FOBAPROA EL FRAUDE DEL SIGLO CONTRA MEXICO

and not the bow informs there are three types of debtors those who comply those who cannot pay and those who abuse the government supports those who need it the law must punish right here months in reality it seems that we do not all know everything we would like to know about This thing about

fobaproa

you need a word that is in every mouth that sounds in every voice look at

fobaproa

it is a terrible story more than 100 more than a million million pesos the current debt is approximately 700 billion pesos yes This we add what has already been paid, we reach one million Mexican brigade, whether born or not, owes around 6,490 pesos just for the bank bailout in 1995, the banks were on the verge of bankruptcy, the bad decisions of the Zedillo government caused a gigantic crisis that has we studied loans we could no longer pay the government rescued the banks through fobaproa but much of that money was not needed by the banks or was used deceitfully by those who were its main owners.

We must remember that in the decade of the In the 80s, President López Portillo had nationalized the banking system, consequently issuing two decrees, we are going to nationalize the banks. In the 90s, a program was made to return, reprivatize and sell the banks again to the private initiative. Salinas gave the banks to people close to them. He and people who had no experience in managing banking, a banker at that time expressed that I always dreamed of robbing a bank and now he handed it over to me so that I could manage it in a bank, so that I could raise resources and lend money, but the money that The loan is not his, it is what he captures from people's deposits, so by obligation all banks have to have deposit insurance, that is, they have to have insurance in case they want so that there is someone to return the money to the people.

Because they are finally lending people's money, the fire approved that in the deposit insurance of Mexicans and it was an insurance, it was a private trust that was administered by the Bank of Mexico and that the resources came from the banks themselves, the banking protection fund. savings protect your economy prospective savings banks begin to operate as private then they open the key to credit and begin to offer practically all types of credits that if I were not going to buy a bank then I would not contribute my money to buy it but simply ask them credit to another bank were credits and the graphers are the power of the firm they just film I do not have capital I do not have a strong solid institution with resources that support my activities and in addition and I open the key to credit because it is a very dangerous combination the banks They begin to lend, there is competition and they take a greater amount of risks, they divert credit from productive activities themselves towards consumption, such as credit cards, charges, etc., and then the streets of their portfolios begin to deteriorate.

Those pure-play debtors are The rich are not the middle class, not those rich people who just signed and gave them the credit, they are also revolutionized because they did not pay anything because we are paying nothing, but also towards the end of 94 there were errors in the conduct of economic policy in that moment, an unprecedented crisis breaks out in Mexico, the money begins to disappear, the country's dollars begin to disappear since March. The then president, or at least what function as a completely illegitimate president, Carlos Salinas de Gortari controls the exchange rate and does not let it fall so that it does not There is pre-electoral turbulence, one day a speculative attack comes and it turns out that the Mexican government had 29 billion dollars placed in bonds that had to be paid when required and there were no dollars to pay, then the country is left in financial bankruptcy.

Interest rates due to uncertainty jumped to the sky. Interest rates reached 150 percent and consequently many debts became unpayable. Many of us remember how people had to return homes and cars. The banks had huge parking lots full of cars that They had collected their clients, rescuing the banks was an obligation of the Mexican state framed in the law of the Bank of Mexico itself and the constitution itself. What is not agreed upon is how it was carried out only in the first days of last week the value of our currency in relation to the dollar was severely depressed and interest rates skyrocketed.

If we do not stop and reverse the deterioration and lack of control of recent weeks, we would risk suffering a financial and productive collapse that would paralyze the sources of work and the provision of services, the president of the republic and then quickly says goodbye when the crisis comes, the secretary of the treasury sends him home to blame him for the mistakes of the previous president and the same with the mistakes of December. committed in salinas and zedillo together and in solidarity of course then what we have occurred to our neoliberal technocrats headed then by cerillo and who are nothing more than that we also learned from salinas the wonderful idea that the fobaproa that would absorb the overdue portfolio of all the banks and the bankrupt banks then how to see your wallet all the fingers you have your bank responds to you who took control of the bank I took over the bank and I cover your losses I pay your savers and with what is left I will then sell the bank and make a good auction.

