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Former IMF chief gets four years in jail for embezzlement in Spain
https://www.theguardian.com/world/2017/feb/23/former-imf-chief-gets-four-years-jail-after-corruption-trial-in-spain<snip>
The former International Monetary Fund chief Rodrigo Rato has been sentenced to four-and-a-half years in prison for misusing corporate credit cards while in charge of two leading Spanish banks at the height of the country’s financial crisis.
Rato, also a former a Spanish economy minister and deputy prime minister, was found guilty on Thursday of embezzlement, at the end of a five-month trial at Spain’s national court.
He had been on trial with 64 other former executives and board members at Caja Madrid and Bankia banks, whose near collapse sparked an EU bailout of Spain’s financial sector.
Former IMF chief Rodrigo Rato heckled at start of corruption trial
Read more
The defendants had been accused of spending a total of of €12m (£10.5m) between 2003 and 2012, using “black credit cards” to pay for hotels, parties and luxury goods. Prosecutors had claimed the executives used the cards issued to them by Caja Madrid and Bankia without justifying them or declaring them to tax authorities.
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What a bunch
