Caja Madrid's ex-president Miguel Blesa artificially inflated the sale price of City National Bank of Floriday to 544 million euros. The Bank of Spain verified this amount in a report that Judge Elpidio José Silva used in his case against Blesa, who has been sentenced to prison.
The ruse involved overvaluing CNB as a justification for the high sticker price, which curiously was corrected and adjusted by the Bank of Spain, and Blesa supposedly profitted from the price adjustment, too.
It's hard to understand the role that the Bank of Spain plaid in the fraudulent deal, because it consented to the deal after Lehman Brothers fell in 2008.
