Iceland, Debt Jubilee & Media Blackouts


Source: GizaDeathStar.com
Dr. Joseph P. Farrell Ph.D.
May 10, 2017

When was the last time you heard about Iceland?

Remember them? The people in the small country on a large volcanic rock in the northern Atlantic Ocean that rounded up their bankers, through them in jail, and declared a debt jubilee?

I have to admit, that I haven’t heard about them recently either, until Mr. B.H. sent along the following article, and there are a couple of things that caught my eye and fuel my imagination. As always, my approach here is “assume this story is true” for the sake of some high octane speculation of the day:

All Debts Of Island’s Population Are Forgiven By The Government

Now, of course, the first thing that caught my eye was the fact that, apparently, there’s almost a complete news media blackout in the USSA by the corporate controlled media, and of course by implication, the major search engines:

As good as an approach that this is it is now being alleged that the US Rothschild Controlled Media has apparently completely blacked out any news involving Iceland’s debt forgiveness. Attempting to search Iceland’s mortgage debt forgiveness only leads to about 359,000 search results with none of them being from the United States. Neither major or minor news outlets mention a single word about Iceland’s decision.

Now, of course, we don’t know for certain how much, if any, debt the Rottenchild network held in Iceland, but we take the point: someone somewhere doesn’t want anyone looking at Iceland. We all know why, for I suspect few readers of this website would contemplate the picture of a Darth Soros, or a Rockefailure, or a Rottenchild behind bars with anything less than a smile on their face. The same, I suspect, holds true for the current crop of “associates”, the Geitners, Yellens, and Draghis of the world. Probably, someone, somewhere, is leaning over a table with their beer or coffee talking to someone else and wondering how these people can be Dominique Strauss-Kahned.

The idea of a debt jubilee itself is slowly and steadily gaining strength. And it’s an idea worth considering, for recall, its origins stem from Mesopotamia (as I outlined in Babylon’s Banksters), when private debts grew to the point that they could not be repaid. This led to the jubilee year and the ceremony of the “Breaking of the Tablets”, when the king would ceremonially break the tablets containing contracts and debts. The reason? When debts could no longer be repaid, people simply left the country to start over somewhere else.  Now, however, in the wake of the bubble-bailout cycle that culminated in 2008, we’re told that the derivatives alone represented over 14-17 quadrillion dollars, several times more than the domestic product of the entire planet. It’s a nice way for the Rockefailures Soroses and Rottenchilds to enslave several generations.

But there was another statement toward the end of the article that caught my eye, and that fuels today’s high octane speculation. It was this:
The US government apparently owns 96% of bad loans, while major banking only owns about 3% of bad loans. This poor allocation leads to US government guaranteeing to collapse, while big banks stay rich and do not have to worry about ever foreclosing on themselves.

I couldn’t help but think of former Housing and Urban Development assistant secretary Catherine Austin Fitts’ model of rolling out the new financial system, which she has described as the “financial coup d’etat,” wherein all the liabilities were moved off the books of the banks, and into the public (government) sector, while all the assets were moved from the latter to the former.

Nifty, huh?

Ok, so what? Where’s the high octane speculation in this? Well, try this on for size: imagine you want to sell the idea of a completely cashless society (which of course, really isn’t cashless, it’s merely a way of protecting your currency issuance central banking cartel). How would one sell the idea? Through a debt jubilee: use our system of blockchain or virtual currency, and all  your debts are forgiven. Only those continuing to use cash will have their debts retained. The “reset jubilee” button coupled to cashlessness… really, if one thinks about it, it’s an interesting way to get rid of all that “bad paper” on the ledgers, and I wouldn’t put it past them.

Read More At: GizaDeathStar.com
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About Dr. Joseph P. Farrell

Joseph P. Farrell has a doctorate in patristics from the University of Oxford, and pursues research in physics, alternative history and science, and “strange stuff”. His book The Giza DeathStar, for which the Giza Community is named, was published in the spring of 2002, and was his first venture into “alternative history and science”.

