What are Black cards or "Tarjetas Negras"?
Enitities involved: Caja Madrid which later fusioned with Bankia.
Persons involved: Miguel Bolesa, Sanchez Barcoj, Rodrigo Rato, Carmen Cafranga, Enrique de la Torre
Investigators: Juez Fernando Andreu
What is FROB: Fondo de Reestructuración Bancaria was informed by Mr. Fernando Andreu. FROB considered it to be a very serious case of fraud.
Who was issued the black cards: 86 members of the management and the Board of Directors of Caja Madrid (later Bankia).
Problem: There was no criteria while issuing these cards. It was regardless of their salary and benefits package or the expenses while representing the bank. Further, noone declared the expenses to the Treasury (Hacienda), neither the Bank declared it nor the people using the cards declared it.
When did the case come to light? In December 2013 through leaked email communications between Enrique de la Torre and Jesús Rodrigo. Miguel Blesa received a CC copy of these communications marked as "Confidential".
Define the crime committed: Corporative Crime by misusing the cards. The bank is responsible for handling the money of its clients. Moreover, when the bank merger with six others took place, 23.5 Billion Euros of public money was put in to save it from bankruptsy.
Defence lawyer's Arguments: The minimum amount (threshold) to be declared as a fraud is 120000 Euros and none of the card holders reached to spend that amount in a single year.
GESTHA: (sindicato de técnicos de Hacienda) hace their headquarter in Madrid. They believe that as the cards were not declared, it is a tax offence. It could have led to tax laundring (escape from tax) and the money could have moven to tax havens.
Is the amount very big? The 86 executives used more than 15.5 Millions of Euros between 1999 and 2012. But this amount is independent of other expenses like Consejo de Administración de Caja Madrid (Board of Directors) composed of 12 persons earned nearly 71 Million Euros in four years. Miguel Blesa, the last president of Caja Madrid received more than 20 million Euros during his last 8 years period as the head of Caja Madrid.
Political Affiliations: The 86 members of boards of directors of dfferent entities were appointed by the political parties (27 PP, 15 PSOE, 5 UI and 11 trade union members).
Result:
Rodrigo Rato - Four and half years of carcel but avoids it against bail amount. Appeals in Supreme Court.
Miguel Blesa: 6 Years of carcel but avoids it against bail amount and appeals in Supreme Court.
65 Involved: In all, 65 persons have been convicted for a sentence between 3 months and 6 years. The maximum is for Miguel Blesa.
Persons involved: Miguel Bolesa, Sanchez Barcoj, Rodrigo Rato, Carmen Cafranga, Enrique de la Torre
Investigators: Juez Fernando Andreu
What is FROB: Fondo de Reestructuración Bancaria was informed by Mr. Fernando Andreu. FROB considered it to be a very serious case of fraud.
Who was issued the black cards: 86 members of the management and the Board of Directors of Caja Madrid (later Bankia).
Problem: There was no criteria while issuing these cards. It was regardless of their salary and benefits package or the expenses while representing the bank. Further, noone declared the expenses to the Treasury (Hacienda), neither the Bank declared it nor the people using the cards declared it.
When did the case come to light? In December 2013 through leaked email communications between Enrique de la Torre and Jesús Rodrigo. Miguel Blesa received a CC copy of these communications marked as "Confidential".
Define the crime committed: Corporative Crime by misusing the cards. The bank is responsible for handling the money of its clients. Moreover, when the bank merger with six others took place, 23.5 Billion Euros of public money was put in to save it from bankruptsy.
Defence lawyer's Arguments: The minimum amount (threshold) to be declared as a fraud is 120000 Euros and none of the card holders reached to spend that amount in a single year.
GESTHA: (sindicato de técnicos de Hacienda) hace their headquarter in Madrid. They believe that as the cards were not declared, it is a tax offence. It could have led to tax laundring (escape from tax) and the money could have moven to tax havens.
Is the amount very big? The 86 executives used more than 15.5 Millions of Euros between 1999 and 2012. But this amount is independent of other expenses like Consejo de Administración de Caja Madrid (Board of Directors) composed of 12 persons earned nearly 71 Million Euros in four years. Miguel Blesa, the last president of Caja Madrid received more than 20 million Euros during his last 8 years period as the head of Caja Madrid.
Political Affiliations: The 86 members of boards of directors of dfferent entities were appointed by the political parties (27 PP, 15 PSOE, 5 UI and 11 trade union members).
Result:
Rodrigo Rato - Four and half years of carcel but avoids it against bail amount. Appeals in Supreme Court.
Miguel Blesa: 6 Years of carcel but avoids it against bail amount and appeals in Supreme Court.
65 Involved: In all, 65 persons have been convicted for a sentence between 3 months and 6 years. The maximum is for Miguel Blesa.
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