January 23, 200521 yr Spain launches probe after Barclays ordered to pay 1.1 quadrillion euros Tue Jan 18, 1:59 PM ET MADRID (AP) - A Spanish judicial body said Tuesday it will investigate how Barclays bank received a court order to pay 1.1 quadrillion euros ($1.4 quadrillion US) in compensation to the former owner of a Spanish bank it acquired a quarter of a century ago. The amount - a quadrillion is a 1 followed by 15 zeros - is the equivalent of 1,400 times Spain's gross domestic product, or the wealth that Spaniards could generate in 1,000 years, news dailies said, triggering speculation that the figure may have been the result of a typographical error by the Madrid court. "It looks as if it's a mistake, but we have no information yet," said an official with the court watch agency, called the General Council of the Judiciary. Barclays received the order Monday from a Madrid court to pay the money to Domingo Lopez Alonso, the former owner of Banco de Valladolid. The Spanish subsidiary of the British bank issued a statement arguing that the case dates back to before it took over the Banco de Valladolid in 1981 and, as such, it has nothing to do with Barclays. Spain's state-run Deposit Guarantee Fund, which took over the deeply troubled Valladolid bank in 1978 before Barclays moved in, issued a similar statement, insisting the "issue will not have any impact for Barclays" in Spain or the Barclays Group as a whole. The fund said that after Barclays acquired the bank, the fund agreed to exempt Barclays from any legal proceedings brought by Lopez Alonso. Instead, the fund itself would bear the brunt of such action, the fund said. The fund said it would seek clarification as to whether the amount demanded was genuine. A banking source said the judge acted correctly in notifying Barclays, but the fund would take responsibility for any compensation payment. Lopez Alonso sold his majority share in Banco de Valladolid to the forerunner of the Deposit Guarantee Fund as part of a restructuring plan designed to bail the bank out. He filed suit for damages, complaining he was cheated. Ok, let's hear it, what would you buy with 1.4 quadrillion dollars? I think I'd start with something small... ..maybe Canada.
January 23, 200521 yr triggering speculation that the figure may have been the result of a typographical error by the Madrid court. um, i'd hope so.
January 23, 200521 yr QUOTE(Mr. Zero @ Jan 23, 2005 -> 02:30 PM) Ok, let's hear it, what would you buy with 1.4 quadrillion dollars? I think I'd start with something small... ..maybe Canada. Who is Canada's agent, Scott Borass? They aren't worth more than 1 quardrillion
January 23, 200521 yr To start i would buy the Sox and the Cubs. I would turn the Sox into a world champion team by getting whoever KW wanted. I would be the worst owner in history for the cubs. I would keep them to a $19 million payroll. Then i would purchase illinois and change its name to Mattopia and change chicagos name to Mattopolis. I would buy CTA and buses will be called MATTS. The sears tower would be my mansion. I would build an airport called Matts Field. I might buy outer space if i have some extra cash.
January 23, 200521 yr Maybe it was 1.4 quadrillion pesos, in that case it would be worth $1456.65 give or take a penny.
January 23, 200521 yr QUOTE(Chisoxmatt @ Jan 23, 2005 -> 04:40 PM) To start i would buy the Sox and the Cubs. I would turn the Sox into a world champion team by getting whoever KW wanted. I would be the worst owner in history for the cubs. I would keep them to a $19 million payroll. Then i would purchase illinois and change its name to Mattopia and change chicagos name to Mattopolis. I would buy CTA and buses will be called MATTS. The sears tower would be my mansion. I would build an airport called Matts Field. I might buy outer space if i have some extra cash. AH Vanity. Why stop at Illinois. Buy the whole northwest and make it a country. Mattopia!
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