In 2008, Spanish financial entities needed to increase their capital due to exposure to real state bubble
They sold #PreferredStock and #SubordinatedDebt as fixed rate investment to savers.
#PreferredShares do not provide earnings if entity does not have profits and also do not expire:
u can only sell them if someone in yrs after 2008 wanted to buy them
This was done because the interbank narket was closed after subprime crisis.
Biggest scandals were those of #CAM, #Bankia and #CatalunyaCaixa