Bonum Certa Men Certa

The Darker Past of the Next President of the EPO - Part III: More Details About Caixa Geral de Depósitos, Former Employer of Campinos

Logo Caixa



Summary: The side of Campinos which he prefers to conceal, or rather his association with a rather notorious Portuguese bank

In part 1 and in part 2 we spoke about the next President of the EPO and his past as a banker (something which he does not advertise). Today we go deeper.






Further research into the recent economic events in Portugal and problems surrounding the state-owned bank Caixa Geral de Depósitos has uncovered a lot of interesting information which may help to explain why Mr. Campinos might not be too keen to publicise his earlier professional connections with this financial institution which has fallen into disrepute.

Portugal has not been as badly afflicted as Greece by the Eurozone financial crisis. Nevertheless it is known as one of the economically weaker members of the EU's unitary currency system which led to it contributing the "P" to the derogatory "PIGS" acronym.

In 2011 Portugal joined the casualty list of Europe's sovereign debtors after its prime minister, José Sócrates, requested a European Union bailout. See "Portugal's PM calls on EU for bailout" (among similar article).

Although there were major problems festering below the surface in Portugal's banks, these did not become publicly visible until some time later.

The first serious signs of a crisis in the financial sector came in May 2014 with a scathing audit issued by the Portuguese central bank which questioned the financial stability and transparency of the Banco Espirito Santo (BES) which at that time was the second largest private financial institution in Portugal in terms of net assets.

Soon afterwards BES collapsed under the weight of bad debts to companies held by the family-controlled Espirito Santo Group and had to be rescued by the Portuguese central bank’s Resolution Fund in a 4.9 billion-euro bailout on 3 August 2014.

CGD-I

From 4 August 2014: "Portugal in 4.9 billion euro rescue of Banco Espirito Santo"

The problems at BES were exacerbated by its involvement in shady dealings in Angola.

From 9 August 2014: "Banco Espírito Santo: The Angolan Story"

Following the collapse of BES, serious problems became apparent in 2016 in the case of Caixa Geral de Depósitos (CGD) which holds nearly a third of all deposits in Portugal’s banking system.

CGD's troubles were initially reported in May 2016 with fears that the deteriorating situation could lead to financial collapse in Portugal.

From 29 May 2016: "Caixa Geral's €4 billion refinancing demand may trigger Portugal's financial collapse"

By June 2016 CGD's liabilities were estimated at €5 billion or higher.

From 23 June 2016: "CGD’s liabilities now pegged at €5 billion and rising"

In August 2016, a 5 billion euro recapitalization package for CGD was agreed between Portugal and the EU.

From 24 August 2016: "EU, Portugal agree on 5 billion euro recapitalization for ailing bank CGD"

From 25 August 2016: "Portugal to bail out its biggest bank"

CGD II

The situation at CGD was referred to a parliamentary commission of inquiry and management practices at the bank also came under scrutiny from the public prosecutor with the opening of an investigation into what national tabloid Correio da Manhã called "suspicions of the crime of ruinous management".

From 23 September 2016: "CGD’s “ruinous management” now officially under DCIAP investigation"

In July 2017 it was confirmed that the public prosecutor suspected that management practices at CGD had involved breaches of criminal law.

From 11 July 2017: "Prosecutor suspects harmful management crimes in CGD"

Operation Marques

Meanwhile investigations into allegations of corruption surrounding the former Socialist prime minister, José Sócrates, which were conducted under the code-name of "Operation Marquês", have led to findings which suggest that CGD played a key role in some of the financial irregularities in which Sócrates has been implicated.

Recently, on 11 October 2017, the public prosecutor finally released its accusations in the "Operation Marquês" case according to which Sócrates was accused of 31 separate crimes of corruption, involving the accumulation of €24 million in bank accounts in Switzerland.

From 11 October 2017: "Operation Marquês charges announced - Sócrates controlled €24 million in Swiss bank accounts"

Also from 11 October 2017: "Operação Marquês: Former PM Sócrates, Salgado and Bava charged with corruption"

Another one: "Sócrates accused of 31 crimes, “accumulating” €24 million in Switzerland"

According to the public prosecutor's charge sheet, the role of Sócrates’ chief corruptor is the former Banco Espirito Santo patriarch Ricardo Salgado, accused of 21 crimes - one of active corruption of a holder of political office, two of active corruption, nine crimes of money-laundering, three of abuse of confidence, three of document falsification and a further three of qualified fiscal fraud.

A further key figure is Armando Vara (below), a Portuguese politician and member of the Portuguese Socialist Party, who was previously a senior executive at the Caixa Geral de Depósitos. Vara was already sentenced to five years in prison on corruption charges in 2014 in connection with the co-called "Face Oculta" case. This was a nationwide political corruption, money-laundering and corporate tax evasion scandal which originally came to light in October 2009 and resulted in charges being brought against 36 defendants: 34 people and two companies. 11 prison terms were handed out in September 2014.

armando-vara

From 5 September 2014: "Face Oculta sentences handed out – Godinho gets 17 years in prison"

According to the pending charges brought against Sócrates under "Operation Marquês", he is alleged to have favored the company which controls the Algarve tourist resort Vale de Lobo by means of a government plan in collusion with Vara who at the time was a Director of CGD which was the bank responsible for financing the enterprise.

