Faced with Bankia’s “preferred”, in this corner we said a few months ago that the Mondragon Corporation should clarify the situation of the “subordinates” of Eroski and Fagor marketed by several banks. For the time being, the Corporation is completely silent. With these contributions of 40,000 people between 2002 and 2007, it entered EUR 800 million into its fund. Over these years, thousands of people (between 5% and 7%) have been of great interest through these contributions. However, for a few months, by order of the National Securities Market Commission, the authors of these contributions have seen their nominal value reduced by 60%. In the case of “preferred” shares marketed by Bankia and many others, some believe that they will gradually lose their savings. This was not foreseen for those who made their contributions, unless Eroski and Fagor had been affected by the bankruptcy, and this was unthinkable in the knowledge of the strength of the Corporation.

The issue is in the courts and in the Basque Parliament. The Mondragon Corporation should make a serious commitment to a solution. For their own sake, and for the sake of all those who believed in Eroski, Fagor and financed with their savings. Without those billionaire contributions, neither Eroski nor Fagor could survive. Recourse to the courts does not seem to be the best solution to the problem of savers. The Mondragon Corporation, Eroski, Fagor, the trading entities of the contributions and the savers themselves should seek consensus. An agreement that guarantees the initial nominal value, e.g. the return of savings within a reasonable period of two to five years.

The Mondragon Corporation is not Bankia. There have been no thieves or scammers inside. Now he has the opportunity to prove it, because, like him, there are those who wager on “another way to do business” that is not capitalist.