About 300,000 Spaniards who, in the midst of a brutal recession, have seen their life savings virtually wiped out in what critics call a deceptive and possibly fraudulent sales campaign by banks that were threatened by the implosion of Spain’s property market. http://www.nytimes.com/2013/07/09/world/europe/spaniards-fight-to-get-savings-back.html?ref=world   Spaniards were easily misled when bank officials hit on the idea of raising capital and cleaning debts off their books by getting people with savings accounts to invest in their banks instead. When some of these banks essentially failed about two years ago, they were unable to withdraw their money.
Soon, they came to understand that they had purchased complex financial products, originally designed for sophisticated investors. They had become creditors, and not at the head of the line, either. These small-time savers who invested $40,000 on average have lost a collective $10.3 billion.
Some accuse Spain’s savings banks of fraud, by taking advantage of their most vulnerable customers when they already knew they were in trouble and facing possible bankruptcy.
Most of the clients believed they were getting a good rate because they, as longtime clients of the banks, were preferred customers.
In the past two years, the Spanish banking sector has been restructured and bailed out by the European Union. Most of the savings banks have been absorbed into the country’s  bigger banks. Most of those rescued were big international banks and investors.
These bankers should probably go to jail. Some are under investigation, but not in connection with this disaster.   
“I said, ‘Have you no shame? You said there was no risk.’ ” said one customer.