Is There Something Morally Wrong With The Madrid Credit?

It is hard to sep­a­rate the dif­fer­ence between the bub­ble that is foot­ball at its high­est level and the real­ity of the world right now.  I read Span­ish news every­day and the head­lines are very sim­i­lar to those here in the United States.

Appar­ently Real Madrid were the affected by a Madoff-type  Ponzi scan­dal.  They seemed to be  Accord­ing to Cadena Ser El Larguero Real Madrid received a €70 mil­lion credit from Banco San­tander.   This money is in an effort to obtain Man­ches­ter United star and reign­ing World Player of the Year Cris­tiano Ronaldo this com­ing sum­mer.  Based on this line of credit, it seems like the Por­tuguese inter­na­tional will most likely be wear­ing white next season.

Part of me says that Madrid is a step closer towards get­ting their man and this whole saga can come to an end.  Another part sees this as the micro­cosm of why the economies around the world are in the crap­per.  Although they have seen increased prof­itabil­ity in Chile and the fur­ther aper­ture of the Asian mar­ket, things are not so good for them in Spain. The news could not have come out at a worse time when Spain´s eco­nomic sit­u­a­tion gets more dire by the day for one of the biggest banks in the Europe Union.  Banco San­tander announced last week that their attrib­ut­able profit fell  and are about to announce the loss of 300 jobs in the con­sumer finance divi­sion as a result of a ¨reor­ga­ni­za­tion¨ that is tak­ing place in that end of the bank.

Part of me wants to say, ¨screw Real Madrid or any other club that gets a line of credit like this¨.  Screw the peo­ple that approved this loan.   Banks like San­tander and BBVA are reluc­tant to lend money to peo­ple because of fears that they would have their bot­tom line affected.   This all occurred after Span­ish Prime Min­is­ter Jose María Rodríguez Zap­a­ter scolded them in a

I feel bad for Juan Doe.  The one that is strug­gling to make ends meet.  The fam­ily that is rejected a loan to buy their house and be able to raise their fam­ily with dig­nity.  Worst of all, this money does not stay in Spain.  The money is going to Eng­land as a pit stop and into the pock­ets of Man­ches­ter United who have to pay off sig­nif­i­cant inter­ests on the loan that the Glaz­ers got for their hos­tile take over of the Man­cun­ian side.   This could be money that could be helped in gen­er­at­ing more jobs in a coun­try that has the high­est per­cent­age of unem­ploy­ment in the entire Euro­pean Union (over 14%).

I mean now is not the time to use money for mat­ters such as these.   The eco­nom­ics of the world do not allow rich bas­tards like these to use up what lit­tle credit and resources there are in order to ful­fill these fan­tasy foot­ball cir­cle jerk ses­sions.  Maybe Vicente Boluda should check out the streets of Madrid and other small towns that are being affected by the finan­cial irresponsibility.

What do you think about Madrid´s line of credit for Cris­tiano Ronaldo?

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