Spain is the home of the M15 movement which set a precedent in achieving a criminal indictment against the head of Bankia and former head of the International Monetary Fund, Rodrigo Rato.
He could end up serving six years behind bars. The attorney general of Spain stated that, “This is just the beginning." This suggests that more criminal indictments may follow.
The M15 movement, patterned after the Occupy Wall Street movement, was the catalyst that ignited a firestorm. Their ranks were swelled by all sectors of Spanish society. Their popular slogan is “Real Democracy Now” and it appeared across the land. The movement’s strength lies in its broad base and an awakened political consciousness that is demanding transparency and accountability from the banking and political elites.
Does all of this sound familiar? It is, in that the same predatory, illegal activities practiced by Spain’s banking community were instrumental in the collapse of the US banking system and the resultant taxpayer bail out. Toxic assets were foisted on to the world market, especially in the guise of subprime mortgages. As recently demonstrated by J.P. Morgan Chase, the banking community has not been chastened and Wall Street continues its questionable practices.
In the U.S., unlike Spain, there have been no significant indictments of those Wall Street titans that direct the six financial conglomerates which control most of the country’s wealth. And until criminal indictments come down, there will be little or no change from the banking community or from the best Congress that money can buy. As in Spain, we the people must demand “Real Democracy Now” which encompasses transparency and accountability from the Wall Street titans.