Jitters Mount Over Prospect of Catalonian Independence

Raging Bull-shit

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President, you are making a grave mistake.

These are the words that Isidro Fainé, the CEO of Catalonia’s megabank La Caixa, is alleged to have said to the region’s president, Artur Mas, during a private face-to-face meeting last year.

Like many of Spain’s business and finance bigshots, Fainé is growing a little jittery over the prospect of Catalonian independence – and with good reason. The last thing transnational companies or banks want is for new national borders to be erected that restrict their flow of trade or capital.

An unofficial, symmetric trade boycott has already taken its toll on both the Spanish and Catalonian economies. Not even Spain’s biggest bank, Banco Santander, has ecaped the fallout. An associate of mine who works for the bank recently reported losing a high-net worth Catalan client, with over four million euros invested in the bank. The customer had taken offence to…

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