In 2007 nobody expected that the crisis would hinge on the real estate sector. But now, Realia's IPO was more than a real estate deal, because Caja Madrid split up its Realia holdings with FCC, and the savings bank's former president was generous with indulgent loans and other benefits that he gave to Ignacio Bayón and team.
They were the first to accept special treatment and the last to assume any losses when Caja Madrid got into trouble. In fact, they were firing people while keeping their own salaries. Bayón and his team should take responsibility for these decisions and their relationship with Blesa.
