Bankia銀行などが詐欺てきに販売した優先株式の被害者の調停は、絵にかいた餅、お金がない！
The arbitration postpones the problem in search of a quiet no basis in reality, as there is no money
OPINIÓN
Bankia: Oro por baratijas
El arbitraje pospone el problema en busca de una tranquilidad sin base real, pues no hay dinero
Javier Cremades 29 MAY 2013 - 09:06 CET
OPINION
Bankia: Gold trinkets
The arbitration postpones the problem in search of a quiet no basis in reality, as there is no money
Javier Cremades 29 MAY 2013 - 09:06 CET
Black Legend says the conquest of America, the Spanish we earn the appreciation of indigenous precious materials by changing them colorful glass beads that they had never seen. This common place still lingers in many American cultures who lament the deception of those who came for trading gold trinkets. Well, something similar must suffer the nearly two hundred thousand small savers who bought preferred encouraged by Bankia and have seen their savings suffer first a little off and now find that they have left has become part of actions that are not worth nearly nothing. Euros to wet paper. The growing stupor and indignation among those tested how their savings have vanished. Unfortunately, we began attending outbreaks of violence, which can never be a valid response.
The worst thing is that we are not talking about any scam or criminal scam but a large scale commercial operation of an entity and the bank card of a government decision. Just a month ago the Secretary of State for Economic, Fernando Jiménez Latorre explained, "swaps are preferred as generous as possible because holders make these products in shareholders, and thus lightens his burden to clean up the entity . "Reality is that, in the case of Bankia, the cut on the amount invested by the preferentista rises to 38% of its initial investment, to which must be added subsequently collapse in the value caused by the accumulation of nonsense, accumulated in the IPO of the entity. Such errors chained admins, auditors and supervisors is subject today from one side to the criminal. Alternatively, is encouraging the first claim of the history of Europe with a central bank, the Bank of Spain by a large group of shareholders that they have been cheated. few days ago I signed as counsel of those shareholders, the writing of the first group of claimants. Between now and July 1000 present around requests for shareholders individual and institutional, with investments ranging from 600 to over a million Euros. Such are the shareholders who attended the IPO or invested before "coming out" hole public, Bankia rescue.
Another case is that of shareholders to force. We must remember that the preferred investment was made in most cases by small savers who were not informed that they were acquiring a financial product complex high risk, with characteristics regarding amortization and term were obviated, massaged or directly distorted by the marketer. Given these facts, it appears that the adjective that the Secretary of State will apply the exchange not the most fortunate. Since then, it seems reasonable to accept a haircut of about 40% of the investment. But it is also the imposed FROBha exchange for shares of the same entity, in order to carry out the so-called "second capital". The equation of exchange was fixed by FROB managers depending on the market price of the shares in Bankia on May 27, Monday, and that he estimated would be around 1.5 euros. To leave these accounts Bankia suspended trading on the occasion of this "second extension" until Tuesday 28. What did institutional investors Bankia preferred holders? For something very simple, giving orders massive sale of shares that would apply in the exchange on Thursday 23; orders in Spanish trading activities, are settled three business days (in the markets), ie on Tuesday 28. What resulted from that behavior? First, that these institutional preferentistas Bankia liquidity and have achieved a higher amount to the dealers as of Tuesday 28. Second, the precipitous drop in the share price of Bankia and consequent downward spraying the exchange ratio provided by the FROB.
The result is that the new shares are exchanged for the preferred shares were issued for savers to 1.35 euros and its current value is around 0.55 euros. This collapse of the action is a drop in the value of 75%. In short, a nightmare for the person who purchased preferred in the belief that a fixed term contracted without risks or complexities seen in this dramatic situation.
It is fair to savers, which is what were the vast majority of preferred holders, lest we forget, recover the money deposited into believing that just hired a deposit. With the offer of arbitration has been tried to postpone the problem and get a quiet no basis in reality, as there is no money to pay the preferred stock. Only for the most flagrant cases arbitration can be a solution, but most of those affected, 95% of ordinary investors-will have to resort to the courts to get recover their savings. So far the courts, how could it be otherwise, such claims are largely estimated. And basing not in the contract that was signed, which contains very small print all kinds of warnings and "disclaimers", but mainly in the Civil Code, as it did Roman law, addressing the issue of consent and its possible vice, the judge leaves room to fight the figure of deception.
* Javier Cremades is an attorney and president of Cremades & Calvo-Sotelo
twitter @ javiercremades
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