Between 2008 and 2014, as the accounts were being doctored, Ricardo Salgado risked everything: international credit, clients' money, political influence, friends, etc. One day, the end came. The Espírito Santo family survived the fall of the monarchy, lived and prospered under the dictatorship. They were expelled and nationalized following the Carnation Revolution, but returned in the 80s. They bought back their bank and became the largest and most international Portuguese group.
Season 1
4 episodes
1. Episode 1The bankruptcy of Banco Espírito Santo is the greatest financial disaster in modern Portuguese history—and a global case study. On the day of the resolution, decreed by the Bank of Portugal, it was the third-largest bank in the system and part of a group spread across 50 countries. It had direct influence over Portugal Telecom and close ties to the government, which opened doors to contracts. It was on the verge of controlling a large portion of the media through acquisitions of television channels, newspapers, and radio stations. BES was also the only bank to reject the troika’s bailout funds while still managing to secure international market financing. Ricardo Salgado seemed to withstand everything. This is the first part of the story of the man once dubbed “The Owner of All This.”CC40minOct 14, 2024
2. Episode 2The largest Portuguese financial group is heading toward the edge of a cliff. But no one knows it yet. A businessman in conflict with Ricardo Salgado takes a dossier with the secret numbers of the Espírito Santo Group to the Bank of Portugal. The debts are colossal—and short-term. In Angola, another massive financial hole emerges. There are also dangerous connections between BES and the shadow banking network. Within the family’s High Council, José Maria Ricciardi tries to dethrone his cousin. How long can Ricardo Salgado hold on?CC41minOct 15, 2024
3. Episode 3Ricardo Salgado watches time slip away. But on December 31, 2013, he receives an invaluable gift: a sovereign guarantee signed by the president of Angola, covering the millions of dollars that had disappeared in Luanda. BES seems to be saved. However, the Bank of Portugal has doubts and simultaneously demands a record capital increase in the history of the Portuguese banking system: 1.045 billion euros. The Espírito Santo Group’s overall debt continues to grow. At the bank branches, unrest increases. On television, everything is said to calm the public: BES is not at risk. But is it really?CC41minOct 16, 2024
4. Episode 4On a hot Sunday night in August 2014, television broadcasts are interrupted by a statement to the nation. The Governor of the Bank of Portugal announces that BES has just gone bankrupt. Deposits were saved; the rest remained uncertain. The government did not intervene. Portugal lost its largest financial group. As collateral damage, Portugal Telecom collapsed. Meanwhile, retail clients discovered that their savings in commercial paper were not, in fact, protected. Protests erupted in the streets. Ten years later, thousands of people are still awaiting compensation.CC41minOct 17, 2024
A Ruína do BES
Between 2008 and 2014, as the accounts were being doctored, Ricardo Salgado risked everything: international credit, clients' money, political influence, friends, etc. One day, the end came. The Espírito Santo family survived the fall of the monarchy, lived and prospered under the dictatorship. They were expelled and nationalized following the Carnation Revolution, but returned in the 80s. They bought back their bank and became the largest and most international Portuguese group.
Creators and cast
- Directors
- Daniel Deusdado
Maturity rating
Not yet rated.
Audio languages
Portuguese
Where to watch
Not currently listed on any streaming, rental or purchase service.
Details and artwork from TMDB. Availability from JustWatch and can change without notice.