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.
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