Former IMF Chief Sent To Jail As Spain Prosecutes 65 Elite Bankers In Enormous Corruption Scandal

Tyler Durden's picture

Via Matt Agorist of ActivistPost.com,

In many other countries, excluding the United States, corrupt bankers are often brought to task by their respective governments. The most recent example of a corrupt banker being held accountable comes out of Spain, in which the former head of the International Monetary Fund (IMF), Rodrigo Rato was sentenced to four years and six months behind bars.

According to the AFP, Spain’s National Court, which deals with corruption and financial crime cases, said he had been found guilty of embezzlement when he headed up Caja Madrid and Bankia, at a time when both groups were having difficulties.

Rato, who is tied to a slew of other allegations was convicted and sentenced for misusing €12m between 2003 and 2012 — sometimes splashing out at the height of Spain’s economic crisis, according to the AFP.

The people of Spain were outraged over the scandal as it was discovered during the height of a severe financial crisis in which banks were receiving millions in taxpayer dollars. Bankia was eventually nationalized and given 22 billion in public money.

Although he was sentenced, Rato, who is also a former Spanish economy minister, remains at liberty pending a possible appeal because of highly connected elite status.

Rato was brought down in a massive effort by Spain to get rid of corruption within the banking system. The problem had gotten so bad, that Spain decided to clean house, and 65 people, include Rato, were brought to task.

According to the AFP, they were accused of having paid for personal expenses with credit cards put at their disposal by both Caja Madrid and Bankia, without ever justifying them or declaring them to tax authorities. These expenses included petrol for their cars, supermarket shopping, holidays, luxury bags or parties in nightclubs.

According to the indictment, Rato maintained the “corrupt system” established by his predecessor Miguel Blesa when he took the reins of Caja Madrid in 2010, reports the AFP. He then replicated the system when he took charge of Bankia, a group born in 2011 out of the merger of Caja Madrid with six other savings banks, prosecutors said.

According to the report:

Rato was economy minister and deputy prime minister in the conservative government of Jose Maria Aznar from 1996 to 2004, before going on to head up the IMF until 2007. His subsequent career as a banker was short-lived — from 2010 to 2012 — but apart from the credit cards case, it also led to another banking scandal considered the country’s biggest ever.

 

Thousands of small-scale investors lost their money after they were persuaded to convert their savings to shares ahead of the flotation of Bankia in 2011, with Rato at the reins. Less than a year later, he resigned as it became known that Bankia was in dire straits.

The state injected billions of euros but faced with the scale of Bankia’s losses and trouble at other banks, it asked the EU for a bailout for the banking sector and eventually received €41bn.

Rato and others were probed, accused of misleading small investors in the listing of Bankia, which has since paid out €1.2bn in compensation.

To highlight the utter corruption within the banking cartel that is the IMF, Rato is the third former chief to be ousted for illegal activity.

For those who don’t remember, Rato’s successor, Dominique Strauss-Kahn, was tried in 2015 on pimping charges in a lurid sex scandal. Naturally, he was acquitted — in spite of the fact that he admitted to engaging in illicit sex with prostitutes at a series of orgies that supposedly took place at the Hotel Carlton in the northern French city of Lille. The court sided with DSK and agreed that he had no idea the women he repeatedly filled the orgies with were being paid.

Christine Lagarde, who took over from Strauss-Kahn and is the current IMF chief, In December, was found guilty of “negligence” for approving a massive government payout to business tycoon Bernard Tapie during her tenure as French finance minister.

Despite being found guilty of corruption, Lagarde was not sentenced to a single day in jail. She has since been meeting with Trump’s Goldman Sachs-connected Treasury Secretary, Steven Mnuchin, noting that they’ve had “some very positive discussions.”

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flaminratzazz's picture

I hear Spain is pretty. tho I've never been

Daniel says it is the best place that he has ever seen

 

Time to move?

flaminratzazz's picture

no shit, eh? hill. bill. crackhead jr, darth cheney..the list is fvkin endless

Il Dottore's picture
Il Dottore (not verified) flaminratzazz Feb 27, 2017 1:52 PM

Let me tell ya a fairy tale about Spain from last week, as catalan...

The daughter of the former King of Spain and her husband were condemned to pay 250K euros plus 350K euros and 6 years of jail, respectively.
Reasons? Stealing 9M of euros from public budgets.

Now we pay with our taxes to this woman exactly that every year, around 250k.

Then, his husband, having been given 6 years.. there was no fucking way he could escape nor reduce the punishment, cause it overpasses 5 years limit. Well guess what.. free, in Geneva, no jail, just the penalty...

Yes there will be judgements for these bankers too.
No, they will not be condemend at all.
Thats all folks

"Spanish king’s brother-in-law avoids preventive detention in fraud case
Iñaki Urdangarin allowed to continue living in Switzerland and will not have to pay "

http://elpais.com/elpais/2017/02/22/inenglish/1487763712_829149.html

El Oregonian's picture

4 years and 6 months!?! I can do that sitting on the crapper!

Au_Ag_CuPbCu's picture

Bankers are corrupt...who knew?