Yet Another Banker Jumps…

Banksters

Source: GizaDeathStar.com
Dr. Joseph P. Farrell Ph.D.
April 4, 2017

The sad list of bankers taking walks off of rooftops continues to grow, this time with the death of Charles W. Murphy. Many people shared this story this week (and a big thank you to them all), and at first glance, there’s “nothing unusual” in the story:

Partner At Paulson & Company Jumps To His Death In Midtown Manhattan

Toward the end of this article, it is suggested that Mr. Murphy may have been experiencing financial difficulties, hinting that this may have been a motivation for his death, as he was also apparently being treated for depression:

It appears that at least part of Murphy’s troubles have been financial: a parking attendant at a nearby garage told the New York Post that Murphy’s wife, Annabella , crashed their Honda Odyssey last summer but could not afford to fix it. ‘She didn’t even have enough money to pay for the damage,’ the attendant said.

Murphy’s first wife, former Heather Kerzner, got married to hotel billionaire Sol Kerzner after the pair split. They were married for 11 years before their marriage ended in divorce.

According to the Daily News, Murphy was being treated for depression before his suicide.

But then comes the admission of a connection to the collapse of convicted financial fraudster Bernie Madoff, and, incidentally a connection to Morgan Stanley:

Murphy is now the fourth person connected to Madoff to commit suicide in the years following the Ponzi scheme scandal.  French aristocrat Rene Thierry Magon De La Villehuchet was found dead in 2008 just after the news broke. His AIA Group lost $1.5 billion. Ex-U.S. Army major William Foxton, 65, killed himself in 2009. A year later, Madoff’s son Mark was found dead after he hanged himself in his New York apartment.

Murphy was previously a research analyst at Morgan Stanley, and was cohead of the European financial institutions group at Credit Suisse.  He graduated from Harvard Law School and MIT Sloan School of Management according to the Mail.

Making this story even more bizarre, for some reason the unfortunate Mr. Murphy chose a venue that was not far away from his personal apartment, and one that had yet another strange connection:

The Sofitel hotel where Murphy killed himself made headlines in 2011, when French politician and head of the IMF, Dominique Strauss-Kahn, was accused of raping a maid in one of the hotel’s suites. Three months later, all charges were dismissed. In 2012, he settled a lawsuit with the maid.

In all of this I cannot stifle the thought – in spite of the best efforts to make this look like nothing more than a depression-suicide, perhaps brought about by monetary difficulties and depression, and perhaps even depression and/or feelings of guilt for being connected to Bernie Madoff – that there is much more here than meets the eye.  Yes, my “high octane speculation” motor is running in high gear. For one thing, one or maybe even two suicides connected with Madoff I can believe could be written off to feelings of guilt and depression. But four? Bluntly put, this looks to be more like “house cleaning” and “loose end tidying” than anything else.

The question is, why?

One answer is suggested by the following:

Bernard_Madoff

There we read the following paragraph:

On March 12, 2009, Madoff pleaded guilty to 11 federalfelonies and admitted to turning his wealth management business into a massive Ponzi scheme. The Madoff investment scandal defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the mid-1980s[16] and may have begun as far back as the 1970s.[17] Those charged with recovering the missing money believe the investment operation may never have been legitimate.[18] The amount missing from client accounts, including fabricated gains, was almost $65 billion.[19] The Securities Investor Protection Corporation (SIPC) trustee estimated actual losses to investors of $18 billion.[18] On June 29, 2009, Madoff was sentenced to 150 years in prison, the maximum allowed.[20][21]

(Emphasis added)

