2017-02-20 — wolfstreet.com
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 Ãngel 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 (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."
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