Spain’s top central bankers have been hauled into court and are facing jail sentences after being charged with a lengthy rap sheet of criminal offenses against the people of their country. Spanish authorities allege the central bankers encouraged the Spanish people to buy shares in a new bank they knew was guaranteed to fail – but which they also knew would be bailed out by the government and taxpayers. This scheme made the central bankers a fortune twice over – while leaving the Spanish people out of pocket twice. While central bankers around the world are generally considered to be above the law, Spanish authorities have unraveled this criminal enterprise and are determined to prosecute every banker involved, from the bottom right to the top. Rodrigo Rato, former head of the International Monetary Fund, during Bankia’s launch. At least 65 members of Bankia’s management team are facing jail time including its former President and ex-chief of the IMF, Rodrigo Rato, who personally faces charges of money laundering, tax fraud, and embezzlement. By demanding that bankers be subject to the same laws as the rest of society, Spain is opting for a very different strategy in the wake of the financial crisis [...]
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