Who Profits? Austerity, greed & the pain in Spain

“If you work at a regular job, you are in deep trouble. Spanish unemployment is at 25 percent—much higher in the country’s southern regions—and 50 percent among young people. In one way or other, those figures—albeit not quite as high—are replicated across the Euro Zone, particularly in those countries that have sipped from Circe’s bailout cup: Ireland, Portugal, and Greece.

But if you are Josef Ackermann heading up the Deutsche Bank, you earned an 8 million Euro bonus in 2012, because you successfully manipulated the past four years of economic meltdown to make the bank bigger and more powerful than it was before the 2008 crash. In 2009, when people were losing their jobs, their homes, and their pensions, Deutsche Bank’s profits soared 67 percent, eventually raking in almost 8 billion Euros for 2011. The bank took a hit in 2012, but the Spanish bailout will help recoup Deutsche Bank’s losses from its gambling spree in Spanish real estate.”

Read more  http://www.informationclearinghouse.info/article31606.htm

Advertisements

About Fitzhenrymac

A non-violent, ethical, green, socialist citizen of Earth who can't stand the visual and written lies that media use to manipulate people
This entry was posted in Economy, Europe and tagged , , , . Bookmark the permalink.

2 Responses to Who Profits? Austerity, greed & the pain in Spain

  1. I like the valuable info you supply in your articles. I’ll bookmark your blog and check once more right here regularly. I’m moderately sure I will be told many new stuff proper right here! Best of luck for the following!

Comments are closed.