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ECONOMIC AND POLITICAL POWER TOGETHER WITH THE JUSTICE ADMINISTRATION, ARE RESPONSIBLE PARTIES  

 FOR THE PRESENT ECONOMIC CRISIS THAT WE ARE SUFFERING IN OUR COUNTRY

The present international financial crisis has clearly shown that the different economic controls of each country have not fulfilled their task; therefore the present financial system has not been possible supervise. This incident has provoked a variety of economic effects in each of  them since the motives have not been homogeneous among all, so try to convince us that the measures taken now by unanimity will correct this phenomenon, is an illusion, as they will not be adapted under one only criterion for all countries, but rather, according to the needs and circumstances of each.

As pointed out above, agreed "to help" the banks – as well as the savings banks in our case - to avoid a financial collapse by the member states of the European Community, in reality is only a masquerade to avoid the different responsibilities that each state has with their citizens, noting that this is a common global economic distress.

But once again, "Spain is different" because only 40% of our financial system is scheduled on the Spanish stock market - IBEX 35 - as our savings banks - 60% remaining - are an exception that does not occur in any member country of the European Community. This means that the part of the international crisis that could have affected us, resides exclusively in our banks. If these banks in first place, only two are scheduled on international stock markets - Santander and BBVA - it is obvious that only these have suffered the consequences of international stock market fluctuations, as the savings banks on the other hand, have been subject to the guidelines of their respective political parties who run them. Consequently, give the Spanish State billions of euro’s to validate the creditworthiness of some financial institutions has demonstrated that if they can´t  buy assets in international markets directly or indirectly to meet their needs, are unable to manage their own resources to sustain and fulfill their customer´s needs, and this not only constitutes a delivery to a totally irresponsible managers of public money from all taxpayers to play with it in their business, but also reveals that our financial system, nor has been or is as solvent as our government claimed, nor could have thrown the business and growth rates that were released officially.

The warnings made by the Bank of Spain have only been simple advices to cover passage, since they were based on precisely the information that stakeholders have passed him, therefore, financial institutions themselves have distorted the country's economic reality to official bodies and these, either by scarcity of resources to check the veracity of the information provided by these financial institutions, or political interests, have not bothered to confirm anything.

As stated in an article by Francesc Ferrer, nine out of ten fortunes in Spain evade their taxes. The trade union Gestha, made up of workers of the Treasury Department, has reported that nearly 86% of Spanish fortunes with assets over 10 million euro’s do not comply with their monetary duties by not paying their due taxes. According to the Treasury personnel, fraud is committed basically through movable capital and real estate properties.

So during an economic crisis, and against all common sense, our government cancels the obligation to pay the Property Transfer Tax to favor these 86% of Spanish fortunes hitherto suspected of committing a tax offense. Currently, there are only 132 tax payers that declare a net holding of over 30 million euro’s, - according to this article - which implies an income of nearly 42.5 million euro’s for the Treasury, an average of 322.000 euro’s per tax payer. Around 2.525 citizens declare a net holding between 6 and 30 million euro’s, which represents 10% of the overall budget revenue on holding taxes.

According to Gestha, underground economy in the Spanish State accounts for 23% of GDP, which means an extra 208.000 million euro’s that, should have been paid in to the Treasury in 2007. The majority of this money has been stolen by the richest people in the country to the whole society in a single year.

A remarkable percentage of these evaded taxes go to tax paradises, that is, countries where taxes barely exist, or do not exist at all, for foreign capital deposited in their banks, which, in their turn, usually highlight the professional secret as a great advantage for their clients.

According to the magazine “Temas” - in English, literally “Topics” -, published by the organization “Attac”, the data available, although limited, confirms intensive use of financial centers with low taxes or no taxes at all by banks and businesses in Spain. As reported by the Industry Department, in the second half of year 2007 Spanish companies have taken out of the country over 3.000 million euro’s to tax paradises and to countries with very low taxes such as the Netherlands. Banks also use their branches in tax paradises. The former head of the Public Prosecutions Office Against Corruption, Carlos Jiménez Villarejo, has denounced this fact providing examples such as the case of Banco Santander and BBVA, both having over 30 branches in these countries, mainly at the Cayman Islands. Nuria Almirón, author of the book “Juicio al poder” - in English, literally “Legal Proceeding to Power” - , states that between 10 and 15% of corporations belonging to these banks have their headquarters in tax paradises. This is a well known fact to the financial world, but once again silenced by the mass media. - All this information has been taken from the magazine mentioned above -

