The Ancien Regime 6
Spain and the Rise of the Idiot State
|Alicia Sánchez Camacho - smart in only one sense of the word|
"If every Spaniard confined himself to talking about what he understands, and nothing more, then there would be a great silence, which we could all use for studying."
This month Mariano Rajoy’s PP government budget for the next bleak year in
The Financial Times habitually ranks European finance ministers by their performance. The PP's Luis de Guindos has just come last, slipping from 13th last year to 19th of 19 this year. His FT profile notes his distinctive financial experience: "He was executive chairman of Lehman Brothers in Spain and Portugal from 2004 to 2008". An impressive professional background indeed, helping to drive a centuries-old institution into bankruptcy. That should prove valuable experience in the months ahead as Spain skates towards insolvency of an even greater scale than Lehmans.
At the same time the biggest scandal ever to engulf
Since the key question in the Bankia case is how the black hole of debt was concealed by the bank’s accountants, it may be seen as significant that the delegates to the auditing and oversight committee of the group, appointed by
Mercedes Rojo-Izquierdo was nominated as delegate by then-president of the Madrid Autonomous Region, Esperanza Aguirre. But Ms Rojo-Izquierdo (whose name, ironically for a conservative stalwart, means “Red-Left”) hasn’t the foggiest about numbers and accounting, as she was a student of pharmacology who had dropped out of college. She expressed doubt to her sponsor Aguirre about her own competence to fill the post, but was told not to worry as there were others on the committee who did know what they were doing and she should take her lead from them. For these services to auditing she received €144,000 per annum.
All of which tends to suggest that Spain is ruled over by the least qualified and most clueless gang of political and business leaders - Partido Popular loyalists to a man and woman - ever to hold power. For why that might be so, the reader is referred to this blog's previous discussion of cronyism as the defining characteristic of Spanish culture.
|Welcome to Spain. It's funny for a while, but after a lifetime it gets old|
68 out of 245 special advisors without high school diploma
FT ranking of finance ministers
Bankia auditor had no idea about finance