Stop and ponder that for a moment: Madoff’s scheme, which stole billions of dollars from investors through fraud – may have begun in the 1970s, and perhaps even as far back as the founding of his company in the 1960s. And this raises a very important question: in all that time, no one in the federal regulatory agencies ever found anything suspicious about his activities? It was only uncovered when Madoff’s sons went to the feds and disclosed it, resulting in Madoff’s arrest the very next day? (Let that one sink in for a moment too.) There’s only three ways such an arrest would have happened without a long investigation: either (1) the sons brought absolutely convincing proof with them when they complained to federal authorities, or (2) there may have been a quiet investigation proceeding secretly, and they simply provided the final bit of evidence needed for an arrest, or (3, my own suspicion) Madoff’s operation had proceeded all those years with the connivance and blessing of some faction within the federal government, a faction dispersed throughout various agencies.

Why do I suspect the latter? Because the time frame suggested in the Wikipedia article about the beginning of Madoff’s “operation” the 1980s and 1970s, were the same time period(s) that others have suggested that the vast mortgage fraud pump-and-dump schemes began in federal housing programs; similarly, it was the same time period – the 1980s – that others suggest that a vast financial scheme, involving fraudulent securities and billions of dollars, was concocted by the American “intelligence ‘community'” to wage a fatal economic war on the Soviet Union, a scheme that was also connected to the financial dealings and suspicions many have raised surrounding 9/11 (and don’t forget that Deutsche Bank connection there!).

So the bottom line to my “high octane speculation of the day” is that this death is connected to all the others, for reasons we may never know. Perhaps Mr. Murphy found something and had to be “suicided”, or perhaps he found something so chilling and/or depressing that he took his own life. Or perhaps he knew something that he didn’t even realize the significance of, and was a loose end to be “cleaned up”. But whatever happened, I strongly suspect there’s a much bigger story to all these banker deaths and “suicides”  – particularly in the pattern exhibited over and over, of bankers walking off of rooftops from London to Paris to Hong Kong – than meets the eye.

See you on the flip side…

Read More At: GizaDeathStar.com
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About Joseph P. Farrell

Joseph P. Farrell has a doctorate in patristics from the University of Oxford, and pursues research in physics, alternative history and science, and “strange stuff”. His book The Giza DeathStar, for which the Giza Community is named, was published in the spring of 2002, and was his first venture into “alternative history and science”.

Who Funded Hitler? — Questions For Corbett #008

Source: TheCorbettReport
James Corbett
April 3, 2017

SHOW NOTES AND MP3: http://www.corbettreport.com/?p=7721

In this edition of the ongoing Questions For Corbett podcast series, James answers your questions on weather manipulation, cyber attacks, water wars, biometrics, Hitler, online anonymity and more.

D. Rockefeller’s Gruesome Legacy

D. Rockefeller’s Gruesome Legacy
Source: WilliamEngdahl.com
F. William Engdahl
March 25, 2017

The death of David Rockefeller, the de facto Patriarch of the American establishment, at age 101, is being greeted by establishment media with praise for his alleged philanthropy. I would like to contribute to a more honest picture of the person.

The Rockefeller American Century

In 1939, along with his four brothers–Nelson, John D. III, Laurance and Winthrop–David Rockefeller and their Rockefeller Foundation financed the top secret War & Peace Studies at the New York Council on Foreign Relations, the most influential private US foreign policy think-tank which also was controlled by the Rockefellers. A collection of American academics gathered even before outbreak of World War II to plan a postwar world empire, what Time-Life insider Henry Luce later called The American Century. They made a blueprint for taking over a global empire from the bankrupt British, but carefully decided to call it not an empire. Rather they called it “spreading democracy, freedom, the American way of free enterprise.”

Their project looked at the geopolitical map of the world and planned how the USA would replace the British Empire as de facto the dominant empire. The creation of the United Nations was a key part. The Rockefeller brothers donated the land in Manhattan for the UN Headquarters (and in the process made billions in the increased prices of the adjoining real estate that they also owned). This is the Rockefeller “philanthropy” method. Every grant donated is calculated to increase family wealth and power.