As can be inferred by this information, allow 86% of the Spanish fortunes tax evasion in the first place, is a clear sign of political bias in favor of the wealthy, and if this is not enough, regulate based criminal practice by annulling the obligation to pay the Property Transfer Tax, not only constitutes an amnesty to the alleged perpetrators of a tax crime indirect, but a fraud to the public treasury as it not only cease to enter the 208.000 million which do not enter, but also all related to the assets to be transferred from now, as they don’t record these transmissions in Finance.  If this results incoherent in economic terms, what lies at the heart of the matter, for the forgoing of 208.000 million euro’s in taxes and those that correspond to future transfers of assets?.  Well obviously this decision taken during this economic crisis, has two bases well studied, the first one, to show that the government facing a crisis situation, to promote the purchase of real property rebates tax, that is, before the public place himself  an electoral medal.  But the second, - the real ulterior motive - is to empower financial institutions to be awarded the property of delinquent customers, without having to declare the Property Transfer Tax and therefore without justification proceeds from the sale of those who obtain property seized.

So towards the public opinion they can boast of being the government with the lowers tax charge to citizens in the European Community, and however, this fact that now has been legally regulated, was carried out on its account since 1990 by Banco Santander, that is, not declaring the Property Transfer Tax, as can be checked here later.

But despite the economic and political power, these alone cannot act without the legal backing since they must fulfill constitutional norms, so this is where the judiciary has stepped in to make it all look legal, and to this respect, Francesc Ferrer in his article also states the following:

The case of credit assignments

The presumed crime of certain banks hasn’t been ignored by some people and institutions that have opened criminal cases against them; however, convict them is another thing.

A prime example of banks immunity in the judicial system is Banco de Santander’s credit assignments. Between 1988 and 1989, Santander collected almost half a billion pesetas - more than 3.000 million euro’s - in new deposits. To attract such a large quantity of money in such a short period, this financial entity relied on the use of a legal figure - bare ownership credit facilities - that consists in transferring the legal responsibilities of one creditor to another, pretending to free these deposits from their fiscal responsibilities.

Based on a petition by the Agencia Tributaria - the government tax agency or in UK Inland Revenue - ; records indicate that 9.566 changed-title operations by the bank were submitted to the Ministry of Finance. These transactions accounted for 145.000 million pesetas and listed among their supposed title-holder the deceased, the unemployed, and retirees without purchasing power.

In the close of the investigation, the Agencia Tributaria - Inland Revenue - claimed that more than 14.000 million euro’s in the capacity of taxes had not been received and, additionally, 1.500 operations had not been identified or whose titles had been found. From the judicial investigation it was found that the bank provided instructions to its clients to hide data from the Ministry of Finance and from the investigation of the Agencia Tributaria. - Inland Revenue –

After 15 years of judicial procedures, despite being the largest fiscal fraud in the history of the Spanish state, BSCH - Banco Santander - was able to be acquitted by the Ministry of Justice, representing the Agencia Tributaria, - Inland Revenue - asking that the case be shelved 7 times.  - In the same way that the Ministry of Finance did, asking that it be shelved up to 15 times –

Finally, on December 3, 2007, the Supreme Court decided, by a majority, to close the case of the credit facilities in which the president of Banco Santander, Emilio Botín, was implicated; the only charges remaining open were those of private prosecution by ADIC and IC. NOMBRES COMPLETOS. The surprising justification for this closure was that “a case cannot be opened only by request of a private prosecution if those affected by the crime do not form part of the accusation.” On the other hand, in all of the “Law of Criminal Judgment” there is no precept that limits the powers of disposition and accusation of private prosecution and therefore there is no legal justification for not finding private prosecution insufficient for a trial.

As there were no sentence precedent in the Supreme Court, the verdict in the credit facilities case has become know in judicial circles as the “Botín Doctrine”, a denomination that gives us an idea of the power that a banker can have at the hour of  judgment.  - To the point that the law is reinterpreted to not condemn them - The proof is that afterwards, in December 2007, in at least two cases the defense has asked for the application of the Botín Doctrine - the cases of Atutxa and Ácido Bórico - and the tribunals have rejected it. So we can conclude that the only clear thing about this doctrine is its name: that is applied only to Emilio Botín.

