In addition to manager blindajes, which are clauses in employment contracts that guarantee higher-than-average severance packages, some bankers have arranged for settlements that test both business ethics and common sense.
In addition to the various scandals at Spanish savings banks, which are under investigation by thee State Public Prosecutor, let´s also mention Aurelio Izquierdo. He is the former director general of Bancaja that will take in a total of 13.9 million euros through a combination of pension payments and pre-retirement settlements.
Besides his dubious professional career at Bankia and Banko de Valencia , an institution that had to succumb to an intervention, it´s painful to now watch the discrepancy between Izquierdo´s excessive compensation and the extreme sacrifices Bankia and its shareholders are making.