After the War David Rockefeller dominated US foreign policy and the countless wars in Africa, Latin America, Asia. The Rockefeller faction created the Cold War against the Soviet Union, and NATO in order to keep a reviving Western Europe under American vassal status. How they did so I documented in detail in my book, The Gods of Money. Here I consider several examples of David Rockefeller’s crimes against humanity.

Rockefeller Biology Research: ‘Control the people…’

If philanthropy should be motivated by love of our fellow man, the grants of the Rockefeller Foundation are not. Take medical research. During the period until 1939 and the War, the Rockefeller Foundation financed biological research at the Kaiser Wilhelm Institute in Berlin. It was Nazi eugenics—how to breed a superior race and how to kill off or sterilize those they deemed “inferior.” Rockefeller financed Nazi eugenics. Rockefeller’s Standard Oil also violated US law to secretly supply the Nazi Air Force with scarce fuel during the War. After the War the Rockefeller brothers arranged for leading Nazi scientists involved in ghastly human experiments to be brought to the USA and Canada under sanitized identities to continue their eugenics research. Many worked in the CIA top secret MK-Ultra project.

In the 1950’s the Rockefeller brothers founded the Population Council to advance eugenics, disguised as population research into birth control. The Rockefeller brothers were responsible in the 1970’s for a US Government Top Secret project directed by Rockefeller National Security Adviser Kissinger, NSSM-200 titled, “Implications of Worldwide

Population Growth for US Security and Overseas Interests.” It argued high population growth in developing nations with strategic raw materials like oil or minerals were a US “national security threat” as more population demands national economic growth, using those resources internally (sic!).NSSM-200 made developing world population reduction programs a precondition of US aid. In the 1970s David Rockefeller’s Rockefeller Foundation also financed together with WHO development of a special tetanus vaccine that limited population by making a woman incapable of maintaining a pregnancy, literally going after the human reproductive process itself.

The Rockefeller Foundation created the entire field of genetic manipulation through its ownership of Monsanto Corporation and financing of university biology research to create the “gene cannon” and other techniques to artificially alter gene expression of a given plant. The aim of GMO, since Rockefeller sponsored the disastrous Philippine Golden Rice project, has been to use GMO to control the human and animal food chain. Today more than 90% of all soybeans grown in USA are GMO and more than 80% all corn and cotton. Yet it is not labelled.

‘Control the oil…’

The Rockefeller fortune is based on oil around companies such as ExxonMobil, Chevron and others. Henry Kissinger, David Rockefeller’s political adviser since 1954, was involved in every major Rockefeller project. Kissinger secretly manipulated Middle East diplomacy in 1973 to trigger an Arab OPEC oil embargo.

The Oil Shock of 1973-74 was orchestrated by a secretive organization David Rockefeller created in the 1950s known as Bilderberg Group. In May 1973 David Rockefeller and the heads of the major US and UK oil majors met in Saltsjoebaden, Sweden at the annual Bilderberg Meeting to plan the oil shock. It would be blamed on “greedy Arab oil sheikhs.” It saved the falling US dollar, and made Wall Street banks, including David Rockefeller’s Chase Manhattan, into the world’s largest banks. This author has the “confidential” protocol of that meeting where the price increase strategy is described six months before the Arab-Israeli war. Please see my book, A Century of War, for documentation. In the 1970’s Kissinger summed up David Rockefeller’s world strategy: “If you control the oil, you control entire nations; if you control food, you control the people; if you control money, you control the entire world.”

‘Control the money…’

David Rockefeller was chairman of Chase Manhattan Bank, the family bank. He was responsible for getting Chase Vice President, Paul Volcker, to become President Carter’s Federal Reserve chairman to make the Volcker interest rate shock that again, like the oil shock, saved the falling US dollar and Wall Street bank profits, including Chase Manhattan, at the expense of the world economy.