However, there were other banks that either were good or were more or less good or the analyzes at that time said that it was viable for them to continue existing and continue operating. Fobaproa developed and conceived a program that It was called capitalization and portfolio purchase, which is also paradoxically the most illegal part of the bank rescue. So the government told him, "I'm going to pay you back for the loan you gave. The government didn't have any money, so he signed a promissory note. This was not the obligation of the government." deposit insurance and it was doing something for which it was not designed but what happened was that the banks put or handed over to the government our most troubled and most junk portfolio that they had in popular terms like that six of the chela portfolio that was not worth like that Very soon and with the greatest shamelessness, they began to put into the fobaproa all types of bad loans, garbage and junk, to take advantage of the willingness to pay. themselves as businessmen and that they began to monstrously inflate the enormous belly of fobaproa.

How much does this seem correct since I have in my figures around 120 to 150 million dollars. Those are the figures that I have of what is owed in the only two criminal proceedings. for which I am subject are 1 but credit that was given to a country to a transportation company to buy some airplanes and that these airplanes did not exist and that the company did not exist I want its head to be our company, you lent yourself his own bank that the banker's own ante banker did not see necessary went through the fees that had to go through the board of directors through the credit committees but there were all two of them the four of us we did not know what size and racist because he had not been e information and we started a fight so that no one is informed as much as we should without knowing it, you understand me as a people because the question that was asked to you insistently in this room today I returned to how much the gross total liabilities amount to today from fobaproa citizen secretary how much are the liabilities today of the banking savings protection fund known as Mr.

Compo? What you have to do is apply the figure of 552,000 and multiply it by the average interest rate for the months that have elapsed, I will limit myself to reiterating the question that has been asked repeatedly, how much, Mr. Secretary, are the liabilities of FOBAPROA today, all the information you need has been given, it is not about coming here to have a circus if you You do not know how much you owe or you have not done the calculation correctly. I am going to lend you this computer so that during the time of my intervention you can do the calculations that you require.

They are a secretary, otherwise that calculator, Jacques, the pencil does not answer you or answers, we have a irresponsible treasury secretary because he doesn't even answer questions and answers from his center and in 1998 he puts it there like he doesn't want the thing, two initiatives were given with the whole idea that the deputies would not realize that they were approving and it was the liquidation of the fire to Proof of saying we are going to disappear, we are going to create two organizations, one to manage the assets of what is left of this junk and another to manage the debt, but in order to do that we have to recognize this debt as public debt.

Key 2 begins to analyze this initiative. and I remember very well because there were meetings that I witnessed that said no, we are not going to make one of these two laws, we are going to make a single institution that will be the son of fire, approved the continuation of the fire and we are going to call it the institute of protection of bank savings ipab the ipav arose when the debt that was accumulated from the fobaproa was a debt that was so large that it had to find a way out and that was when we entered into a public debate which was that we do not accept the creation of public debt The bank rescue, if on Thursday the deputies approve the transfer of debt from Fobaproa, the public debt, we will end up with increased public debt that will reduce the fiscal resources of the country, we will have to pay it with taxes or with public spending, the bank decided cooperate with the PRI to find a health commitment and that was what FOBAPROA was and what it was for, but with another name it is certainly time to agree to close the chapter of moving forward, we have already spent many months looking back now that You will see the future we have many more coincidences than differences on which they are coincidences on which we can build solutions to the very serious national problems yes yes and the bread as Calderón made it known many times directly to López Obrador he said that Mexicans were not going to burden with that debt because it was unconstitutional is the approach of bread and Felipe Calderón a national action we want people to live better that is why we have prepared a responsible and comprehensive solution to the problem of fobaproa we would avoid the abuses of those who have the means to pay and have not suddenly Vicente Fox appears in television spots combining the deputies to approve the pro forum Juan and María asked for a loan for a house today they can no longer pay the perredé demands that we not help anyone many debtors would lose their dreams we PAN members want to solve this banking crisis and in the end everyone lined up, for example, Roberto Hernández from Banamex gives money to the PRI, Roberto Hernández, a great promoter of the Fox campaign, gives money under the water because he has about two candles on, but either the bank supported Vicente Fox a lot in 2000 then it has a very marked commitment there and it cannot attack them indirectly it would lose a lot of support and in fact the bread could lose support for the next election the director of the national bank of