In all, CGD conceded loans to Vale do Lobo amounting to more than €200 million as well as buying a 25% share in Vale do Lobo’s capital. Sócrates and Vara are accused of having received "kickbacks" for their part in the deal. In the meantime, Vale de Lobo's outstanding debt to CGD has been estimated at around €300 million including default penalties and interest.

From 23 March 2017: "Vara pulls ‘senior moment’ when grilled over “how many times he discussed CGD with Sócrates”"

From 18 June 2015: "Vale do Lobo now a “key link” in Operation Marquês corruption investigation"

Article in Portuguese dated 9 February 2017: "Comissões de 200 mil recebidas por gestores envolvidos no caso Sócrates"

CGD III

In the next part we shall look at links between CGD and the INPI.

Recent Techrights' Posts

What Ruben Amorim and Stefano Maffulli Have in Common
Censors Wikipedia and Social Control Media
Microsoft Won't Cooperate in Trying to Tackle EPO Corruption (Microsoft Profits From This Corruption)
Use something like BigBlueButton, Jami, Ring, and Jitsi instead
We Are Sad to Hear the Story of Jonathan Riddell, Champion of KDE and GNU/Linux on Desktops/Laptops
I have enormous respect for Jonathan and everything he has done
 
Geminispace Growing at Pace of Over 10% Per Year
Contrary to what some pessimists try to claim
Linux Mint Forums Today: Disable 'Secure Boot', It Doesn't Improve Security, It's Just a Microsoft Obstacle to GNU/Linux Users
They also mention MOK
Solved Less Than an Hour Ago: Trying to Escape Windows, 'Secure Boot' Gets in the Way
'Secure Boot' wasn't meant to even exist in the first place
Stefano Maffulli, Executive Director of the Open Source Initiative, Resigns or Gets Removed (We'll Continue Covering OSI Scandals)
A dozen mentions of "AI", not much about "Open Source"
Andy Has Just Nailed It (Regarding Complexity and Failure, a la UEFI)
The users no longer own or control what they buy
Compatibility Support Module (CSM) Versus GNU/Linux Simplicity
what Andy recently called "solutionism"
Links 15/09/2025: "Postal Traffic to US Down by Over 80%" and 'Smart' Spinozacampus Laundry Room Goes AWOL
Links for the day
Gemini Links 15/09/2025: Dungeon Hustle and Deleting Oneself From the Net
Links for the day
Breach of EPO's Duty of Care or Cigna Reimbursement Issues
This is the sort of thing that motivated Luigi Mangione to assassinate a CEO
Ask Ubuntu About "Secure Boot" Violation and Laptops That Don't Boot GNU/Linux
Does anyone still believe that "Secure Boot" has anything at all to do with security?
Talking About the Problem vs Talking to the Problem
Wanting an audience is never a good excuse for compromising one's values and principles
Focusing on Patents
The reason we cover the EPO so much is that it's close to home
"Secure Boot Violation": The 'Joys' of Fake Security Gone Wrong
Not everyone reboots every day
Links 15/09/2025: Russia Invades Romanian Airspace, Penske Media Sues Google Over LLM Slop
Links for the day
Links 15/09/2025: Bitcoin ATMs Scam and "Conservative Cryptography" (Backdoors Fantasies)
Links for the day
EPO Imitates Microsoft: "Three Days or More Per Week" Inside the Office to Get a Desk to Work on; "the Office Breaches Its Promise Towards Staff and Acts in Breach of Its Duty of Care"
The EPO serves no actual function in Europe
Links 15/09/2025: Political Affairs, Censorship, and Copyrights
Links for the day
Gemini Links 15/09/2025: Music Genres, Invisible Networks, and Akademy 2025
Links for the day
Over at Tux Machines...
GNU/Linux news for the past day
IRC Proceedings: Sunday, September 14, 2025
IRC logs for Sunday, September 14, 2025
Satya's Plan B: Try to Hide the Massive Extent/Scale/Scope of Microsoft Layoffs
fewer people buy Microsoft
Red Hat News About De Facto Mass Layoffs (Bluewashing) Gone From Reddit (Censored by Gatekeepers), Still Online in The Register
With RTOs, PIPs, relocation etc. expect IBM to "shed off" many Red Hatters
UEFI "Secure Boot Doesn’t Play Nice at the Moment"
UEFI "Secure Boot" does not improve security. It's an artificial obstacle in service of monopoly.
Gemini Links 14/09/2025: ROOPHLOCH, Music, and Reddit
Links for the day
If You Want to "make your 'Windows PC' lean, mean, and fast" You Will Install GNU/Linux or Some BSD
That kind of article says a lot about IDG
Slopwatch: Google News Infested With Slop (About Half of the Results for "Linux" Today)
This is the sort of junk one finds when looking for "Linux" in Google News these days
Links 14/09/2025: Ricky Hatton Dies and McDonald's Declares War on Tipping Culture
Links for the day
Links 14/09/2025: Disasters for CEOs Obsessed With Slop and Slop Companies School Like Fish
Links for the day
"Bad Shim Signature" (Microsoft 'Secure' Boot)
"Fresh install not booting"
