"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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Haddock's picture

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

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!

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.

 

Dapper Dan's picture

And it would still topple the Empire state building.

Pladizow's picture

TO: DR. Acula - Double Check your math!

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!   

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

 

 

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

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.

 

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.

SheepDog-One's picture

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

JPM Hater001's picture

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

ThirdWorldDude's picture

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

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.

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.

Ethics Gradient's picture

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

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.

Freewheelin Franklin's picture

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

GetZeeGold's picture

 

 

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

 

Doubtful.

 

 

swmnguy's picture

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

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.

dannyboy's picture

Destroying the Spanish economy, for bankers bonuses.

"That is our commitment."

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. 

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.

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.

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.

EscapeKey's picture

By the Keynesians, for the Keynesians.

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

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.

 

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."

 

Nnthnt1's picture

Economist advertisement revenue: the best spent bankster money ever?

pepperspray's picture

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

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.

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.

gatorengineer's picture

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

Zola's picture

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

Vince Clortho's picture

The banks are a one trick pony.

They have to sell "trust".

It's worked for soooo long.

Byte Me's picture

I'm good with Earhole's €14mil

Provided it comes out of future profits

Otherwise - hang him.

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.

Boilermaker's picture

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

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

gwar5's picture

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

mrktwtch2's picture

is this spains "bear sterns moment"