14 Jun 2012

When society says enough


Here in England, people are used to raise money for all sorts of charitable causes. When I first came, I felt surprised when I saw a man with purple hair or fire-fighters washing cars outside the fire station. In Spain is not that common. At the most, you give some monthly money to a NGO. That’s why I got really impressed when last Sunday I found this piece of news: “The 15-M raises20.000 € in one day, to send Rato to Courts.” Rodrigo Rato is the ex-president of Bankia, the Spanish bank that have more economic problems. 15-M is a sort of association that was born the 15th of March of 2011, consisting of thousands of people from all walks united by a feeling of disappointment by the Spanish political and economic class, and its poor management of the country.

It’s very difficult figure out what is the real causer of the current Spanish situation, it’s a complex issue with many factors involved for a long time, but you don’t need to be a genius to realize that it’s not normal when one of the ex-manager of a bank that’s going to cost a fortune to the country is going home with a retirement of 14 millions euros per year. It’s just ridiculous.

And the problem is that in Spain that’s not an isolated case. Iain Dey, businesseditor in The Times, said the last Sunday (after the famous bailout deal between Spain and Europe):  “The Spanish crisis is actually a tale of what happens when power-hungry politicians get their hands on financial institution”. Of course these people are not the whole problem, but what I mean is that if it's know that the fault is largely theirs, they have to face it and pay for it, instead of keeping enriching themselves with impunity by the fraud committed in the past.

So, now, Spanish society is saying “it’s enough”. And eventually it’s not just a few people holding banners and yelling in front of a public building: today we can read in the Spanish newspapers that 13 shareholders of Bankia have officiallylaunched a lawsuit against its 2011 Board of Directors (including Rato), for accounting fraud, and with money raised by the 15-M association and hundreds of anonymous citizens.

In addition, they will have to face another legal complaint launched by UPyD (a relatively new political party - has been only in the latest two General Elections) and an investigation opened by the Public Prosecutor Office.

What I think (and so do a lot of people in Spain) is that our country is going to be paying this bailout for decades, but they (and saying "They" I mean the main responsibles) need to pay the most, just because it's fair.