Saturday, July 2

Editorial ABC: Colonize the Ibex



After the unsuccessful assault on Indra, Pedro Sánchez’s purpose is to advance in the takeover of public companies by placing people in his strict confidence at their head. It has already done so, for example, with the Post Office. This colonizing strategy responds to the concept of power that Pedro Sánchez has, a power that requires obedience, submission and loyalty. The Judicial Power, with the mutilation of the powers of its General Council, and the educational system, with the umpteenth reduction of its quality by a socialist law, are examples that the idea of ​​control is absolute, without spaces for freedom of judgment or independence. Nor is it a novelty, because the left has always had an absorbing concept of power, although it seemed that this authoritarian aspect had been relegated to the extremes of the left. It is clear that this is not the case, at least in Spain, where the PSOE has exchanged pragmatic social democracy for populist authoritarianism. In addition, La Moncloa broadens its horizons to the Ibex 35 companies. More than a dozen of them will have to renew twenty-two independent directors before July 2022. It is an opportunity for Sánchez and his infiltration tactics, always with the presumption of that will continue in the Government until the theoretical end of the legislature. Pressure mechanisms are not lacking in a government that is unscrupulous with the forms and even less with the contents. Public criticism of banking by the ERE – previously known and consented to by the Government itself – or by the salaries of its senior executives show coercive resources, without counting on the Official State Gazette, sufficient to subdue the most resistant companies. The vote of the Fund for Orderly Banking Restructuring (FROB), that is to say, of the State, contrary to the salary increase of the president of Bankia, was a declaration of intent. Leaders of bodies as relevant as the National Markets and Competition Commission already have appointments of notorious affinity with the Government, and the National Securities Market Commission will have to fill two positions on its board in 2022, another temptation for an expansionist PSOE and controller.

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The point is, none of this is innocent to markets, European regulators and foreign governments. The handling of large companies by the Government is a terrible business card, especially at a stage in which it is necessary to regain the confidence lost during the confinements and global restrictions imposed by the Covid-19 pandemic. Our large companies have a good part of their business outside of Spain, with foreign investors and partners. It is not good to forget this internationalization of companies, because it is incompatible with the nepotist interventionism practiced without concealment by the Government of Pedro Sánchez. Nor is this way of operating innocent for the transparency of wealth, activity and employment management systems. Not only politics must be transparent, but also the relations of political power with the business sector. It results from an insurmountable hypocrisy the sensitive speech of the left with the ‘revolving doors’ when it is covered with rhinoceros skin for the placement of friends. It is a parallel speech to that practiced by the Prime Minister defending democracy while negotiating with coup leaders and pro-ETA members. In Spain there is no problem of quality of democracy, there is a problem of quality of the Government, each day more similar to those autocratic executives from Eastern Europe.

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