Volcker’s October 1979 interest rate ‘shock therapy’, backed by Rockefeller, created the 1980’s “Third World Debt Crisis.” Rockefeller and Wall Street used that debt crisis to force state privatizations and drastic national currency devaluations in countries such as Argentina, Brazil, Mexico. Rockefeller and friends such as George Soros then grabbed the crown jewels of Argentina, Brazil, Mexico at dirt cheap prices.

The model was much like the British banks used in the Ottoman Empire after 1881 when they de facto took control of the finances of the Sultan by controlling all tax revenues through the Ottoman Public Debt Administration (OPDA). Rockefeller interests used the 1980s debt crisis to loot much of the indebted Latin America and African countries, using the IMF as their policeman. David Rockefeller was personal friends to some of the more savage military dictators in Latin America including General Jorge Videla in Argentine or Pinochet in Chile, both of whom owed their jobs to CIA coups arranged by then-Secretary of State Henry Kissinger on behalf of Rockefeller family interests in Latin America.

Through organizations such as his Trilateral Commission, Rockefeller was the foremost architect of the destruction of national economies and advancing so-called Globalization, a policy that mainly benefits the largest banks of Wall Street and City of London and select global corporations—the same who are invited members of his Trilateral Commission. Rockefeller created the Trilateral Commission in 1974 and gave his close friend Zbigniew Brzezinski the job of choosing its members in North America, Japan and Europe.

If we speak of an unseen, powerful network some call the Deep State, we might say David Rockefeller saw himself as Patriarch of that Deep State. His true acts deserve to be honestly seen for what they were—misanthropic and not philanthropic.

Read more at: WilliamEngdahl.com

F. William Engdahl is strategic risk consultant and lecturer, he holds a degree in politics from Princeton University and is a best-selling author on oil and geopolitics, exclusively for the online magazine “New Eastern Outlook”

Book Review: Alien Agenda by Jim Marrs

AlienAgenda
TheBreakaway | BreakawayConciousness
Zy Marquiez
March 21, 2017

Jim Marrs has been putting out high quality work for some time.  Backing his hard work with extensive research of over 30 years experience, Marrs has set the research bar high with books like The Rise Of The Fourth Reich, Rule By Secrecy, Our Occulted History, and Popular Control.  This book is no different.

Alien Agenda – Investigating The Extraterrestrial Presence Among Us is definitely one of the most seminal and top-tier no-nonsense books on UFOs out there.

In a realm of research that that is littered with countless books with not much sourced material, and even more witness and whistleblower testimony, this book is definitely near the top tier.

As a book for someone just getting in, this book is really top notch.  The only book I would recommend more personally would be Richard Dolan’s UFOs For The 21st Century Mind: A Fresh Guide To An Ancient Mystery.

Taking a thorough and methodical approach which is signature in all of his books, Marrs brings the reader along the journey of all things UFOlogy.  Notably, this book covers a wide breadth of the information within the UFO field.  From issues with NASA, to The Moon, Ancient Astronauts, to Roswell, and even intricate subjects like Area 51, Crop Circles, and some of the most widely known UFO accounts, Marrs sought to leave no stone unturned.  The book really is a veritable encyclopedia of much of this elusive and thought-provoking phenomena.

If the book only covered those above topics, that would still make it a great book, knowing reliance on sourced material Marrs employs.  But there’s more.  Marrs also covers abstruse subjects such as abductions & missing time, the CIA, MJ-12, cattle mutilations, remote viewing, and even takes a metaphysical gander into ‘the phenomenon’ that’s quite unique.  This book really employs a wide range.   Marrs even ventures into the role of big finance in this abstruse subject.

Another salient point is that this book is footnoted to the hilt!  That ALONE takes this to a whole different level, which is rarely achieved in UFOlogy except only by the best researchers.  That is one reason why my respect of Jim Marrs has only grown overtime, because he doesn’t just connect dots that people can’t verify themselves.

