SAREB, Spain's bad bank, has received assets (primarily bad loans) from Bankia, NCG Banco, Catalunya, Caixam, Banco de Valencia and others.
Bankia, a component of Spain's nationalized bank system has been one disaster after another. Guru's Blog reports that has you invested €37,500 in the IPO of Bankia at €3.75 per share, it would be worth 70€ today, a loss of 99.81%. Had you waited to buy at the bargain basement price of €0.26, your investment would be worth €1,009, a loss of 97.3%.
That's quite the loss. Bankia shareholders have been wiped out. Recovery is impossible.
Men in Black Seek Answers
The question at hand now is "What Happened to the €41 billion Spain received in two tranches of ESM money for bank recapitalization?"
That's a good question and one the "men in black" want to know as well.
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