What Microsoft Garrett and Microsoft Lunduke Have in Common
Similar tactics, different "wings"
Links 14/09/2025: US "Economy Sagging", "Michigan Economy Wobbles From Tariffs"
Links for the day
Gemini Links 14/09/2025: Minimalist Snippet Manager and Omarchy Linux
Links for the day
The Face of the Digital Far Right: Microsoft Lunduke
Microsoft Lunduke is an online extremist that belongs to and panders to the far right
20 Years Later and Academia Isn't the Same
"I never dreamed of being a professor"
'Cancel Culture' by the Right: Microsoft Lunduke Contacts People's Employers Trying to Get Them Fired
Microsoft Lunduke panders to extremists online
"Bad Shim Signature"; So 'Secure' That It Overrides Users' Preferences and Turns Itself Back on (Coercive Measure)
This was a few hours ago
Over at Tux Machines...
GNU/Linux news for the past day
IRC Proceedings: Saturday, September 13, 2025
IRC logs for Saturday, September 13, 2025
Microsoft is Rapidly Dropped From Web Servers, Shows Survey
Microsoft lost about 8% "market share" in just 3 months
Many GNU/Linux Users Report MOK (Machine Owner Key) Issues in Recent Days
many people don't report this online and never post in Reddit
We Covered UEFI 'Secure Boot' Scandals. The World Listened.
To hell with UEFI 'secure boot'
Links 13/09/2025: Escalations in East Europe and POTUS’ Health Cover-Up
Links for the day
Gemini Links 13/09/2025: Lagrange Turns 5 and Lagrange 1.19.2 Released
Links for the day
Microsoft Inside Your Linux: "Security vulnerability that allowed an attacker to bypass UEFI Secure Boot."
2 hours ago
A New Low for "Linux Journal": Promoting MICROSOFT WINDOWS Using LLM Slop
They've just jumped the shark entirely
Fake News With Fake Numbers About Microsoft
"This is what happens when the world's economy is governed by sick old men"
Slopwatch: "Google News" is Fast Becoming a Mashup of Slopfarms, Linux Journal ("LJ") is a Dump of LLM Slop
Well done, Google News. Google itself can flourish as a slopfarm mashup.
Torturing Users Who Just Want to Run GNU/Linux on Their Own PC
"Linux does not want to install"
The Register MS Still Takes Money to Hype Up "AI" in Articles by Microsoft Resellers With the Term "AI" 30+ Times in Them
Notice how many times they mention "AI"
The Apache Logo News is VERY Old, Racists and 'Anti-Woke' Bigots Look for Something to Incite Other Bigots With
Nothing to see here, move along
Linux Mint 9/11: "4th One Today..." (in Reddit)
Remember that not everyone having an issue reports it to social control media like Reddit
Nepal Will Fall Without a Single Shot Fired, Thanks to Social Control Media
Or very few shots (by the authorities)
European Corruption in the European Patent Office (EPO) Targets Culture
"In reality, the project includes a new “legal instrument” shifting administrative burden and liability on EPO staff while creating new uncertainty and externalising Amicale activities."
European Authorities, Already Bribed and Infiltrated by Microsoft, Won't Help You Find BigBlueButton, Jami, Ring, and Jitsi
Because they're paid by Microsoft and are Microsoft 'addicts' themselves
UEFI Secure Boot Failing, as Expected for Nearly 15 Years Already (Techrights Said This Since 2012)
in the media
Debian 9/11
people report this issue
Gemini and Web Links 13/09/2025: MElon's Slop Grift and "Autonomous Trains"
Links for the day
Moving From Content Management Systems (CMSs) to Static Site Generators (SSGs) Saves You Time, Makes You a Lot More Productive
try to reduce the cost (financial and computational) of running your site
Pursuing Peace Through Violence
You cannot "see" a person's mind, until the mouth opens
Leak: European Patent Office (EPO) is Now Attacking Amicale Clubs
corruption has become the norm and scientists are robbed of any dignity
Can We Please Stop Celebrating Shooters?
"An important point to hammer on is that CoCs were never intended for uniform or symmetric application"
Oracle Fraud (or Defrauding Shareholders)
"the obvious [lie] is that watts are (wasted) electricity [and] and FLOPS are computing capacity"
Geminispace is Growing Faster in 2025 Than It Did in 2024
What matters is that corporations haven't ruined it and LLM slop is extremely rare
Links 13/09/2025: China Punishes for 'Negative' Posts, US Police Unable to Find Shooter
Links for the day
Who's the Mystery Financier of SLAPP Against Techrights and Is That a Millionaire/Billionaire?
Whose idea was it to fund meritless lawsuits against my wife and I?
Slopwatch: Slow Slop Day
This distracts from or may take traffic away from the original articles, actually written by actual people
Over at Tux Machines...
GNU/Linux news for the past day
IRC Proceedings: Friday, September 12, 2025
IRC logs for Friday, September 12, 2025