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“I realized that loans below 6,000 euro don’t show up in Spain’s bank database,” he says, revealing the first step on the way to accumulating the fortune that later earned him his moniker.
“As soon as I realized this, I started taking out loans of a little over 5,000 euro, accumulating a certain amount over time. Then, having transferred the whole sum to a single account, and having the ability to prove my financial eligibility, I started taking out bigger credit. It was very convenient to take advantage of the fact that Spain doesn’t update its banking database for months on end. That is how, from December 2007 to January 2008 I was able to take out the bulk of the money,” Duran explained.
The anti-capitalist takes pride in his actions against the banking system and believes that they are another step towards networking between other anti-capitalists and the setting up of organizations that can work together toward a global system that is not accountable to the established financial order.
From 2006 until 2008, Duran took out 68 commercial and personal loans from 39 banks in Spain and gave the money to social activities, like financing conferences against capitalism and providing cameras for an alternative TV channel.
originally posted by: sheepslayer247
I'll have to read more in to this, but this guy just took out the loans with no intent on paying it back?
I'm all about breaking the big banks and "sticking it to the man", but if this is what he did.....it's just wrong.
ETA: If you want to change the system, there are better ways. All this man is doing is using a sneaky way to rob the banks in the hopes that he becomes some sort of martyr.
originally posted by: tothetenthpower
He's taking advantage of the nation's people just like the banks have.
If he is indeed taking loans, with no intention of repaying, than those debts are simply going to fall at the feet of the Spanish people once the banks realize what's going on.
I'm not usually one to cry foul when a person pulls a fast one over a bank, but when it comes to messing with a banking economy that has pretty much collapsed already, that's a bit shady IMO.
~Tenth
originally posted by: sheepslayer247
So it's ok to take out a loan, knowing you have no intent of repaying it, as long as we agree with what he did with the money?
originally posted by: JiggyPotamus
The banks don't really own the money to begin with, which is mind blowing if you think about it. I too disagree with how he went about this, simply because it will not make a difference. If it were something that many people would be willing to do, then the system would have to change. But as it stands now only a handful of people will actually do this, and that is not going to hurt the banks very much.