The Preferred Fraud – Documentary Teaser
“The Preferred Fraud – an unknown part of the Spanish baking bailout” tells the story of the biggest banking cheat in Spain’s modern History, that of the so-called “preferred shares”.
Due to huge losses in the housing sector and the subsequent solvency crisis, some of the ancient Spanish savings banks chose to recapitalize through the issuance of “preferred shares”. These share-like products where sold as deposits to financially unprepared and risk-averse clients, who ultimately lost much of their savings, when those savings banks where bailed out by the EU.
Directed by Xabier Collados and Óscar Corrons
Written by Xabier Collados