Arab Today, arab today top spain banker bailed in crisis probe
Last Updated : GMT 21:04:34
Arab Today, arab today
Arab Today, arab today

Top Spain banker bailed in crisis probe

Arab Today, arab today

Arab Today, arab today Top Spain banker bailed in crisis probe

Madrid - AFP

The former head of Spanish bank Caja Madrid became the first top banker to spend time in jail over alleged mismanagement in the financial crisis, officials said on Friday. Miguel Blesa, 65, who has links to senior members of Spain\'s governing Popular Party, was held overnight in a Madrid jail and came out on Friday after putting up 2.5 million euros ($3.2 million) in bail, a prisons service official told AFP. Judge Elpidio Jose Silva said in a written ruling earlier that Blesa presented an \"undeniable flight risk\" and fixed the bail sum pending investigations of his management of the bank. Caja Madrid was one of several old regional savings banks, many run by political appointees, that expanded during Spain\'s building boom and had to be merged after the bubble burst in 2008. The judge is investigating the takeover by Caja Madrid in 2008 of the City National Bank of Florida, which was caught up in the US subprime mortgage meltdown that year. The judge said in the ruling that he saw \"reasonable indications of criminal responsibility\" in that takeover. Caja Madrid paid $1.17 billion to take over the Florida bank, about double what it was worth, the statement said. It said this was a sign of \"very bad banking management\" that posed \"a systemic risk to Caja Madrid in the context of the economic crisis\". Prosecution lawyer Luis Pineda told a news conference on Friday that the takeover was carried out without authorisation from the relevant authorities. He alleged that managers of the Spanish bank could have pocketed \"more than 100 million dollars in commissions\" in the deal. Blesa left Caja Madrid in 2009 shortly before it was merged with six other savings banks to form Bankia, as part of a major overhaul of Spain\'s financial sector. Bankia was nationalised in 2012, prompting Spain to turn to its eurozone partners for tens of billions of euros of emergency aid to rescue the financial sector. That bailout fuelled angry popular protests in Spain, where the recession brought on by the financial crisis has driven unemployment above 27 percent. Dozens of suspects have been questioned by a judge in a separate investigation of alleged fraud in the running of Bankia. Blesa was the first major banking figure to go behind bars in the course of Spain\'s banking saga, albeit briefly. Pineda said that with the detention of Blesa \"a process of flushing out who was responsible has begun\". He added: \"This country needs to be reassured that people will pay for what they have done.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today top spain banker bailed in crisis probe Arab Today, arab today top spain banker bailed in crisis probe

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today top spain banker bailed in crisis probe Arab Today, arab today top spain banker bailed in crisis probe

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday