Rodrigo Rato’s showdown

These are some of the insights that former Bankia president Rodrigo Rato (Madrid, 1949) put forward in his memoir We Have Come So Far (Peninsula). written next to Alice Gonzalez (Madrid, 1972), El País journalist and his wife For a whileit came to light 12 years after the bank was founded, the lawsuits are still pending and a month after Spain held general elections with its now popularly-run party. Alberto Núñez Feijoo.

For a while He reflects on his entire personal and professional career, although he focuses above all on his time as the economic vice president of the Government of the Republic of Turkey. José Maria AznarHis time at Caja Madrid/Bankia and his judicial journey since leaving the bank are now integrated into CaixaBank.

While he is quite correct about what happened in one of the greatest financial crises in Spanish history, which resulted in the nationalization and rescue of Bankia, his approach to reality is partial and subjective.

Rato builds his story and settles accounts with politicians (José Maria Aznar And Luis de Guindos), bankers (francisco gonzalez And José Ignacio Goirigolzarri), supervisors (Miguel Angel Fernandez Ordonez) and members of the judiciary (judge fernando andreu and the prosecutor carmen launa). He shamelessly admits his own mistakes but also seeks excuses and identifies external enemies to justify his actions.

Although he is right in many of his claims, he is not exempt from liability. He could say no to many things that were asked of him and that he did not like. He did not and was wrong to hold the position.

Heritage

The former vice-president of the Spanish Government became president of Caja Madrid in 2010 without retail banking experience. He inherited from his predecessor –miguel blesa (incumbent for 12 years) – a weak entity that is overly focused on the real estate sector and supports its growth in immigrants. The ability to generate income was limited.

Even so, he explains in his memoirs: “I came here quite enthusiastically, wanting to immerse myself in what I thought would be the final stage of my professional life.” But it lacked a well-prepared team to manage an institution with so many risks. “My first mistake was not thinking that choosing my own management team was urgent and top-notch,” he writes. For a whileregretting that the business began solving its problems with the same managers who caused them.

In these early stages in Caja Madrid, it is the seed of one of the most problematic financial instruments. For a while in the future, opaque or black credit cards. “When I was on the job for a month at Caja Madrid, I made a mistake that would have me jailed nine years later. As a board member they gave me the card and I got the card without hesitation. Details and accounting of its use. But I didn’t do it,” he says.

For a while He didn’t have a team, but the fund’s governing bodies had politicians, he denies there was a problem. You are wrong. In any case, without wasting any more time, he entered an industry that was in the process of restructuring after the bursting of the housing bubble. It succumbed to pressure from supervisors and government, who wanted it to merge with a weak organization (Bancaja) to form a larger group (Bankia) with a balance sheet that needed to be cleared. They soon demanded more and it went public to raise the capital it needed to strengthen its solvency. All to defend national interests.

It is true, as he explains in the text, that these continued changes in the industry’s regulatory frameworks have destabilized Bankia, which must occasionally recapitalize as markets reluctantly invest in Spanish savings banks amid the crisis. But it was he who wanted to keep Bankia alone, without merging with other big groups and without resorting to the Stock Exchange without giving the State access to the capital. For a while He exaggerated his resistance and did not see what would happen when the government forced him to resign, naming his successor (goirigolzarri) and nationalized the asset that is now part of CaixaBank.

Aznar’s finger

One of the first characters he replaced in his autobiography. AznarRato, who was head of the Spanish Government from 1996 to 2004, describes how he, along with other centre-right politicians, contributed to bring the then popular leader to Moncloa. He wept in his first inauguration address as president and agreed to become the second vice president. He would love to be the first.

Later, things changed and Rato does not forgive Aznar for running “alone” and wants to determine his successor after the end of his term. “He was our chosen one, not the other way around. We did not understand each other. A big finger – referring to his appointment Mariano Rajoy– that didn’t do anyone any good”.

Another (from the PP) that he himself disclosed is the former Minister of Economy. Luis de Guindos -For making negative publicity about Bankia, forcing it to merge with La Caixa, driving the industry crazy with regulatory changes, and ultimately demanding his head-. to the entire government Rajoy She accuses him of scapegoating the financial crisis and wanting him to go to jail. He also filed a complaint with the vice president. Soraya Saenz de Santamaria because the chief of staff informed reporters exactly when they would arrest him.

Purely in banking, Rato is provoking those in charge of the Bank of Spain – “in time, he will learn that there is nothing less reliable than the support of those in charge of the Bank of Spain” – and rivals such as rivals. francisco gonzalez (former head of BBVA for attacking Bankia), Isidro Faine (for negotiating for the interests of La Caixa, not the rest of the industry) and his incumbent successor, goirigolzarri.

The Bankia auditor and the Royal Family do not shy away from him, who, after attending the ceremony of the abdication of King Juan Carlos I, did not invite him again to receptions in Zarzuela. When the European Central Bank comes, before it comes Mario Draghi At the top, it refused to be a last resort for the banks.

He dislikes accusing banks of indebtedness to the Spanish economy as a whole. “They chose to blame the owners of the liquor bars and exonerate the drinkers,” he says. For a while, showing your most personal side in the book. He used to pray and now meditates, loves Portugal and swims in the sea whenever he gets the chance.