Friday, October 03, 2014

Speaking of corruption

Yesterday, our Spanish teacher told us that, in his opinion, the three biggest problems that Spain faces are 1) unemployment, 2) corruption and 3) the desire of three of the autonomous communities to separate from Spain.

Referring to corruption, we now read that managers of the beleaguered Caja Madrid bank spent 15 million euros on clothing, restaurants, travel and cash withdrawals over the period 2002 to 2012.The 65 members of the board of directors along with the 21 executive directors took advantage of the credit cards they were given and now the case is being investigated by the Anti Corruption Investigator. There is clearly a difference between what these people and the rest of us would describe as legitimate business expenses.

Most Spaniards have a deep distrust of banks, is it any wonder?

You will recall that the bank was bailed out for 22,424,000 euros and was taken over by Bankia.

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