mexico

agrees that whoever made it pays for it of course Yes, I believe that all the information we have about it can make very clear the numbers and the people who have participated.

When President Fox wins, he gives his house to an office in Las Lomas so that as president-elect, the president's first break will be dispatched. His vacation after the July election was spent on an island that has Roberto interns for me and my colleagues. I am surprised that the end does not come out in defense of the executive but instead it is the fan who comes out in defense of the robbery and the dispossession of the people We are going to see about Mexico now in November but Mr. Gurría spoke to me and told me there is already an agreement with the bread basically to resolve the issue of fire due to activities, they agreed with the government to resolve the issue of fire proof Without punishment to those responsible and without the audits having been washed, we are not going to test the fire by approving the manual.

The first was the PAN members and the PRI members in the Chamber of Deputies and they made a law, the IPAF law, where they obviously intended to bury the matter. of football and thereby bury the crimes against the national economy and the crimes against the popular economy and then create a law of the type that the two political parties that represent the interests of large financial and banking capital intend to legalize what has clearly been illegal The legislators of the PRI reject the guilt that they want to impute to my party and my government in order to have the most important debate of this legislature behind the backs of the population.

We did not hesitate to schedule what is precisely today about the Virgin of Guadalupe perhaps with the hope that the religious fervor of our people will prevent them from finding out what is intended to be carried out against them, the payment made here is more than a viable thing, the most anti-popular project of passing on to the people the entire debt of the fobaproa institute of structure from the legal, financial and economic point of view constitutes the great alternative that none of you had the imagination to even contemplate or foresee, it is said that we already have in front of us the fobaproa promissory notes, well, they just changed the name of the institute The obligations are there, it's nothing more than a change of words or a mess or make-up of the stage.

We are talking about 100 billion dollars. We have the amount that doesn't say much, but to make it better understood.This is the largest looting that has occurred in the history of Mexico since colonial times. Prominent PAN politicians such as Diego Fernández de Cevallos, Vicente Fox and others are linked to shady dealings in banking, since the central issue I insist on again, although it seems to be Only here the issue is that they are going to approve the opinion with the PRI at the beginning of November on the forum whether or not we will now, on behalf of the parliamentary group of the National Action Party, I come to speak with reasons with arguments in favor of the opinion and the draft decree by which proposes the creation of the institute for the protection of bank savings, we have a great opportunity to begin to resolve a crisis that has become permanent and that also unfortunately calls into question the political advances achieved in recent years in its favorable vote for the project. decree is the answer that the well-being of the country, thank you very much, occurred what many of us would have never wanted to happen, national action as the company that gave what the national action itself, the party itself said a thousand times that it was outside the law against The constitution is inadmissible that those who just yesterday called the

