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"Ten Days Later" - Bankia: The Supreme Irony

Tyler Durden's picture




 

The May 19 issue of The Economist had the following truly prophetic ad among its pages for the now failed, and bailed out, Bankia: "Some are happy the way they are, others, like us, prefer to discover what we can become."

Ten days later the discovery process is complete: Bankia is now the biggest bank failure in Spanish history.

Our question: will The Economist invoice for advertising services rendered be paid out of bailout funds? Or, like Aurelio Izquierdo's €14 million termination payment, will this money come from "non-bailout money"?

 

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Tue, 05/29/2012 - 08:49 | 2471193 Haddock
Haddock's picture

If they had any sense, they would have asked for payment up front.

Tue, 05/29/2012 - 08:53 | 2471208 Pladizow
Pladizow's picture

Starting with a domino 5 milimeters tall and increasing the size of each successive domino by 150%, the 29th domino will be large enough to topple the Empire State Building!

Tue, 05/29/2012 - 09:12 | 2471275 Dr. Acula
Dr. Acula's picture

Actually, that domino would be about as large as the sun: 2.5^28 * 0.005m = 6.938...x10^5 km vs. 6.955x10^5 km.

 

Tue, 05/29/2012 - 09:19 | 2471299 Dapper Dan
Dapper Dan's picture

And it would still topple the Empire state building.

Tue, 05/29/2012 - 09:20 | 2471302 Pladizow
Pladizow's picture

TO: DR. Acula - Double Check your math!

Tue, 05/29/2012 - 09:40 | 2471345 Badabing
Badabing's picture

Big bank? Not too big to fail. Another Bailey savings and loan bites the big one while Potter rubs his sweaty hands together in delight!   

Tue, 05/29/2012 - 10:23 | 2471528 striving4simple
striving4simple's picture

His math is correct.  It's how he interprets 'increase by 150%'

Is 100 increased by 150% equal to 150 OR 250 ?

150% of 100 is 150 and then if you increase 100 by 150 your result is 250

Thus he gets 6.9E+8m instead of 426m

 

 

Tue, 05/29/2012 - 11:21 | 2471788 Matt
Matt's picture

The text says 50 percent but the man says 150 percent, so not sure, but here is the video:

http://www.youtube.com/watch?v=y97rBdSYbkg

Tue, 05/29/2012 - 09:29 | 2471318 Dr. Acula
Dr. Acula's picture

I'm not so sure.

To maintain a domino shape, the domino would have to be made out of a rarified gas. Otherwise it would rapidly collapse owing to its immense mass.

 

Tue, 05/29/2012 - 10:48 | 2471654 Apeman
Apeman's picture

well played sir

Tue, 05/29/2012 - 09:39 | 2471350 Lobbelt
Lobbelt's picture

No.

Tue, 05/29/2012 - 08:55 | 2471221 Ethics Gradient
Ethics Gradient's picture

The Economist is run by a load of blinkered europhiles with terminal normalcy bias. The thought would have never crossed their tiny minds.

Tue, 05/29/2012 - 09:05 | 2471257 SheepDog-One
SheepDog-One's picture

Europhiles? Oh, and here I was just thinking they were probably pedophiles.

Tue, 05/29/2012 - 09:09 | 2471268 JPM Hater001
JPM Hater001's picture

If they had any sense they would have used a bum on the cover.

Tue, 05/29/2012 - 09:17 | 2471292 ThirdWorldDude
ThirdWorldDude's picture

That would have been way too obvious. The provided subtle pedo-pic requires more effort to decrypt...

Tue, 05/29/2012 - 09:17 | 2471293 Treason Season
Treason Season's picture

Synonyms

Tue, 05/29/2012 - 09:08 | 2471263 Ethics Gradient
Ethics Gradient's picture

Slightly OT, but still with Euro banks, can anyone assist in pointing to an electric interweb site where an EU citizen might be able to open a Greek bank account? I fancy borrowing shed loads of soon to be redominated cash. The google has so far been unhelpful.

