too much wine.  No enough bright.

 

Wed, 05/30/2012 - 00:58 | Link to Comment Things that go bump
Things that go bump's picture

Violence, judiciously applied, can be very effective.

Wed, 05/30/2012 - 01:49 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

I lived in Spain from 1965 to 1969.  The people were always busy, the place was clean, and the food was marvelous.  Perhaps the people were just afraid of Franco. 

Wed, 05/30/2012 - 04:04 | Link to Comment StychoKiller
StychoKiller's picture

I could make a Guillotine if I had to...

Wed, 05/30/2012 - 00:13 | Link to Comment monad
monad's picture

This is how they honor their agreement without honoring their agreement.

http://www.youtube.com/watch?v=LlQCW02Tbxc

Wed, 05/30/2012 - 00:20 | Link to Comment Godisanhftbot
Godisanhftbot's picture

Bring some of this here. Sick of these bandits making millions while destroying companies and stockholders. Clawback the freaking creamer from their freaking coffees!

Wed, 05/30/2012 - 00:59 | Link to Comment AUD
AUD's picture

Meanwhile in America... nobody cares.

Mark Grant doesn't care

Wed, 05/30/2012 - 01:29 | Link to Comment monad
monad's picture

Meanwhile in America... nobody cares.

 

Meanwhile in America the 1/3 of the population who actually do pay income tax are in possession of 300 million firearms. Pretty cool, huh? We care, we just don't like to make mistakes. Measure twice, cut once.

Wed, 05/30/2012 - 01:45 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

Now, if only anyone in America had half the guts to do what it took Spain less than a day to turn around...

Spain isn't even a real country.  I think it might have been on a map at one time though.

Wed, 05/30/2012 - 02:13 | Link to Comment Dorky
Dorky's picture

I thought the banks' blowup were all planned by the illuminati and a job well done will be paid in multi millions.

That's why when a director done a good job in carrying out the blowup as planned, he get rewarded with massive pay.

 

In an honest economy, no such reward will ever be given.

The fact that such reward is given means the system is corrupted and intended to be corrupted, by the illuminati.

The rothschilds head the illuminati.

Wed, 05/30/2012 - 04:56 | Link to Comment world_debt_slave
world_debt_slave's picture

hold the presses, wtf is going on!?

Wed, 05/30/2012 - 05:48 | Link to Comment Fanakapan
Fanakapan's picture

Prolly more to do with that ECB money they missed out on Yesterday, rather than public opinion ?

Wed, 05/30/2012 - 06:09 | Link to Comment nmewn
nmewn's picture

Somebody pinch me.

Wed, 05/30/2012 - 06:20 | Link to Comment Ghordius
Ghordius's picture

why? we europeans have a long history of nationalizations where the exiting management is not treated as royalty. perhaps because we have enough royalty that would disapprove, or whatever...

the new management might be a different matter, but as a rule the apparatshnik are not as expensive as the US Captains of Industry.

you could quip that europeans are more efficient practitioners of socialism ;-)

Wed, 05/30/2012 - 06:33 | Link to Comment nmewn
nmewn's picture

lol...fair enough.

I find it morally & ethically reprehensible that a "leadership team" that runs a company (any company) into the ground should get any severance package.

For myself, it has nothing to do with socialism or capitalism, it's just the wrong thing to do...personal gain from a loss one created and the rewarding of a failure.

Wed, 05/30/2012 - 06:43 | Link to Comment Ghordius
Ghordius's picture

I agree with you. In fact, if shareholders would be a bit smarter and regulations (I know, I know) too, any "leadership team" would get their bonuses in form of stock without the right to sell it for thirty years. It would create a wonderful incentive for the smart boys to keep everything in the straight and narrow. Let them borrow on this portfolio, if needed.

Wed, 05/30/2012 - 07:00 | Link to Comment bdc63
bdc63's picture

yeah right ... like the shareholders have any say in anything. 

we all know they stack their boards with their buddies and they alone determine things like golden parachutes. 

Wed, 05/30/2012 - 19:05 | Link to Comment nmewn
nmewn's picture

Ghordius,

Had to go to work...if your still around, I got a better idea...they get the lions share of their pay as everyone else does, through wages.

Yeah sure, a few stock options here and there as a bonus for a well done job (I have as much love for a job well done as I do disdain for screwing up badly...even though its dilutive to all, stock options) but your base pay should be taxed at the going rate like everyone else and it should be at least 9/10ths of your total earnings.

No more 50k in wages and 850k in stock options. When you think about it, it's the same as a central banker printing fiat. It devalues whats already out there in circulation.

No...I'm not a closet socialist/statist...lol...far from it, I only desire fairness. If we are going to tax on an income basis instead of a consumption basis this is how it should be.

Wed, 05/30/2012 - 20:33 | Link to Comment monad
monad's picture

 

Yo ho, yo ho, a pirate's life for me! 

We pillage, we plunder, we rifle, and loot, 

Drink up, me hearties, yo ho! 

We kidnap and ravage and don't give a hoot, 

Drink up me hearties, yo ho! 

 

Yo ho, yo ho, a pirate's life for me. 

We extort, we pilfer, we filch, and sack, 

Drink up, me hearties, yo ho! 

Maraud and embezzle, and even high-jack, 

Drink up, me hearties, yo ho! 

 

Yo ho, yo ho, a pirate's life for me. 

We kindle and char, inflame and ignite, 

Drink up, me hearties, yo ho! 

We burn up the city, we're really a fright, 

Drink up, me hearties, yo ho! 

 

We're rascals, scoundrels, villans, and knaves, 

Drink up, me hearties, yo ho! 

We're devils and black sheep, really bad eggs, 

Drink up, me hearties, yo ho! 

 

Yo ho, yo ho, a pirate's life for me. 

We're beggars and blighters, ne'er-do-well cads, 

Drink up, me hearties, yo ho! 

Aye, but we're loved by our mummies and dads, 

Drink up, me hearties, yo ho! 

 

 

Wed, 05/30/2012 - 07:07 | Link to Comment The Wolf
The Wolf's picture

From a BBC report 6 months from now....

 

"And when we finally caught up with Mr Izaquierdo on the recently renamed Isla de Sheeple, we asked him how a company he controls held the unencumbered title to the 200 ha of land and approximately 5500 dwellings, 4 resorts, airport and 53 assorted commercial properties when our investigation had shown that the entire island was collateral pledged against various mortgages and loans held on a the books of a local wholly owned subsidiary of Bankia...

 

His response... he simply smiled, shrugged his shoulders and alighted into a black Mercedes A63 and drove away...

Thu, 05/31/2012 - 09:48 | Link to Comment monad
monad's picture

14M eu = 30 pc. silver

Do NOT follow this link or you will be banned from the site!