 As a matter of fact, over 150 years of financial history up until the 21st century, crises had affected commercial and investment banks, but not cajas.The reasons why the cajas imploded can be traced back to a 1985 act which altered the composition of the governing bodies by trusting the boards of directors to political parties and trade unions.Over time, the financial crisis unveiled what has been defined as "a culture of greed, cronyism and political meddling" within the cajas, including boards stuffed with political placements generally incapable of analysing the banks' books, often limiting themselves to rubber-stamp decisions.