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Bankia 2012: They Sold Shares to Retirees at the Branch Where They Kept Their Savings. Eleven Months Later, the Bank Was Gone — EP32 T1
Description
In July 2011, two hundred thousand ordinary Spaniards bought shares in the largest IPO in Spanish history. Bank tellers recommended them to retirees. The prospectus reported a profit of €309 million. Eleven months later, the Spanish government nationalized Bankia. The shares were worth nothing.
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The state injected €22 billion. This is the financial autopsy of Bankia — the political banking mechanism that turned seven failing regional savings banks into the largest bailout in Spanish history, while the government that owned it sold shares to the public it was supposed to protect. We dissect the caja model, the merger that concealed the losses, the IPO that transferred the risk, and the three signals that were in the public record before the shares changed hands.