For everything it offers, this book offers a lot of value.  Anyone really interested in the subject would be doing themselves a great disservice by overlooking it.  This book is a must have.
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This article is free and open source. You have permission to republish this article under a Creative Commons license with attribution to Zy Marquiez and TheBreakaway.wordpress.com.
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About The Author:

Zy Marquiez is an avid book reviewer, researcher, an open-minded skeptic, yogi, humanitarian, and freelance writer who studies regularly subjects like Consciousness, Education, Creativity, The Individual, Ancient History & Ancient Civilizations, Forbidden Archaeology, Big Pharma, Alternative Health, Space, Geoengineering, Social Engineering, Propaganda, and much more.

His own personal blog is BreakawayConsciousnessBlog.wordpress.com where his personal work is shared, while TheBreakaway.wordpress.com serves as a media portal which mirrors vital information usually ignored by mainstream press, but still highly crucial to our individual understanding of various facets of the world.

Meanwhile, In Spain, They’re Arresting Banksters

Source: GizaDeathStar.com
Dr. Joseph P. Farrell Ph.D.
February 28, 2017

Typically, according to “Great Power” theory, Spain lost its status as a Great Power in the Napoleonic era, and hence, it gets ignored… too much, in my opinion. The reason? Spain may have fallen on hard times from the end of the Napoleonic era up through the Spanish Civil War and the victory of Franco, but under Franco it regained much of its lost economic clout and, despite grievous setbacks in recent years, in 2016 was the 10th largest world economy by Gross Domestic Product, and the fifth largest in the European Union, behind Germany, the U.K., France, and Italy, and just slightly ahead of the Netherlands. But Spain, in a manner rather similar to Great Britain, does have an enormous soft-power card, due to the enormous influence it has had historically on the development of western culture. From the Philippines to Central and South America, Spanish culture became the dominant influence. During World War Two Franco carefully maneuvered, in spite of enormous pressure to join the Axis, to keep Spain neutral, playing the soft power card quite effectively in this effort, reminding the Axis powers that any invasion of Spain would be met with stiff resistance, and sever any useful ties the Axis had, via Spain, with the rest of the Latin world and most importantly, with their considerable investments in South America. In return, Franco bought Spain’s neutrality by sending a “volunteer” infantry division, the “Blue” division, to fight with the Axis in the Soviet Union, where it distinguished itself in combat operations in and around Leningrad.

So when a major economy of the West decides to start arresting banksters, I sit up and take notice (thanks to Mr. B.H. for sharing this article):

Spain Follows Iceland As Mass Arrests Of Top Bankers Begin

Note how this article by Jacky Murphy begins:

Spain’s Supreme court last year ruled that there was “serious inaccuracies” about listing led investors to back Bankia in error, as a result the bank has paid out millions of Euros in compensation.
If one translates this, what the Spanish Supreme Court is really saying is that Bankia, a consortium built from other failed banks(!), failed to apprise investors of serious exposure and risk; in short, it committed major material omissions of fact. This in and of itself is highly significant, but its import takes on a more sinister aspect when one connects it to the last paragraph in the article:
“The court is questioning why they allowed Bankia to sell shares in an initial public offering in 2011, less than a year before Bankia’s portfolio of bad mortgage loans forced the government to seize control of it. It said there was evidence the regulators had ‘full and thorough knowledge’ of Bankia’s plight. After its nationalisation, it went on to report a €19.2bn ($24.7bn) loss for 2012, the largest in Spanish corporate history.” (Emphasis added)
Now, many people may recall that Spain did indeed embark on an orgy of real estate projects during the pre-2008 boom, and, like other countries, when the housing bubble collapsed, the problems began. Additionally, while not often mentioned in connection to the refugee crisis, the Spanish government, like others, fell victim to the the multicultural virus and began importing refugees to such an extent that it dramatically effected the ability of native Spaniard youth to gain jobs; consequently unemployment rose dramatically, and with it, calls for secession from Madrid in various regions, most notably Catalonia. One reader of this website, located in Spain, referred years ago to the whole process of being one of remaking Spain into “Spanistan.” And though we don’t hear of Spain in this connection as often as we do of the Netherlands, France, Germany or Italy, or for that matter Great Britain or the USA, there has been a growing backlash against these policies among Spaniards.
What caught my eye here, however, was the admission that Bankia’s and indeed Spain’s economic woes were due to the same cause as elsewhere: “bad mortgage loans.” That, as one might imagine, caught my eye because I strongly suspect there is much more going on…

