EX-IMF Chief On Trial For Most Obvious Type Of Fraud

Rodrigo Rato, who served as the head of the International Monetary Fund from 2004-2007, is on trial in Spain with 64 other bankers for allegedly racking up around $13 million on company credit cards for personal travel, entertainment and luxury clothes. The credit cards were issued by Bankia when Rato was at the helm, but before the Spanish bank was bailed out by its government in 2012. If convicted, Rato could face more than four years in jail and a $3 million fine. Consider this a win for finance regulation activists, who began investigating Rato in 2012. You could almost hear Elizabeth Warren cheering from across the pond.