(Spanish) Banks Worse Than Pushers ...As its title suggests, the - TopicsExpress

(Spanish) Banks Worse Than Pushers ...As its title suggests, the song is about drug dealers who aggressively “push” their often tainted wares on vulnerable and/or unsuspecting users. The pusherman “don’t care if you live or if you die,” the song goes. [ ... ] One of the most egregious misselling scandals to have graced this fledgling century took place here in Spain. Between 1999 and 2011, the nation’s high street banks sold investment products called preferentes, or preferred shares, to hundreds of thousands of their own clients. Half-way between a bond and a share, the instruments provided the banks with much-needed liquidity while also offering yield-seeking savers and investors some of the best rates on the market. But there was a problem. Due to some (obviously innocent) oversight on the banks’ part, customers were not informed that what they were actually buying were essentially subordinated debt instruments. This meant that, should the company fall into liquidation — which is ultimately what happened to many of the savings banks — the holders of preferentes would be right at the bottom of the credit ladder. [ ... ] Just a few weeks ago, a local police officer in Valencia was arrested after stabbing a retired bank manager who had sold him now-worthless preferentes. Such episodes of violence are indicative of a society that has been left out to dry, with nowhere else to turn to, to defend itself from the insatiable greed of an out-of-control, morally and financially bankrupt banking sector... testosteronepit/home/2013/6/16/spanish-banks-worse-than-pushers.html youtu.be/rpoEmlxUPeQ

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