Tue, 05/29/2012 - 09:32 | 2471326 knukles
knukles's picture

Searching the web with goofle is sorta like looking to the NYT or Economist for an unbiased insight.
Go to a local branch of a Greek bank.
Take a vacation to Greece.
Take it Greek; that'll getcha a new deposit.

Tue, 05/29/2012 - 09:39 | 2471349 Ethics Gradient
Ethics Gradient's picture

Cheers knuckles. I think that may be my only option.

Tue, 05/29/2012 - 10:28 | 2471561 Marigold
Marigold's picture

No, it is controlled by the Rothschild's. Lady Rothschild sits on the board. They no exactly what they are doing .... shilling for the banks.

Tue, 05/29/2012 - 09:05 | 2471255 Freewheelin Franklin
Freewheelin Franklin's picture

Vendors always get screwed in a bankruptcy. Probably more so than the shareholders.

Tue, 05/29/2012 - 08:50 | 2471194 GetZeeGold
GetZeeGold's picture

 

 

...will this money come from "non-bailout money"?

 

Doubtful.

 

 

Tue, 05/29/2012 - 08:51 | 2471204 swmnguy
swmnguy's picture

What is this "non-bailout money" you speak of?  If there is any of that, it isn't circulating.

Tue, 05/29/2012 - 09:03 | 2471245 Ethics Gradient
Ethics Gradient's picture

Surely he will have been given €14m of prime Spanish 10yr bonds.

He's in for many-a-frightful year reading his pension statement.

Tue, 05/29/2012 - 08:52 | 2471207 dannyboy
dannyboy's picture

Destroying the Spanish economy, for bankers bonuses.

"That is our commitment."

Tue, 05/29/2012 - 08:52 | 2471209 LetThemEatRand
LetThemEatRand's picture

The answer is no.   Efforts to compartmentalize bailout money are pure fiction.  If bailout money allows a bank to survive when it otherwise would have failed, and it then pays salaries and third party vendors that otherwise would not have been paid, bailout money is being used.  Period. 

Tue, 05/29/2012 - 09:10 | 2471271 tmosley
tmosley's picture

Yes, and this is a classic feature of fascism.

And fascism is why Spain spent the better part of a century in hell.  You would think that they would remember.

Tue, 05/29/2012 - 08:50 | 2471195 Gully Foyle
Gully Foyle's picture

Funny how all those governments and banks functioned well before they were told they are fucked up.

It's almost as if everything was planned to fall apart.

Tue, 05/29/2012 - 08:50 | 2471197 dannyboy
dannyboy's picture

The Economist is well regarded as satirical anyway, now this sort of just confirms what everyone already knew.

The Onion now has legit competition.

Tue, 05/29/2012 - 08:54 | 2471216 EscapeKey
EscapeKey's picture

By the Keynesians, for the Keynesians.

The word "bailout" can be located on every 2nd page.

Tue, 05/29/2012 - 08:54 | 2471220 GetZeeGold
GetZeeGold's picture

 

 

The Onion now has legit competition.

 

Word on the street is that the Onion is going straight.....they just couldn't take the competition anymore.

 

Perhaps Fox will now have some real competition.

 

Tue, 05/29/2012 - 09:02 | 2471239 Negro Primero
Negro Primero's picture

... I think Bankia beats them both:

Bankia Without Commissions

"Good news for all our customers. Discover how to get no fees service."

 

Tue, 05/29/2012 - 08:54 | 2471215 Nnthnt1
Nnthnt1's picture

Economist advertisement revenue: the best spent bankster money ever?

Tue, 05/29/2012 - 08:56 | 2471225 pepperspray
pepperspray's picture

No dear, saying 'ATM machine' is redundant. Now back in line.

Tue, 05/29/2012 - 09:04 | 2471248 Estrella
Estrella's picture

Good.

Tue, 05/29/2012 - 08:58 | 2471228 SheepDog-One
SheepDog-One's picture

Its even better here in the U.S. when a bank like JP Morgan can lose $3 billion in ultra risky trading no one can even understand, and when they lose theyre simply gifted with $25 billion.

