CEO of failed Spanish bank to walk away with over $17 million

Bankers being bankers. Any government led bailout has to include terms for canceling luxurious pay plans like this. The bank in question, Bankia, is eagerly waiting for a massive bailout to stay afloat after only one year in operation.

Unemployment in Spain is over 23% with youth unemployment running over 50% and their economic situation is nowhere near stabilizing. The banks are on life support now and there is at least a decade of surplus housing on the market, plus years of bad loans that still need to be cleaned up.

There is absolutely no way Spain can or should provide any retirement for the CEO who led the bank into the ground so quickly. It would be immoral and a slap in the face to the million of unemployed to tolerate such gross mismanagement.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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