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And not just cardboard. The global financial system has suffered in recent times a tremendous upheaval which has exposed all kinds of terrible goings entities have done with the money from customers and investors and in the end has been described in a very simple: the money had to be gone. Anyone could easily infer that someone had taken or had decided to do things he should not or were not successful.
confine ourselves to the English financial system, the thing has not reached higher because some entities in the banking sector seem to have been healthy enough to use as the criteria have been tinkering and other financial synergy and merger aid, cold or hot, or other operations of a financial It seems that for now has put them back on track, until the next crisis.
Savings banks, some with the addition of Monte de Piedad, have stayed with his ass in the air. It is true that not all but a large majority. With a great journey from its foundations in the middle of last century savings banks or undertakings were a loving type covering aspects of banking operations sufficient for the vast majority of ordinary citizens. On the other hand, these entities did not have shareholders, which the profits were engaged in what was called at that time "Social Work." At the bottom were some direct competitors banks and not the subjugation of having to pay a dividend to its shareholders at year-end.
social works were diverse. Exhibition halls, language schools, nursing homes, funding of public interest events, donations to public interest companies, collaboration in cultural events, grants to municipalities for the conduct of the festivities, purchase of ambulances for Red Cross a host of carefully publicized events gave to the general public a picture of the boxes as benefactors and companies that contributed significantly to the common good with their work.
Another question would be who controlled budgets and who decided how much was devoted to social work and about other things. There has always been around, but in the days when business leaders were not intended to line their pockets priority or family, the surplus of benefits was not aimed at social work was dedicated to the growth of the company, through investments in technology, purchase of buildings for office accommodation and general improvement to undertake new projects and provide better customer service.
I would say that in the late seventies and early eighties something changed substantially. Many of the operations that were blocked compared to the boxes with banks were authorized, such as discounting, the famous "letters" that have fallen into disuse, so that the boxes from those times were a bank from an operational standpoint, but they still have shareholders in to those who put their face to year and that attract a dividend convincing. Some boxes
sizes took positions between the first English financial sector in terms of deposits, based on providing good service to their customers and some investments in offices, technology and personnel that exceeded those of competing banks. There was money and that was visible everywhere. The Boards of Directors should directing the designs of the boxes began to change its structure and thus began to be politicized. The scope of the boxes used to be one province or regional type, which politicians from the autonomous communities and began their wanderings in those years saw heaven opened, and easy money, by getting into the boards and control the "social work" and where they would stop the money from the substantial benefits to be obtained each year and again had no shareholders expect. Incidentally
changed in the late eighties and early nineties the way to reward employees or rather with their management. Conventions groups and other forms of remuneration structure control were bypassed in an instant with the famous "envelopes" that until then had not existed, and so you could attend as a stroke end of the year your boss, who already had a good salary , received an envelope with an amount that made the best of us blush. The strange thing is that on many occasions that tremendous amount of anger served deep to that received when he learned what had been the head of the side and compared with him.
began to proliferate those utilities times in which companies, not just boxes, delegated his work in a geometrically progressive. And it was difficult to know that in many cases those who were behind these companies were the managers themselves, which in this way to his salary and his "on" adding more and more.
And with these and other issues we have reached today. The boxes generally are made of a sentence. "Dad" State and injected a lot of million years ago and soon had to serve it at this time is again the wrong thing or worse. Some have embarked on massive mergers to weather the storm and others are planning to go public for private capital to enable them to meet the standards of the Bank of Spain. But others, many, re going to get another injection of millions of state as a reward for the management of its leaders certainly were not questioned in the first injection and they are now. Then continue doing the rounds a few years will inject more money with the English people and their taxes.
Public Banking Now that does not exist and that their funds and buildings funded with money from all the English are being handled by a private bank to have ended after the disappearance of Argentaria, the English private banks are a service audience that can not be dispensed or citizens can escape ourselves literally forced to charge our salary and pay our bills through them. Well would the Bank of Spain in precisely control, day to day and minute by minute the status of these companies and not just in numbers but in macro issues such as investment, the salaries of its managers and employees and other noise issues and dust from which we can all too likely to reach new sludge in the not too distant future.
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