Read More At: GizaDeathStar.com
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About Joseph P. Farrell

Joseph P. Farrell has a doctorate in patristics from the University of Oxford, and pursues research in physics, alternative history and science, and “strange stuff”. His book The Giza DeathStar, for which the Giza Community is named, was published in the spring of 2002, and was his first venture into “alternative history and science”.

Spain Sets Massive Precedent — Charges Its Central Bankers in Court

Source: ActivistPost.com
Claire Bernish
February 21, 2017

First, Iceland, and now Spain has taken on the Big Bankers responsible for financial calamity, as the country’s highest national court charged the former head of Spain’s central bank, a market regulator, and five other banking officials over a failed bank leading to the loss of millions of euros for smaller investors.

This, of course, markedly departs from the mammoth taxpayer giveaway — commonly referred to as the bailout — approved by the U.S. government ostensibly to “save” the Big Banks and, albeit unstated, allow the enormous institutions to continue bilking customers without the slightest fear of penalty.

Errant bankers and financiers, it would seem, typically manage to either evade actually being charged, or escape hefty fines and time behind bars.

Spain’s Supreme Court last year ruled “serious inaccuracies” in information about the listing led investors to back Bankia in error, thus the bank has since paid out millions of euros in compensation.

But Spanish authorities could not abide the telling findings of a years-long investigation into the failed listing, as Wolf Street explains,

As part of the epic, multi-year criminal investigation into the doomed IPO of Spain’s frankenbank Bankia – which had been assembled from the festering corpses of seven already defunct saving banks – Spain’s national court called to testify six current and former directors of the Bank of Spain, including its former governor, Miguel Ángel Fernández Ordóñez, and its former deputy governor (and current head of the Bank of International Settlements’ Financial Stability Institute), Fernando Restoy. It also summoned for questioning Julio Segura, the former president of Spain’s financial markets regulator, the CNMV [National Securities Market Commission] (the Spanish equivalent of the SEC in the US).

The six central bankers and one financial regulator stand accused of authorizing the public launch of Bankia in 2011 despite repeated warnings from the Bank of Spain’s own team of inspectors that the banking group was ‘unviable.’

As AFP reports, “The National Court validated conclusions made by prosecutors who concluded that when ‘an unviable entity has been listed on the stock market, its administrators or auditor should not shoulder all the responsibility.’”

Specifics of the charges have not yet been made apparent, but as The Economist reports:

The court is questioning why they allowed Bankia to sell shares in an initial public offering in 2011, less than a year before Bankia’s portfolio of bad mortgage loans forced the government to seize control of it. It said there was evidence the regulators had ‘full and thorough knowledge’ of Bankia’s plight. After its nationalisation, it went on to report a €19.2bn ($24.7bn) loss for 2012, the largest in Spanish corporate history.

Internal emails and documents played a crucial role in ultimately bringing the central banking officials to task for the failure of Bankia — inspectors bringing issues to the attention of superiors were allegedly ignored. One email cited by The Economist came from an inspector who warned Bankia was “a money-losing machine,” for which an IPO would not solve.

Another report, deemed “devastating by the court,” saw an inspector advise Bankia to seek a private buyer rather than proceed with the listing.

Continue Reading At: ActivistPost.com