This hasn’t been the only case that the most powerful banker of the state has been freed from conviction because of the lack of interest in prosecuting him by the attorney general. In November 2006 a private prosecution was filed against Botín and 21 others illustrious financial figures responsible for the purchase of Banesto by Banco de Santander; among them the ex-governor of Bank of Spain, Luís Angel Rojo, and other members of the Botín family. They were charged, among others, with 262.000 million pesetas worth of tax fraud and the misallocation of public funds for another 327.000 million pesetas. Judge Garzón again filed the complaint with the attorney general.

We can understand this how we want, but we have to know that the state - be it the government or the judicial system - will always abdicate its functions when it finds itself in front of Power in capital letters.

But irrespective to all this information, which can be verified and extended throughout  the many articles that appear in Internet, the crisis do not germinate overnight, but rather, are direct consequences of a long accumulation of previous irregularities, therefore aim to solve these without correcting them based on injecting public money, only turns out to be  “bread for today and hunger for tomorrow”, because the element which has cursed it  will continue to exert its intent and all that is ultimately will lethargic but not eliminate the malevolence element  to regain normalcy.

The discrepancy between what until now has been affirmed through the different economic results issued by the Bank of Spain, the profit and loss balance sheets of financial institutions and the economic data of the Ministry of Economy, with respect to the reality we face today is not conclusive due to the current international financial crisis, because if the economy of our country generated by ± 65% of the population, yielded results, as we have been told by active and passive above the European average, now see these financial institutions on the urgent  need to inject billions of euro’s to support themselves, is an incongruity of such a magnitude that can only be due to a total misrepresentation of the true economic situation of our country.

If by the mere fact that two Spanish banks - BBVA and Santander - are panelized in international markets, all the Spanish state's industrial structure, commercial, service and economy have to duffer there difficulties, by losing millions of jobs, business closures and reduced budgets, having to divert the government these without justifying them, resigning to receive 208.000 million euro’s of the capital gains tax and by eradicating Property Transfer Tax, all the future property transferred, it is clear that the image so prosperous that we have been sold so far of our country, is not the result of the reality of our economic growth. We cannot forget that a financial system like ours does not crate assets but distributes among different sectors financial facilities, so at the end is just a broker. If in our case the financial system now has no liquidity  to distribute what the economic indicators point out that created the companies scheduled on the IBEX 35, then one of two, or data was fictitious, or administrators of the capital created - the financial system - have failed to do their job, and the cost of their efforts has absorbed all the liquidity of their customers, so pay off the debit with public money, not only indirectly avoids criminal liability presumed to be able required to certain financial institutions for their performances, but ultimately, plunder public funds provided to improve quality of life of the taxpayers through their taxes, to benefit a privileged minority sector over another majority that is, who actually generates jobs, trade, services etc. and finally, who provides the financial system activity, therefore provide liquidity to these at the end on the basis that only this way they can supply a market that has been left to fracture, is sow the grounds to be able to return and increase future borrowing again, the same players that have sunken the market, to collect the fruits again themselves from the same trees.

The number of financial institution branches per person in Spain, highlights the policy of this sector to make essential there services to the population, and although this observation might appear that the impact is  to facilitate their customers, the fact not only carries a huge cost that in the end the customer must cover, but habits and fosters a perception that conditions, that their presence is synonymous with its importance in our lives, and as we manage almost all our economy through them, we lose track that there are only administrators of our money, making them in practice, those who decide for us whether or not we can go into debt in a purchase, a business project or any future business venture. That hundreds of thousands of citizens have borrowed money to purchase a home or a property, with prices apparently at the discretion of the loaners could pay when the economy of any European neighbor couldn’t, is a clear example of what I intend to show, because the loan or mortgage lend for such purchases did not dependent on the client, but on the approval or not of a financial institution. If clients satisfied the requirements imposed by these at the beginning, and fulfill them at that moment, not able to cope with their commitments now for been unemployed, shows that the financial entities in question, did not study well the risk factor that had the operation, having the economic indicators needed to know only them.

