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Old 07-05-2012, 01:12 PM  
Frankie Frankie is offline
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Spain is doing what Obama failed to do.

They are starting to prosecute their big hot-shot banker(s) on criminal charges while ours were allowed to misuse stimulus money to get themselves richer and their offices more richly decorated.

http://www.telegraph.co.uk/finance/f...-collapse.html

Fraud trial for Rodrigo Rato over Bankia collapse

Rodrigo Rato, the former head of the International Monetary Fund, is to face trial for alleged fraud in connection with the spectacular collapse of Spanish lender Bankia.

Mr Rato, who quit as chairman of the bank in May just before it was bailed out to the tune of €23.5bn (£18.9bn), is named alongside 32 other Bankia anagers in a lawsuit brought by UPyD, one of Spain’s smaller political parties.

Hours after the legal probe was announced, Bankia's chief executive Francisco Verdu, abruptly quit, announcing the move in a one sentence regulatory filing.

Spain’s top national court on accepted the suit, alleging fraud, price-fixing, embezzlement and falsifying accounts, though no date has yet been set for the hearings.

Anti-corruption judges had already opened a preliminary investigation into alleged fraud relating to the founding of Bankia, formed from the merger of seven regional savings banks, and its controversial stock market listing last year.

The two-stage Bankia bail-out – an initial €4.5bn swiftly followed by a further €19bn – signalled a dangerous new phase in the Spanish banking crisis.
It drove Madrid to seek emergency funding of €100bn from fellow eurozone countries as the crisis at Spain’s stricken banks drove the country’s bond yields to post-euro highs of 7pc-plus.

Mr Rato is one of the best known financial figures in Spain. He was the nation’s economy minister from 1996 to 2004, before becoming IMF managing director until 2007.

Under Spanish law, the alleged crimes carry jail sentences ranging from six months to six years.

Experts said, however, that corruption cases rarely result in convictions. Pedro Schwartz, economics professor at San Pablo University in Madrid, cautioned it would be “a long-running, complicated case”.

Bankia is, however, a cause célèbre in Spain, where thousands of small savers were persuaded to buy shares in the lender when it floated. Just a year later, their investments had been all but wiped out.
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Old 07-05-2012, 01:14 PM   #2
BucEyedPea BucEyedPea is offline
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Yup, we need to indict more people for fraud. Including some members in our govt.
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Old 07-05-2012, 01:24 PM   #3
qabbaan qabbaan is offline
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According to your own article, they are not being prosecuted criminally, a few individuals are being sued by a small political party. (that's what "lawsuit" means, FYI.)

It only says there is an investigation happening on the criminal side, and it also says these cases rarely result in convictions.

How much of that did you read, anyway?
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Old 07-05-2012, 01:26 PM   #4
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Old 07-05-2012, 01:26 PM   #5
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We should model ourselves on Spain.
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Old 07-05-2012, 01:28 PM   #6
vailpass vailpass is offline
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Quote:
Originally Posted by qabbaan View Post
According to your own article, they are not being prosecuted criminally, a few individuals are being sued by a small political party. (that's what "lawsuit" means, FYI.)

It only says there is an investigation happening on the criminal side, and it also says these cases rarely result in convictions.

How much of that did you read, anyway?
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We should model ourselves on Spain.
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Old 07-05-2012, 01:36 PM   #7
Velvet_Jones Velvet_Jones is offline
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Anyone one that has been around here any amount of time knows Frankie is a dumb-bass. I don't know why this episode would be any different.
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Old 07-05-2012, 01:51 PM   #8
Frankie Frankie is offline
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Quote:
Originally Posted by qabbaan View Post
According to your own article, they are not being prosecuted criminally, a few individuals are being sued by a small political party. (that's what "lawsuit" means, FYI.)

It only says there is an investigation happening on the criminal side, and it also says these cases rarely result in convictions.

How much of that did you read, anyway?
This is one of several pieces that I read on the subject after seeing the news on the tube. I chose one to post. The words criminal prosecution were used in a couple of those sources. Hope your world survives the fact that I posted one that didn't use the phrase.
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Old 07-05-2012, 01:53 PM   #9
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Originally Posted by Velvet_Jones View Post
Anyone one that has been around here any amount of time knows Frankie is a dumb-bass. I don't know why this episode would be any different.
And would you direct us to the repertoire of your posts that proves you are wise and smart?
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Old 07-05-2012, 02:04 PM   #10
qabbaan qabbaan is offline
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Quote:
Originally Posted by Frankie View Post
This is one of several pieces that I read on the subject after seeing the news on the tube. I chose one to post. The words criminal prosecution were used in a couple of those sources. Hope your world survives the fact that I posted one that didn't use the phrase.
You read it in mid-air, didn't you.
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Old 07-05-2012, 02:05 PM   #11
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Quote:
Originally Posted by Frankie View Post
The words criminal prosecution were used in a couple of those sources..
Would you mind sharing those?
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Old 07-05-2012, 02:06 PM   #12
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Quote:
Originally Posted by Frankie View Post
This is one of several pieces that I read on the subject after seeing the news on the tube. I chose one to post. The words criminal prosecution were used in a couple of those sources. Hope your world survives the fact that I posted one that didn't use the phrase.
You've always been a dumbass.
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Old 07-05-2012, 02:48 PM   #13
HonestChieffan HonestChieffan is offline
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Look to Obama and his cronies for real fraud.

http://washingtonexaminer.com/obama-...rticle/2501259

In a remarkable irony, Abound Solar went bankrupt on the eve of the two-year anniversary of President Obama praising the company. The president cited the green energy company’s $400 million federal loan guarantee as proof of his administration’s commitment to providing jobs.

[W]e’re accelerating the transition to a clean energy economy and doubling our use of renewable energy sources like wind and solar power — steps that have the potential to create whole new industries and hundreds of thousands of new jobs in America. [...]

Abound Solar Manufacturing . . . will manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs. A Colorado plant is already underway, and an Indiana plant will be built in what’s now an empty Chrysler factory. When fully operational, these plants will produce millions of state-of-the-art solar panels each year.

President Obama added that “Already, I’ve seen the payoff from these investments.” Shuttered factories are “humming with new workers . . . rolling up their sleeves to help America win the race for the clean energy economy.”
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Old 07-05-2012, 03:19 PM   #14
RedNeckRaider RedNeckRaider is offline
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Old 07-05-2012, 03:30 PM   #15
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I used to think so.
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