contra

cting of that debt unconstitutional today with some modalities try to endorse this serious illicit, all with the purpose that the Mexican people will pay the entire bank loss, we cannot help but question what they received. the bread to subscribe such a commitment what immediate or medium-term benefits will he receive for this betrayal the secretary is asked to open the electronic system for 15 minutes to proceed to the vote in general and in particular of the draft decree no 325 votes in favor 159 against and one abstention - approved in general and in particular the draft decree by which the law for the protection of bank savings is issued, the government had on average to safeguard one thousand pesos per Mexican, how is it that by safeguarding one thousand pesos we ended up I owe 6,500, so don't help me, buddy, where were the other five thousand five hundred, because obviously many Greek officials are in the pockets of the bankers, and tactically, because they don't confess because I don't know, you were one of those who approved the job because I wasn't digital. but also because I do not what is a danger that could be mitigated mainly through a mechanism to protect the savings of savers calderón presents himself as a successful politician at the head of the bread he does not deliberately mention a key fact of his administration when on 12 In December, the fobaproa was approved when the looting that we Mexicans continue to pay for was validated, which is something that is not mentioned either.

I asked him a very clear question last week since I talk so much about indebtedness, how much is the internal debt of the federal government, Felipe slipped away. calderón because because it is not convenient for him to let the citizens know that he as president of pan instructed his deputies to validate this looting he felipe calderón together with the deputies of pan mortgage the genetic future says to practice moral telephone flowers do you dare to say that López Obrador in national euro the same when you support you the favor that authorizes at this point the work was finally faced by the government around Seville and that has allowed, among other things, that there is economic stability with a new due Mexico and without foreseeing it, where the money is, that is the question that millions of Mexicans ask today, who with our taxes pay the FOBAPROA debt, a debt that is not ours to begin with but that the government has decided that we, the ordinary citizens, are the ones who Let's pay for the errors and abuses of a few and suddenly those private debts become a debt that all Mexicans

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ct and the bread that had said that there will be no impunity validates it because they approved Jon Favreau's achievement of an agreement with the PRI, but that I'm talking about how they are the same.

Foxx put a lot of pressure on the executive committee of the panel, not even the executive committee, but being governor of Guanajuato, he attended the meetings and demanded that they support the plan. The 'ipad' plan was approved. The plan to assume the losses due to If it is not how the businessmen come to pay their own losses, it cannot be when the IPAB law was formally approved, it became a public debt whether we like it or not, that is why the PP was so opposed, it did not come to the rescue but it opposed the form. how it had been done and also what I wanted was to carry out the entire rescue, it is something else, we will reach two generations, time passes and in 2000, when this scandal of the sale of Banamex comes, I get the bank report, so it is Call these reports from the bank and I clearly read that Banamex did not require government support.

Here the obvious thing is that the shareholders of the banks and the large debtors were the true beneficiaries of the Fobaproa. This is the case of Banamex, which was later sold to Citigroup for 120,000 million pesos at that time something like 18 billion pesos were purchased, which now costs us almost 100 thousand. It is due to interest when the bank did not require it and what is the main thing is that we act in exact time with responsibility and opportunity. The actions taken by the federal government through Fobaproa were precisely aimed at preserving the savings of Mexicans, preserving the productive apparatus and preserving the level of employment, nothing more than real interests are all the interests each year of the budget are allocated around 50 billion pesos that does not mean that you are paying the debt the debt is still 80 of the new 90,000 million dollars we are talking about more of the future those who were actually saved because they were the owners of the banks that maintained their position in the banks and that after several years they were selling those banks to new owners and what we are doing now is joining a global champion a world champion they sold the bank for 12 billion dollars and they did not pay a sitting but with something More seriously, the bank was sold for 130 billion pesos.

Well, the support that had leaked at the time, but the bank amounted to approximately 73 billion pesos, that is, the bank was worth that because the government had helped it in addition to other things. reprehensible thing all the cultural heritage of Banamex colonial houses paintings all this was going away then it seemed absurd to us scandalous offensive and still without paying taxes as I explain it to you yes instead of Citigroup buying Banamex Banamex would have bought Citigroup to trial the other way around in the US They had to have paid a minimum of 30% taxes if for an operation of 12 billion dollars or 120 billion pesos they had to have paid around 30,000 million pesos in taxes when the level of medicines and food they calculated to be to obtain 40 billion and nothing more, this operation meant the forgiveness of taxes for 30 billion pesos.