But this practice carried out throughout our financial system in general, this is indebt citizens to the maximum basically offering them credits 24 hours a day even up to a few weeks before officially recognizing the financial crisis, with credits express every hour on TV, will now provide the biggest profit to the financial institutions of their history, due to the fact that if their customers don´t pay, the financial institutions will be awarded their property for 50% of the value of their debt and subsequently put on sale their properties at the price that they deem not paying the tax Property Transfer, so you don´t see who is awarded the right for half of the debt and sold it for an amount greater than this, which not only recover the alleged debt of the defaulting customer, but gets a tax-free benefit.  What I said earlier, “sow the grounds to return and collect the fruit from the same tree”.

Brandishing now that no one could venture to predict the occurrence of the present financial crisis is not enough to justify this phenomenon, nor was synonymous of the supposed wealth reached that was shown politically, precisely the excessive housing construction and purchase of which have occurred in Spain in recent years, therefore, what were the real supports that have enabled design and deliver the economic data and image of our industrial development, which have embarrassed at first sight many of our European neighbors?.

Well to find an answer to this dilemma, it´s not necessary to travel or to focus our sights on US , because only by turning back a little on time to the past, we can see how by closing the case of credit assignments  which I have mentioned before artificially, all economic controls and prosecutions, have been forced to have to hide and therefore distort the real economic situation of our country, because put in circulation thousands of millions of black money and generate turn, some direct and other indirect interests like their where the fruit of an emerging economy, when in reality  as it couldn’t be otherwise, this is subject to the offer and demand of markets as in all countries, the closing of the spigot of capital inflows from international markets - as has happened - all that seemed to be, was not to be.

The so-called "housing bubble" was the latest invention designed by banks to deeply get into debt to the maximum Spanish families, and although its design has been imported from the US as they want us to see, a dissimilar factor has coursed and provided a deeper crisis in our country. This dissimilar factor resides mainly in the fact that our country lacks the capacity to regenerate comparative levels of wealth to members of the European Community and less with the United States, therefore, to flow through our financial system more money than we are able to generate and absorb correspondingly, amounts a "overload" of wealth that is not justified, and here is the heart of the matter, because when it freezes the movement of such flow, is when is detected where is money left over and needed, and in our case, apparently the government now has more than enough money to meet the crisis and solidarity with the needs of other countries, and banks lack liquidity to meet their clients’ needs.  Curious situation ours, since not long ago was reversed, the banks had astronomical profits and the Spanish state budgets were rather scarce, leaving sections of the administration to have to work in precarious conditions. - Security forces, justice officials and so on. –

On October 28 of 2008 was presented the sixth report of Caritas FOESSA and it was revealed that poverty in our country, despite the supposed economic boom of 14 years, continues to reveal that one in five Spanish households remains below the poverty line. A line that the National Institute of Statistics looks at  6.896 euro’s per person per year - 575 € a month- and which do not reach nearly 8.5 million Spanish people in a population of 34 million. According to this report, Spain has unused the golden years as he has not redistributed the wealth created, or has cut the rates of families unable to get to the end of the month which meet - 20% - where they were in the early 90s, and almost 44% of the Spanish suffered at some time periods of poverty situations in the past seven years.

But although it is easy to gather accurate information to set up a sketch that reveals an obvious reality, in this occasion is not a matter of comparing points of views or denying anything, the allege is to show that there are responsible with names for the crisis we are suffering, which acting on behalf of a determent power with their decisions planted what now emergence without anyone giving a convincing explanation.

To be able to focus this issue, I summarize a few points below and all throw these only shows the approach, both the judicial and extrajudicial acts taken by the parties, provides the evidence for these arguments and in turn, charge them to be responsible.

