Thursday, December 20, 2012

Former IMF chief Rodrigo Rato in the Spanish courts

Former IMF chief Rodrigo Rato in the Spanish courts

The former IMF chief and former President of Bankia, Rodrigo Rato, arrived in court Thursday, December 20th Madrid's National Court to be heard by a judge investigating a complaint against the bank, symbol of Spain excesses of the housing bubble.

Rodrigo Rato, who arrived quietly in the car, was greeted by dozens of demonstrators shouting "Where's our money?", "Thief", "Rato, in prison." Demonstrators accused the bank of having presented the preferential participations Bankia as safe investments, while these risky securities were heavily devalued after the rescue of the bank. IPO at a price of 3.75 euros, the value of the bank has been reduced by more than five in a year and a half.


Nationalized in May, Bankia been a rescue historic 23.5 billion, which was precipitated in June wider demand help from Spain to the euro zone's banking sector, 100 billion euros maximum. Justice announced on July 4 have opened a case against Bankia, its parent BFA, Rodrigo Rato, 63, and 32 other officials of the bank, born in late 2010 the union of seven savings banks in difficulty, the oldest, Caja Madrid.

The National Court hearing the case of the centrist party UPyD, which targets crime of "fraud" of "embezzlement" of "falsification of accounts", "Administration fraudulent and unfair" and "handling price. " The anticorruption prosecutor has opened a preliminary investigation into possible fraud in the creation of Bankia and its IPO.

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