We are going to create a truth commission. We are talking about transparency and transparency is a golden rule of democracy. How are we going to know? Mexicans because they converted the private debts of a few into public debt not with the intention of revenge but in sada and the truth is that it happened from the little aproa, there has been a lot of talk about what we have to clarify this sign of protection or savings if we would be in trouble, which is currently They allocate between 30 and 35 billion pesos a year to the IPAB, which doubles the budget of the Ministry of Health.

For example, they sold the government promissory notes, saying that the government promissory notes are the people's debt. The people come so that it can be understood that It is clear that there are mixed political interests but Mexico is bigger than all that. Let's be positive. Let's protect savings because Mexico cannot stop. They already take the money home but there are billions of dollars from the sale of those banks they did the business. of life no one had ever done such a good business that the history of this country based on illicit pools it was my duty to act with a decision to face the emergency I have never had I will regret it the great corrupt people of the past of the present and the future will be held accountable there will not be For them, a clean slate.

I undertake to promote before me from the deputies of national action to deliver the number that opens the entrance to the information of the fobaproa. We, the deputies of national action and the deputies of the ecological green, have decided to bring here to That in front of the entire nation we hand over Ricardo Rocha here so that if the other three key numbers come together they will have the fobaproa lists it can be done. Hey sir, it has been said a lot that the key to the prop game was handed over and in the debate in the recent in the last one was not the real one that was more like a show to look good did you know who was the real one or what is the substance of this summons s on the corporal I handed over my party I handed it into the hands of Ricardo Rocha the day of the debate, a presidency of the republic with ethical values ​​that forget the golden rule where each president protects the previous one.

The report carried out by the superior audit of the federation indicates that 80% of the illicit actions of the bank rescue went unpunished due to omissions or delays of The fiscal authorities and the Attorney General's Office of the Republic, this supervisory body recommended that the federal executive investigate the possible administrative errors of public officials in the case of Fobaproa. In this regard, the spokesperson for the presidency, Rubén Aguilar, assured that the presidency would abide by this recommendation except for all The observations made by the superior audit of the federation for all the recommendations in this particular case, since the government, in what corresponds to the federal government, assumes them and now their case and what the federal executive does establishes a constitutional controversy to prevent The banks had their pay reduced.

I understand it on behalf of a bank but I do not understand it on the part of the president of the republic who must ensure the public interest of Mexicans. Today there is not a single person, a single person responsible for FOBAPROA who is in The prison looks at bankrupt banks, rich bankers, and they bankrupt the institutions, but they are free. All of them continue to appear on the list of the richest men in Mexico and in the world. Now the question is, are they there because someone let them be? That's the other one. part and those who let them be because those who made up the technical committee of the game to approve at the time were Guillermo Ortiz at the time they were Francisco Gil Díaz at the time it was Jonathan Davis who also signed these proof fire promissory notes and many others who now form part of the IPA governing board, then not only is there a conflict of interest, there is a conflict between interests because they are going to investigate what they did and they are going to censor themselves, they are going to establish responsibilities, such as it is possible that whoever signed the fire notes proa is the president of the national banking securities commission that the same can be said when wondering if it was right for him to sign these promissory notes or not the governor of the bank of

mexico

follows the multi if he was undersecretary of the treasury with exits that was when they delivered los mangos then as secretary of the treasury with zedillo rescued the banks and is now the governor of the bank of mexico there is no official in the world who has cost a country as much as the current governor of the bank of mexico and the worst of all is that do not lose their respectability also the beginning has had a part in this because diego fernandez because fauzi handam they have done everything possible to hinder the activities of the commissions that have tried to investigate this matter because because we are about to allow it to be a cycle is closed and the perfect crime is committed and the perfect crime is committed when the accused become the judges and that is what is happening.

Let's see what we are going to prove. This is testing the manual with national action, opportunities and solutions. for everyone good except for the corrupt yes tomorrow