Miguel Blesa de la Parra (1947 – 2017) was a Spanish banker and civil servant, best known for his long tenure as the chairman of Caja Madrid, one of Spain's largest savings banks, from 1996 to 2009. His career ended in controversy and legal troubles related to financial mismanagement and corruption.
Early Life and Career
Born in Linares, Jaén, Blesa pursued a career in public administration after studying law. He served as a state tax inspector and held various positions in the Ministry of Economy and Finance. His early career was closely linked to José María Aznar, whom he met during their time as state inspectors. Aznar's rise to power as Prime Minister of Spain (1996-2004) significantly influenced Blesa's appointment to the top position at Caja Madrid.
Chairman of Caja Madrid (1996-2009)
Under Blesa's leadership, Caja Madrid underwent significant expansion and diversification. He oversaw the acquisition of City National Bank of Florida in 2008, a move that later drew criticism for its high cost. While initially seen as a successful modernizer, his management style and various financial decisions came under intense scrutiny following the 2008 global financial crisis and the subsequent collapse of parts of the Spanish banking sector.
Financial Scandals and Legal Troubles
Blesa became a central figure in several high-profile financial scandals that emerged after his departure from Caja Madrid:
- "Black Cards" (Tarjetas Black) Scandal: This was the most prominent case against him. Blesa and other executives and board members of Caja Madrid (and later Bankia, formed from Caja Madrid and other banks) were found to have used undeclared corporate credit cards for personal expenses without proper justification or tax payment. The cards functioned outside official accounting, effectively as a slush fund. In 2017, Blesa was convicted and sentenced to six years in prison for misappropriation of funds in this case.
- Bankia Merger and IPO: After leaving Caja Madrid, Blesa was instrumental in the creation of Bankia, a merger of seven Spanish savings banks, which later required a massive government bailout. Investigations into the initial public offering (IPO) of Bankia revealed alleged accounting irregularities and a misleading prospectus, which led to further legal proceedings.
- Mis-selling of Preference Shares (Participaciones Preferentes): Caja Madrid, under Blesa, was heavily involved in selling complex and illiquid preference shares to ordinary retail investors, many of whom did not understand the risks involved and later lost substantial savings.
Death
On July 19, 2017, Miguel Blesa was found dead with a gunshot wound to the chest at a hunting estate in Córdoba. His death was officially ruled a suicide by Spanish authorities, though it occurred just months after his conviction in the "black cards" case. His passing brought a controversial end to a life marked by significant influence in Spanish finance and a subsequent fall from grace due to financial misconduct.