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All 'legal', ex-IMF head Rato says in embezzlement trial

Former IMF chief Rodrigo Rato said Tuesday that using the funds of banks he headed up for personal use was "completely legal," as he took the stand in a trial for embezzlement. The former economy minister is accused of overseeing a system while at Spain's Caja Madrid and then at Bankia that helped him and 64 others also on trial to use funds on items such as parties and luxury shopping without justifying or declaring the spending.
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MADRID (Reuters) - Spanish judges ordered a search of the Madrid home of former International Monetary Fund chief Rodrigo Rato as part of an investigation into tax paid on his personal wealth, a court statement said on Thursday.

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Rodrigo Rato, the ex-managing director of the International Monetary Fund and former deputy prime minister of Spain, just got released from policy custody. Rato was arrested for alleged tax fraud, concealment of assets and money lau...

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