Rodrigo Rato

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Rodrigo de Rato y Figaredo (born 18 March 1949) is a conservative Spanish politician and banker who served in the Spanish government as Minister of Finance and Vice President from 1996 to 2004.

He was the managing director of the International Monetary Fund (IMF) from 2004 to 2007, and Bankia president from 2010 to 2012. Rato was arrested on April 16th, 2015, for suspected fraud, embezzlement, and money laundering.

When his name appeared in the Panama Papers a year earlier, his case was still awaiting trial.

Despite his previous claims that he did not have companies in tax havens, he seems to have used two offshore companies to avoid taxes on millions of euros held offshore.

Rato has been found guilty of embezzlement and sentenced to 412 years in prison on February 23, 2017.

Rato was released in September 2018 by the Supreme Court of Spain, and the sentence was suspended on October 25th.

Early life and education

Rodrigo de Rato was born in Madrid and into a wealthy textile-owning family from Asturias. He is the great-grandson of politician Faustino Rodro of Venezuela and the son of businessman Ramón Rato who was jailed in 1967 for tax evasion to Switzerland through his Banco Siero, as well as Aurora Figaredo Sela. Both the Rato and the Figayo sides of his family's owned businesses and nobility titles were included in his book. Rato attended Notre Dame College in Madrid before studying law at Complutense University.

Rato graduated from the University of California, Berkeley, in 1971, and obtained an MBA from the Haas School of Business.

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Career

Rato became involved in family business in 1975, first in Fuensanta, an Asturian mineral water company, and later in two Madrid construction companies. He also participated in the development of the Cadena Rato chain of radio stations.

Rato became a member of the newly formed Popular Alliance (AP), which was headed by Manuel Fraga, a close personal friend of his father. Rato was elected to the national executive committee in December 1979 and became the secretary of the AP economic commission. He became one of the party's five Secretaries-General in February 1981 and was thought to be their economic specialist. He favors tighter controls on public expenditures as well as a strong emphasis on the demand side of economics. Despite not having no links to this Andalucian town, he gained election as an AP member of the Congress of Deputies for Cádiz in October 1982. He served in the area until 1989 and then went to Madrid from 1989 to 2000.

The 1982 election marked the start of the PSOE and Felipe González's long-serving reign. Rato was the Secretary of the parliamentary party from 1984-2004. He then became their national affairs spokesperson, where he impressed the party with his attacks on the PSOE's economic policies. He was seen on the Liberal wing of the party.

When Fraga resigned from his role in December 1986, Rato helped Miguel Herrero de Migodron, who lost the leadership to Antonio Hernández Mancha but maintained his positions within the group. He continued his business career in Aguensanta from 1978 to 1982; he served as chairman from 1985 to 1991. After the generally acknowledged failure of Hernández Mancha's leadership, Fraga became interim President in June 1989. People's Party (PP) was marginalized within the party, which later became the People's Party. With Francisco lvarez-Cascos Fernández, the new party Secretary General, Rato was given joint responsibility for the elections. José Marznar, the former prime minister of the United Republic, was a close aide who was voted the new PP leader on September 4th.

Despite his campaign's success, the PP lost the general election on October 29th, though his presence in the campaign earned him national attention. He was later named party spokesman. On April 2, 1990, his father sold Cadena Rato's family interest for 5 billion pesetas. He ceased being President of Fuensanta in June 1991, but he stayed on the board until 1993. On June 6, the PP lost another general election to PSOE. He was named as one of the party's three vice secretaries in the 12th National Congress in January 1996.

The PP won the general election on March 3, 1996. Aznar was Spain's Prime Minister on May 4th, and Rato became Spain's second Vice President and Minister of Finance on May 6th. The PP won again on March 12, 2000, this time with a landslide. His ministries were reorganised, and he gave all his authority to Cristóbal Montoro Romero, who became Minister of Finance. He was required to combat multiple allegations of incompatibility between his public office and his private business interests in his second term.

Rato took over as the IMF's temporary Managing Director on June 7, 2004, taking over from Anne Krueger, who had been named (and later elected) President of Germany.

Rato resigned from his position in October 2007, citing personal reasons. Former French Ministers for Economics, Finance, and Industry, Dominique Strauss-Kahn, was elected by the International Monetary Fund's 24 executive directors on September 28th, over former Czech Prime Minister Josef Tovsk to be the next managing director in succession to Rato.

Career in the private sector

Rato, a public savings bank headquartered in Madrid, took over Caja Madrid's presidency in 2010, and after a merger with other six savings banks, he took over the administration of the new company, which was now called Bankia. He resigned on May 7th, 2012, citing growing concerns about the bank's solvency. Although the bank's main capital ratio was 10,4%, the Popular Party Government planned to lend 8 billion euros to the bank to improve its solvency, as was done throughout Europe (e.g.). There is a ing and a Northern Rock crisis. Rato resigned due to his political ties to the ruling PP, which had decided to inject the funds. In 2011, due to new regulations for rescued banks, his salary went from €2.3 million to €600,000 annually.

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