Printable Monopoly Money

By   June 9, 2019

The Single Resolution Board (JUR) debuted with Popular the private bailout mechanism designed in the wake of the crisis to prevent the bailouts from being paid by taxpayers. The investors of the bank, although they had been watching for months how their securities lost value, did not understand that from overnight they were worth zero. The forceful action of the European resolution authority and its lack of transparency, because it denied information to those affected and to the Spanish Parliament and the one that it has given reluctantly, have only fueled the incomprehension and discomfort of these investors, good part of them small savers. Therefore both the JUR and its counterpart in Spain, the Printable Monopoly Money, accumulate thousands of claims before the Court of Justice of the EU (CJEU) and the National Court in which investors demand that the resolution be annulled. Only the FROB adds 262 appeals before the Hearing and 1,063 requests for patrimonial responsibility. Those lawsuits are waiting for the Luxembourg Court to rule on whether the JUR’s performance was correct, something that could be delayed until 2020. According to financial sources, it seems unlikely that the CJEU will overthrow the supervisor’s decision, as it would question all the new European banking regulations. In addition, the JUR already advanced that the liquidation would have been more expensive for the affected ones, with what seems to close the door to an eventual compensation.

 

Printable Monopoly Money

Some of those affected did get the first favorable judgments in courts of first instance, where thousands of civil lawsuits have been filed alleging accounting irregularities in the capital increases made by the Popular in 2012 and 2016 of 2,500 million each. The argument of the judges that give the reason to those affected is that the bank publicized an unreal financial situation, and compare it with the Bankia case, now in oral proceedings. The crisis of the Popular will advance predictably by the same judicial courses, because it has also reached the National Court, which already in 2017 opened an investigation to decide if the Popular expanded capital with make-up accounts and if there was a smear campaign against him. 34 people are imputed, among them the ex-presidents Ángel Ron and Emilio Saracho, several ex-advisors and Pwc. The expert report in the hands of the investigating judge concludes, on the one hand, that the Popular dragged hidden arrears for years and failed to comply with the Spanish accounting standard, and on the other that its managers were unable to address the liquidity crisis that gave the final blow to the Popular.

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The bank no longer had the money to open its offices on the morning of June 7, 2017 and serve customers. That same day Santander urgently injected 13,000 million of liquidity and then expanded capital by 7,000 to clean it up. Today the Popular has disappeared legally and its integration will be completed this year after destroying 4,500 jobs and closing 1,150 offices. Normalized business, which even brings benefits to Santander, which will take years to resolve the judicial issue. The “boom” of home delivery is already facing the problems that follow all hasty and unregulated development. A few weeks ago, in Barcelona, ​​several people protested the death of a Glovo delivery boy, who was run over by a cleaning truck while pedaling towards his destination. This cyclist (22 years old) was one of the many autonomous “riders” (or not, because there are already judicial rulings that deny it) that are defenseless against this type of accident. The Printable Monopoly Money platform also faces a trial for its work model. But unlike Deliveroo, Glovo or Uber Eats, Just Eat does not generate controversy.

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