          FACTS

• Between 1988 and 1989 Banco Santander through 47.000 transactions captured an amount exceeding the 2.596 or 3.000 million euro’s, according to different information sources.
• In 1990, Banco Santander stated to Bank of Spain that he gave me a credit account with a provision limited up to 78,131€. - a overdraft facility account –
• In 1991 at the behest of a popular accusation, it was opened legal proceedings for the credit transfers - or credit assignments - against Banco Santander, in which was accused President Emilio Botín, three   other executives of the bank and 21 customers.
• In 1994, as a result of a discrepancy between the bank and I with respect to accounting, he open legal proceedings against me and the alleged financial transaction 268,824 was suspended.
• In 1995, Banco Santander stated to Bank of Spain that he gave me a loan of 90.151€ guaranteed with a mortgage on one of my properties. Not having previously declared to the Inland Revenue granting the  alleged 268,814 credit account with a provision limited up to 78.131€, the 34 shares of interest I paid, a total of 32.135,91€ were black money that returned to its origin.
• As by the decision that took the Bizkaia Hearing Court in 1999, it didn’t pursue the legal claim to impose us to sign a mortgage loan to replace the alleged 268,814 credit account by the Judge of the District Court, in 2001 Banco Santander Central Hispano, - privies Banco Santander - stated to Bank of Spain that he gave me a credit with no mortgage guarantee of 120.202,42 €.

            During the period between 1990 and 2001, officially I was listed in the Bank of Spain as the holder of: a credit account with a provision limited up to 78.131, 57€, a loan of 90.151, 81€ guaranteed with a mortgage on one of my properties and an unsecured credit of 120.202, 42 €, therefore, Banco Santander could have justify officially in his accounts granting 288.485, 80€ in the financial market through my name.

Well, during the 15-year-long investigation of the allegations in the case for credit transfers, Banco Santander through a dozen of subsidiary entities placed in the financial markets the billions of black money that caught from his clients to generate an economic benefit that allowed him to pay the high interest covenant with them.  In the summary of the case, there appeared a list of entities wick the bank allegedly used to launder black money, among them, figured Hipotebansa and this one, in a hidden way and against my knowledge, was the entity that according to accounting evidence transferred the 78.131,57€ to my checking account.

As can be seen official data under my name during this period, specified that I received a total of 288,485.80€ for three different financial operations, and yet what I received in reality according to the payment documents was 11 transfers for a total of 78.131,57€ from Hipotebansa, so both the official accounts data of  Banco Santander and  the Bank of Spain, were false and although this is only an observation now, as shall  be seen in the " FINAL CONCLUSIONS " at the end of Chapter 22 in detail and in context, takes its significance and clarifies the facts offered here in brief.

If with a single client Banco Santander, could appear as if he placed in the financial system 288.485, 80€ between 1990 and 2001, - through the purchase and sale of 78.131, 57€ of black money - only with 33.226 operations similar in this same period, could of placed 2.596 million euro’s of black money and appear in the Bank of Spain as that he had granted financial transactions totaling approximately 9.585 million euro’s.  But the theme doesn’t end here, because by buying assets amounting to 9.585 million euro’s in the international interbank market the bank during this period, the statement would fit not only with the data of Bank of Spain but, not having declared these transactions to the Tax Agency as it was in my case, it would have available cash on hand of this amount, allowing an image of unquestionable soundness and competitiveness, and in turn, Bank of Spain could offer an extraordinary data of money owing, showing an index of false investment growth.

However, this image of creditworthiness has deteriorated now when the tap of the international interbank system has been closed, because this is when it has fallen by having to return those hypothetical 9.585 million euro’s with their interest to its origin, and the treasury then, would only be the interests corresponding to the 2.596 million euro’s of black money, and since these have not been declared - as it was in my case again - the liquidity and solvency of Banco Santander officially today, is under minimum and needs a guarantee from the government to be able to attend the international interbank market, but as it is adjusting, and is only accessible if one meets the very stringent conditions now, the government has allocated 9.000 million euro’s as a background for these financial institutions to cover their needs and avoid to have to close some of their branches as other firms have to, due to an unsustainable financial situation, even if they have to join together to hide the true situation, because what it is precisely pretended is, not to recognize this situation, that despite when other countries begin to refer this crisis, here we can only speak with reference to them and not ours. – The fact that the 9.000 million euro’s provided by the government now almost equals with the 9.585 million that could hypothetically include Banco Santander as what he granted in Bank loans and credits in Spain, obviously is only a "coincidence" -

 When our president, José Luis Rodríguez Zapatero had to admit  the economic crisis, he justified it as a problem of subprime mortgages in U.S., and blaming the matter to an external phenomenon that had gripped us, all was accepted as such, so let’s put things into context and see if  the problem that emerged across the Atlantic, has really provoked or not what we now suffer.