SPANISH FINANCES
Profiting from Plebs Worldwide
From comedians to cows, or barstools to birthdays: there is ALWAYS a business profiting
from plebs. Mundane workers are paid low wages. Customers are overcharged. Some billionaires
made their money via pharmaceutical companies; some millionaires utilised energy
businesses. Famous actors, authors, and artists are guilty of exploiting lesser humans.
Food and beverages are good examples of how fortunes can be made. A vulgar amount
of billionaires exist. Beneath the super-
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► Exploiting Dolts in SPAIN
Victorious Beauty -
The Spanish financial community was shocked in 2001 when news of the Gescartera scandal
surfaced. Stockbrokerage company Gescartera went bankrupt because €90 million of
clients’ money disappeared. Subsequent investigations revealed an aristocratic network
of cronyism. Gescartera boss Antonio Rafael Camacho undoubtedly had friends in high
places. Allegations were made suggesting his connections with politicians and regulators
allowed him to conceal the fraud for longer than normal. Antonio gave jobs and gifts
as payoffs to staff at the financial regulator. Prior to Gescartera’s collapse some
favoured clients were warned to withdraw their money. Archbishopric of Valladolid
withdrew all investments from Gescartera days before the scandal became news. Gescartera
possessed a prestigious list of clients spanning from senior church officials to
various big charities but most clients lost their entire savings. Shockwaves from
this corruption stretched into the political arena. Junior Finance Minister Enrique
Gimenez-
The abovementioned investigations into illegal practices at Gescartera led to knowledge of questionable HSBC bank accounts. HSBC was fined €2 million by the Spainish authorities for money laundering in 2002 because HSBC created shadowy bank accounts for wealthy businessmen. The questionable accounts, numbering 138, contained a total of €51 million. HSBC vigorously denied criminality. Bank of Spain Chairman Jaime Caruana declared to a parliamentary commission that the ambiguous accounts were not actually illegal. HSBC subsequently removed two senior executives from their Madrid offices, but neither of the executives was charged with misconduct. HSBC stated it would lodge an appeal regarding the fine. The following banks Caja Madrid Bolsa, La Caixa Bankinter, and Deutche Bank were also suspected of facilitating money laundering in relation to Gescartera.
Business, politics, and corruption are unquestionably linked. Another point worthy of your attention is Spanish Foreign Minister Josep Pique. 2001 saw the beginning of an investigation into the financial irregularities of Josep Pique. The Spanish Supreme court voted to investigate the Foreign Minister on suspicion of tax evasion, fraud, and embezzlement regarding the sale of oil company Ertoil. Prior to entering politics Josep Pique was a businessman directing Ertoil. Josep was the driving force behind the sale of Ertoil to French company Elf. Funds from this €137 million sale were channelled through a holding company in Luxembourg. The investigating prosecutor was unable to trace the final destination for half the sale money. Commissions made from the sale were also untraceable but the Supreme Court investigation never proceeded to trial.
During 2006 in Marbella various councillors and administrators corruptly received sizeable amounts of money for urban planning projects. Spanish central government accordingly passed the Soil Law to combat this widespread corruption. A police unit responsible for fighting organised crime investigated various mayors and councillors. Numerous building projects were deemed illegal. Property developers had given councillors monetary sweeteners to ensure compliance with illegal construction projects. At least 13 construction businesses paid bribes to the town hall. Politicians and construction businesses were deeply implicated in fraudulent misappropriation of government funding. The city of Marbella received intense police focus because the Marbella civic bribery, cronyism, and embezzlement was the most extreme in Spanish history. A local Marbella police chief was arrested. Marbella City Mayor and head of urban planning (José Antonio Roca) were also arrested. Initially there were a total of 30 arrests but this figure quickly passed 100. Former councillors, property developers, lawyers, tax inspectors, at least one judge, and the Spanish pop star Isabel Pantoja were all involved. Buildings in Marbella worth €2.4 million were seized and innocent purchasers of illegally built properties feared their buildings would be demolished. This corruption is understandable because Marbella is known to be a playground for rich and glamorous celebrities. Marbella court cases concluded in 2008 for Julián Muñoz (former Mayor) and five others (Marisa Alcalá, Dolores Zurdo, Rafael González, Manuel Calle and Mario Jiménez). The former Mayor and councillors received numerous 1 year prison sentences for dozens of charges. Spanish law states triple sentencing is the maximum permitted sentence therefore the defendants will only serve three years in prison.
Fraud is commonplace in Marbella. The right-
Nowhere in Spain is exempt from corruption. Spanish police chief Luis Roldan Ibanez
was found guilty and sentenced to 28 years in 1998. Luis had illegally amassed personal
wealth of €9 million. Via embezzlement, fraud, bribery, and tax evasion Luis gained
his fortune during the period when he headed Spain's Civil Guard (the paramilitary
police force). Combined with his 28 year prison sentence Luis was fined €7 million.
Luis was a likely candidate for moving into politics heading the Interior Ministry
but his blatant criminality thwarted such prospects. Public knowledge of Luis's criminality
began in 1993 when various journalists reported on his corruption. Investigations
ensued and Luis fled the country when the inquiry reached its peak in 1994. Eventually
he was captured and he stood trial. Luis had apparently embezzled funds intended
for counter-
There is much more information regarding corruption but it would take centuries to
digest all the facts therefore I will conclude this webpage. Perhaps I could inform
you about Mario Conde who apparently defrauded the Banco Espanol de Credito by €3
million. Or maybe I could describe how Amancio Ortega posses wealth of €13 billion
because he owns the Zara clothing chain store and he has a 60% stake in Inditex Group:
one of worlds largest fashion distributors. There are thousands of rich parasites
all stealing money from plebs. Currently the price of oil is a big issue for common
people therefore I shall conclude with a topic related to oil acquisition. In 2004
the Spanish government allegedly backed a plot to seize control of Equatorial Guinea
(the oil-