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Article updated: 12/24/2012 5:56 AM

Spanish savers fall victim to friendly bankers

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Thousands of townspeople and nearly a million across Spain followed bank manager's advice and invested their life savings in the bank's stocks. Lured by the family-like ties nurtured between bankers and customers, they poured their life's savings into higher-yielding financial instruments recommended by the people managing their money. When boom turned to catastrophic bust, they found the stock they had acquired had become all but worthless.

Associated Press

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Nearly a million people across Spain lured by the family-like ties nurtured between bankers and customers, they poured their life's savings into higher-yielding financial instruments recommended by the people managing their money. When boom turned to catastrophic bust, they found the stock they had acquired had become all but worthless. Once-lifelong friendships have turned to enmity, as victims cry treachery.
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