Tue, 05/29/2012 - 09:04 | 2471246 rsnoble
rsnoble's picture

Don't worry..........good times in the US are on the way too.  This bullshit has gone way to far and they've pretty much destroyed the planet with it.  I can't believe they haven't tried doing somthing like blowing up Iran and blaming it all on that yet. Something shitty is coming im sure of it.

Tue, 05/29/2012 - 09:03 | 2471237 gatorengineer
gatorengineer's picture

Dam good thing the US doesnt have any exposure to spanish banks or government paper.... <Sarc off>....

Tue, 05/29/2012 - 09:02 | 2471238 Zola
Zola's picture

These people have no shame !! Seriously , when do people start to wake up from their stupidity and ACT ??

Tue, 05/29/2012 - 09:43 | 2471356 Vince Clortho
Vince Clortho's picture

The banks are a one trick pony.

They have to sell "trust".

It's worked for soooo long.

Tue, 05/29/2012 - 09:04 | 2471250 Byte Me
Byte Me's picture

I'm good with Earhole's €14mil

Provided it comes out of future profits

Otherwise - hang him.

Tue, 05/29/2012 - 09:05 | 2471252 Boilermaker
Boilermaker's picture

"That is our comittment"

Does that kind of horseshit ever work on people?  The US banks do the same type of non-sense advertising with people proclaiming how much they 'love' their banks.  Then the banks proclaim how 'dedicated' they are to their depositors.

Jesus...please take me.  I'm ready.

Tue, 05/29/2012 - 09:09 | 2471267 GeneMarchbanks
GeneMarchbanks's picture

LOL....  ah, mercy...

 

Tue, 05/29/2012 - 09:15 | 2471285 Boilermaker
Boilermaker's picture

The sweet release that death brings.  It must be wonderful.

Tue, 05/29/2012 - 09:34 | 2471333 falak pema
falak pema's picture

stop spreading the despondency plague, read mine its more optimistic, even if the blood and sex is full of crusader zeal! We need hope, faith  in man and simple charity/solidarity  in difficult times! 

 Pech Souleila: Sidi Kafir By Falakpema

Tue, 05/29/2012 - 09:51 | 2471380 gwar5
gwar5's picture

Woody Allen: "...first you get sick and you're horribly nauseous, and then you die... and you're not nauseous anymore!"

Tue, 05/29/2012 - 09:05 | 2471253 mrktwtch2
mrktwtch2's picture

is this spains "bear sterns moment"

Tue, 05/29/2012 - 09:16 | 2471291 slackrabbit
slackrabbit's picture

Cramer says hold

Tue, 05/29/2012 - 09:42 | 2471355 Vince Clortho
Vince Clortho's picture

Cram'er can cram it.

Tue, 05/29/2012 - 09:06 | 2471259 TheTwoJohns
TheTwoJohns's picture

not yeat a crush but the train aka motorbike is one the wreck track

http://blogs-images.forbes.com/afontevecchia/files/2012/05/300x2063.jpg  

Tue, 05/29/2012 - 09:11 | 2471264 Downtoolong
Downtoolong's picture

I was happy the way I was until you guys came along.

I love the photo of the kid too. Even a two year old can see they're out or their minds.

 

Tue, 05/29/2012 - 09:15 | 2471286 THX 1178
THX 1178's picture

You were unaware until ZH sobered you up?

Tue, 05/29/2012 - 09:09 | 2471270 nmewn
nmewn's picture

"No no no, Bankia is fine. There's nothing wrong with Bankia!" - Jim Krammer

Tue, 05/29/2012 - 09:21 | 2471303 BeetleBailey
BeetleBailey's picture

I used to track Cramer. Demo bought 100 shares of what he promoted on his show (BUYBUYBUY!!!!) at market, and shorted 100 shares of what he trashed (SELLSELLSELL!)

