Bankia’s Risks Went Unseen by Customers Tapped for Oversight
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During the seven years he helped oversee a lender fated to be embroiled in Spain’s biggest bank rescue, Jose Angel Hidalgo Pitarch, a telecommunications engineer, says he had little inkling that property loans were going bad.
“We were never shown any information or ratio that showed the extent of the real estate problem, or at least with any sufficient anticipation,” said Hidalgo Pitarch, an account holder at Bancaja who was selected to serve on the control committee of the Valencia-based savings bank.