Fobaproa the FONAPRE ("Fondo de Apoyo Preventivo a las Institiciones de Banca Múltiple" or "Fund of preventive support to banking institutions") was founded to preserve the financial stability of banks, with the government having banks as trustees. By 1987, a parallel finance industry had been created with brokering firms, investment societies etc. To continue attracting investors, interest rates increased at the Bolsa Mexicana de Valores, and with the crash in the New York Stock Exchange, the national banking system was deeply affected and another devaluation came as a result. In 1990, in an attempt to prevent situations similar to those of
Sindicato de Trabajadores Petroleros de la República Mexicana Sindicato de Trabajadores Petroleros de la República Mexicana The Sindicato de Trabajadores Petroleros de la República Mexicana (STPRM) is a trade union of oil workers in Mexico. It is the union for workers at the Mexican, state run, oil company Pemex. The union signed its first collective bargaining agreement with Pemex in 1942. In 2001, it was discovered that funds from the union were being illegally diverted to the campaign of Francisco Labastida by the union chief Carlos Romero Deschamps in a scandal known as Pemexgate. Eleven other officials, including the union treasurer, then senator Ricardo Aldana, were implicated in