Chris Dakota's picture
Chris Dakota (not verified) flaminratzazz Feb 27, 2017 2:59 PM

Pluto Capricorn, told ya so..hahaha

Raffie's picture

Let's hope this goes global.

 

E.F. Mutton's picture

They read the wrong subpoena envelope. The real one said "All Bankers +100% Bonus and free Skittles for life"

Price-Waterhouse-Rothschild apologized soon after.

TeamDepends's picture

It took Rato's accountants of Acker & Talmadge
To set him on his feet again

Il Dottore's picture
Il Dottore (not verified) flaminratzazz Feb 27, 2017 1:33 PM

.

rockstone's picture

I hear the ladies are insane there.....

Darktarra's picture

So when will they be locking up Greenspan, Yallen and Berneke? 

Fed-up with being Sick and Tired's picture

Spain is awesome, the food is REALLY INCREDIBLE and Sevilla, though a big city, has small squares and lovely Tapa Places...more expensive Rooms. We are returning the Sevilla this fall.

Omen IV's picture

Sevilla in April for the festival is the best time of year - great people

ciscokid's picture

Go enjoy the sunshine but do NOT live there, bunch of lazy
Buggers.

Logan 5's picture
Logan 5 (not verified) flaminratzazz Feb 27, 2017 2:46 PM

He should know he's been there enough

Koba the Dread's picture

Spain has been filled with drunk English since the 70s. Lionel Asbo will be your next-door neighbor.

Dugald's picture

 

"The problem had gotten so bad" -  The problem had become so bad......speak engrish much?

Raffie's picture

http://www.charismanews.com/politics/issues/61220-firefighter-prophet-up...

'Taylor and Wiles then discussed the likelihood there will be tribunals convened in which divine justice will be meted out. They agreed the Lord was telling them these tribunals would be of the kind not seen since the Nuremberg Trials of former Nazi regime leaders after World War II.'

"What I am actually hearing is that these tribunals will make Nuremberg look like a cake walk because this corruption goes so deep and it goes worldwide because the Clinton Foundation goes worldwide," Taylor said. "I think it's going to be on an international level."

I LIKE IT...

 

fleur de lis's picture

Nuremburg was a kangaroo court.

The real instigators never set foot in that court, but they enjoyed the footage of the trial and executions.

Big time. 

That whole war was a fraud at every level. 

https://www.voltairenet.org/IMG/pdf/Sutton_Wall_Street_and_Hitler.pdf

 

new game's picture

i hope geto has a very large dick...

1stepcloser's picture

Looks like Spain won't be getting a bailout anytime soon.... Debt Serfs don't Jail Money Masters

oddjob's picture

They get Spiderman towels.

English herbsman's picture

Doubtful they are the real perps. 

More like patsys and backers thrown under the bus.

Logan 5's picture

Rouge fat fingered day traders

NugginFuts's picture

"We're gonna need more rope."

buzzsaw99's picture

that could NEVER HAPPEN IN FREEDUMB'S LAND BITCHEZ.

we have the most corrupt gubbermint in the world.

fast and furious's picture

There is no bank fraud, no voter fraud, no Oscars fraud.  What are they talking about/????

buzzsaw99's picture

oscar so gay and negroid bitchez.

flaminratzazz's picture

these fvkin parasites are so entrenched into the "American Way" the nation would die if they were to be removed.

SilverRoofer's picture

Needs to happen in the USA as well 

Jethro's picture

If you included the SEC, every single Congress critter that has profited off of insider trading laws (the rest of us would go to jail for), the entire upper management staff of every single investment bank (top and 3 or 4 tiers below), I think would be a good start.

Kevin Trader's picture

Bankers arent corrupt, they are just misunderstood

JTimchenko's picture

Interesting. I just looked him up on Wikipedia. He attended a Jesuit school. You would think he'd have learned about God and goodness. But, apparently, not. A rat will live like a rat, no matter what. A rat named Rato! How else could he have turned out?

vealparm's picture

And he looks like a rat..........a rat bastard.

StychoKiller's picture

The Society of Jesus (i.e., Jesuits) has quite a sordid History, read up on them in "The Rulers of Evil"

MzMolly's picture

Could this all be part of the pedogate take down, including the 6 Russian ambassadors and officials that have recently, with in the last 60 days, found dead?

GotAFriendInBen's picture

Orange clown gives corrupt banksters promotions

Hurray for the orange clown!!

flaminratzazz's picture

But you gotta do it right. I mean, you gotta have the hole already dug before you show up with a package in the trunk. Otherwise, you're talking about a half-hour to forty-five minutes worth of digging. And who knows who's gonna come along in that time? Pretty soon, you gotta dig a few more holes. You could be there all fuckin' night.

Steeley's picture

Hide the hole, it sucks finding your hole already filled when you get back with your "package"..

hooligan2009's picture

ponders at what point the IMF gets proscribed as an illegal organization after three successive heads over a ten year period are found guilty of fraud, embezzlement, corruption and vice.

as iridium rebel said below "doing god's work" in these cases means "setting the standards for acceptable levels of corruption within the IMF"

they need to get someone from denmark so, in the words of billy wigglestick "something is rotten in the state of denmark"

HenryKissingerChurchill's picture

no guillotine? not even one tomato?

where is the Spaniard PASSION?