Spain’s anti-bank majority is celebrating a major victory after the country’s high court opened a criminal investigation into Rodrigo Rato, the former head of Spain’s biggest mortgage lender, Bankia. Rato, once a big wheel within the IMF, has been given a court date to face criminal fraud accusations relating to the downfall of Bankia, the banking giant at the epicentre of Spain’s economic disaster.
Rodrigo Rato, once a powerful economic minister, has suffered a cliff-fall from grace. An internationally respected official and still well-regarded inside Rajoy’s ruling centre-right People’s Party, Rato has become the focus of public anger about banking practices and recklessness.
Prime Minister Mariano Rajoy forced Rato, 63, to quit Bankia seven weeks ago, just before the bank was nationalised and became the biggest-ever failed Spanish lender. On May 10th this year, The Slog posted: