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A real mess but I am sure I heard on the radio 5 live that some of the directors had loaned themselves money about a billion euros and that those debts would be written off. That cant be true can it. Basically the biggest bank job of all time.
Surprised this has never come up here before. It makes the bunch of bankers in London look pretty harmless. As I remember it, a large shareholder(s) was going to dump a load of shares which would have wiped a fair few € off the value, so the bank got onto it's next ten or so biggest shareholders (now known as the golden circle or something) asked them if they'd buy the shares, with a loan from the bank to aid such purchase. And guess what they could use as collateral against the loan? Yep, the shares. Beaowtifool!