Bankrupt banker’s family reduced to “baking cakes” to make ends meet

BES || Bankrupt banker’s family reduced to “baking cakes” to make ends meet

The parliamentary inquiry into the collapse of Portugal’s largest private bank heard yesterday how members of the Espírito Santo family have been reduced to baking cakes to sell in restaurants to make ends meet.
After an extraordinary performance by the bank’s patriarch – currently on bail for €3 million suspected of fraud and corruption on a massive scale – the inquiry has been hearing from other members of the board, all of whom refute the story put out by Ricardo (dono disto tudo/boss of all this) Salgado.
Salgado told the inquiry on Monday that he had always acted to the best of his abilities, and knew nothing about the parlous state of the bank that led to a €4.9 billion bailout after eye-watering losses were finally made public.
But yesterday a former board member, Pedro Queiroz Pereira, refuted Salgado’s story, saying it was “impossible” for anything to happen in the BES/GES “empire” without Salgado’s knowledge.
“Nothing happened without him,” he told MPs, before he revealed the information that “the sisters of Ricardo Salgado stay home at nights making cakes to sell in restaurants, and he never worried about defending them”.
It was yet another extraordinary revelation in a story that has gripped the nation – along with the ongoing ‘soap’ of a former prime minister languishing in jail alongside convicted policemen.
The parliamentary inquiry is now in full swing having quizzed Salgado’s estranged cousin José Maria Ricciardi long into the night on Monday, to hear the former administrator of Grupo Espírito Santo also refute almost everything Salgado had told them earlier morning.
As the inquiry hears today from Salgado’s so-called right-hand man at BES, Amílcar Morais Pires, newspapers today are full of stories of how much BES family members and managers donated to the fund of Cavaco Silva, when he made his successful bid for the presidency of the Republic in 2011.