Mario Conde
Mario Antonio Conde | |
|---|---|
| Born | September 14, 1948 Tui, Pontevedra, Spain |
| Occupation(s) | Entrepreneur, ex-banker, former state attorney, political figure, writer |
| Known for | Chairman of Banesto (1987–1993), involvement in Banesto's financial crisis and legal consequences |
Mario Antonio Conde (born 14 September 1948) is a Spanish entrepreneur, ex-banker, former state attorney, and political figure. He held the position of chairman at Banesto from November 1987 until December 1993, when he was removed and the bank was taken over by the Bank of Spain, marking the first significant governmental intervention in a financial institution. At his zenith in 1987, Conde, then 38 years old, controlled assets equivalent to more than 1% of Spain's GDP.
The son of a customs inspector, Conde distinguished himself academically by graduating with top honors in law from the University of Deusto. At age 24, he became Spain’s youngest and highest-ranking member of the State Lawyers Corps, accomplishing this feat in just over one year compared to the usual five.
Following two years at the Ministry of Finance, Conde entered into a partnership with businessman Juan Abelló and joined his family’s laboratory board. After selling that laboratory to Merck Sharp & Dohme in 1984, they acquired control over Antibióticos S.A., a prominent antibiotics manufacturer. In March 1987, they completed one of Spain’s largest private sector deals by selling Antibióticos to Montedison for US$450 million (approximately US$1 billion in today’s terms).
With capital from this transaction, Conde and Abelló purchased significant shares in Banesto and joined its management team. On 30 November 1987, Conde was appointed executive chairman, becoming the youngest bank chairman in Spain at that time. However, after six years marked by alleged mismanagement and excessive credit issuance, Banesto encountered a patrimonial deficit of €3.6 billion (~US$7.2 billion) by December 1993. This situation prompted a trading suspension by the Comisión Nacional del Mercado de Valores and intervention by the Bank of Spain, which appointed Alfredo Sáenz Abad as interim chairman.
Conde was detained between December 1994 and January 1995 and subsequently sentenced to ten years in prison in March 2000 for his involvement in Banesto's downfall; this sentence was extended to twenty years by the Supreme Court in 2002. He served eleven years before being granted parole.
For an extended period, Mario Conde epitomized the self-made individual and was admired as "the real life Great Gatsby," while also being criticized as "Spain’s Machiavelli."
Biography
Born on 14 September 1948 in Tui, province of Pontevedra, he obtained a Licentiate degree in Law from the University of Deusto with outstanding academic achievements, including the Extraordinary Prize for his degree.
He entered the State Lawyers Corps in 1973 as the top candidate among his peers. Initially assigned to Toledo and later to the Ministry of Finance in Madrid, he left public service in 1976 to pursue opportunities within the private sector.
Representing the ambitious spirit typical of Spain’s 1980s yuppie generation, Conde became a principal shareholder of Banco Español de Crédito (Banesto) in October 1987. Shortly thereafter, on 30 November, he was named Chairman of Banesto, a role he held until December 1993. His successful career came to an end when Banesto was declared insolvent.
With an estimated patrimonial shortfall amounting to 450 billion pesetas (roughly €2.7 billion), trading was suspended on 28 December 1993 by Luis Carlos Croissier, President of the Comisión Nacional del Mercado de Valores. The Bank of Spain stepped in and appointed Alfredo Sáenz Abad as temporary chairman. Conde faced legal repercussions including preventive detention from December 1994 to January 1995 and imprisonment related to the "Argentia Trust" case (1998–1999). In March 2000, he received a ten-year sentence for matters related to Banesto; this was increased to twenty years by the Supreme Court in 2002. He ultimately served eleven years before being released on parole.
In 1998, Conde joined the Democratic and Social Centre (CDS), running as their candidate for prime minister and leading their Madrid list during the 2000 general election. The CDS failed to win any parliamentary seats.
He contributed to Intereconomía TV, mainly appearing as a panelist on El gato al agua and briefly hosting Una hora con Mario, a late-night program aired in June 2011.
In 2011, Conde founded Sociedad Civil y Democracia (SCD), becoming its president at the founding assembly held in October 2012. He led SCD into the October 2012 Galician regional elections as head of its list for Pontevedra. The party’s platform criticized what it described as Spain’s "inefficient" autonomous system. Although SCD did not participate in November 2012 Catalan regional elections, Conde publicly supported Citizens. He resigned from party leadership in May 2013; María Jamardo succeeded him. By early 2014, SCD was close to dissolution amid competition from rising parties like Vox, with many members defecting.
In April 2016, Conde was arrested again alongside family members over allegations involving fraudulent capital transfers connected to his cosmetics business, linked with unpaid employees and offshore funds.
Throughout his career, several prominent Spanish figures have defended Conde, suggesting that his legal challenges and downfall were orchestrated by influential individuals including former prime ministers Felipe Gonzalez and José María Aznar.
Writer
Following his period at Banesto, Mario Conde launched the publication MC and penned several books in Spanish that recount his encounters with authority, incarceration, Taoist philosophy, and spirituality. His most recognized publication, The System, presents his analysis of the covert forces steering the nation—namely financiers, government officials, and media leaders. Xavier Casals characterizes Conde's approach as a "protestatary" variant of populism aimed at challenging economic and political powerholders.
Honours
- Complutense University of Madrid: Awarded Doctor Honoris Causa (1993–2016)
Bibliography
- Asalto al poder by Jesús Cacho – Investigates the illicit alliance between Abelló and Conde that endangered a prominent Spanish bank later salvaged by Santander.
- Duelo of titanes by Jesús Cacho – Details the unsuccessful merger attempt between Banesto and the Central Bank.
- M.C. by Jesús Cacho – Explores the circumstances surrounding Banesto's regulatory intervention.
- Conde, el ángel caído (The Fallen Angel) by Luis Herrero