After one year (and enough of his voice ringing in my ears (this was years ago), his track record was;

171 stocks BUYBUYBUY - DOWN 37% aggregate

152 stocks SELLSELLSELL - DOWN 17% aggregate

It is a wonder why this buffoon has a job, let alone clients.

Now, he had some winners, but his losers were real stinkburgers.

 

Tue, 05/29/2012 - 09:38 | 2471344 nmewn
nmewn's picture

I use him as a contrarian indicator...same with Bob Pisani giggling like a school girl at every market top.

So far so good ;-)

Tue, 05/29/2012 - 09:10 | 2471272 monopoly
monopoly's picture

And our markets are up. Buy the failures of others. And does FB ever go up? Options available today. Gonna wait a day or two to see how it plays out. But I am lusting for them.

Tue, 05/29/2012 - 09:12 | 2471276 Undecided
Undecided's picture

http://www.bloomberg.com/news/2012-05-29/rajoy-seeks-european-backing-as-spain-s-access-narrows.html

 

Spain backtracked on a plan to use government debt instead of cash to bail out Bankia

Tue, 05/29/2012 - 09:14 | 2471283 slackrabbit
slackrabbit's picture

Farcebook is now down $10, to $32....surely they could buy this poster for $20 billion and bailout Bankia.

 

ps i demand fee for that sagely advice

Tue, 05/29/2012 - 10:09 | 2471452 Money 4 Nothing
Money 4 Nothing's picture

Does the "Suckerburg" deserve some slack?

-B.D.

Tue, 05/29/2012 - 09:27 | 2471313 bigwavedave
bigwavedave's picture

Cramer = Clown = Clown TV

 

You could also ask advice from Susie Orman from the Susie Orman Show with Susie Orman. Although our our Reggie Middleton is getting up there in the clown stakes.

Tue, 05/29/2012 - 09:35 | 2471338 BluePill
BluePill's picture

As long as spain receives indian immigrants situation will become far worse

 

Time now for spain to launch a nuclear war on india 

Tue, 05/29/2012 - 13:04 | 2472277 BattlegroundEur...
BattlegroundEurope2011's picture

Well I hope you "Spaniards" stay out of my country too.  We Brits don't want you Euro peasants on our island.

Tue, 05/29/2012 - 09:38 | 2471342 gwar5
gwar5's picture

 

 

 

Bankia spoksperson, Awna Toppia: "We feel badly for everyone. We're looking into how we could have mistated Bankia's 2011 earnings by over 5 Billion."

Bankia investor, Arie Lief: "Could be worse."

Bankia depositor, Otto Gogh: "I'm want my money out now."

German woman on street, Bea Goldmiser: "Bankia and Spain's money -- NICHT!"

USA woman on street, Noda Kluheer: "Bankia did what-ia?"

 

 

Tue, 05/29/2012 - 10:01 | 2471422 WAMO556
WAMO556's picture

GOT IT!!! LMAO!!!!

Tue, 05/29/2012 - 09:45 | 2471366 Manthong
Manthong's picture

There are still a lot of dungeons in Spain..

Plenty of room to lock away bankers,

and throw away the key.

Tue, 05/29/2012 - 10:15 | 2471454 slackrabbit
slackrabbit's picture

 

And just now on Bloomberg - Spain PM now says they may NOT bail out bankia cos of ‘financing’ concerns - he aint got no change 

 

Spain backtracked on a plan to use government debt instead of cash to bail out Bankia, as Prime Minister Mariano Rajoy struggles to shore up the nation’s lenders without overburdening public finances.

 http://www.bloomberg.com/news/2012-05-29/rajoy-seeks-european-backing-as-spain-s-access-narrows.html

Will he; won't he - ah indecision - the prime requirement for today’s LEADERS

http://www.southparkstudios.com/clips/248462/attack-of-the-change

 

 

Tue, 05/29/2012 - 12:00 | 2471965 nbsharma
nbsharma's picture

Awesome!

Tue, 05/29/2012 - 12:51 | 2472201 Reptil
Reptil's picture

but...think of the children!</sarc>

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