Former finance minister and MD of IMF (2004-2007), extremely well-connected at the top of Spanish and European political and business circles.
Became CEO of Bankia in 2010, resigned in May 2012.
Bankia is a new Spanish bank formed from the merger of 7 other banks, as part of the Spanish banking crisis.
Promoted the health of Bankia, and sold shares to hundreds of thousands of small investors not long before Bankia was bailed out by Spanish government.
2011 profit announced of 309 million euros, restated to 3 billion euro loss after Rato's resignation.
Rato now under investigation for fraud.
IPO at time where management had to know the extent of the damage in the bank. Either it was fraud, or massive incompetence.