Thursday, December 6, 2012

Diaz Ferran’s bankruptcy shenanigans

The ex-head of the Spanish Confederation of Business Organizations is now in jail awaiting trial for his questionable business activities. By questionable, I mean, “holy shit, he thought he could really get away with THAT?”

Basically what he was doing was forging a prior mortgage on properties and companies that were about to be repossessed by the bank. This fake mortgage happened to be owned by company controlled by his buddy Angel De Cabo, who would then repossess the property by claiming priority over the actual mortgage.

Of course, even if he is eventually convicted, once he serves his time in jail, he will be free to continue with his life, unlike most people (ie suckers) who legally obtained a mortgage, eg our neighbor who is 70 and gets up every morning at 5am to run his bakery to pay off debt due to a failed real estate development in 1982.

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