As
IMF Briefs on
Spain, Former
Chief Rato
Pushed Bankia
to Bailout,
Safeguards?
By
Matthew
Russell Lee
UNITED
NATIONS, July
27 -- When the
International
Monetary
Fund's mission
chief for
Spain James
Daniel held an
embargoed
(until now)
press call
Friday
morning, he
was
asked about
the flame out
of Bankia,
which was
chaired by
former IMF
chief Rodrigo
Rato.
While
not followed
up on the
call, Rato's
and now the
IMF's role
raise
questions
about the need
for safeguards
given the
revolving door
through which
former IMF
officials
pass. Can
former IMF-ers
benefit
from bail outs
or "programs"
of the the
IMF?
The
story of
Bankia and its
IPO is an ugly
and extensive
one. The
global
co-ordinators
on the deal
were Deutsche
Bank -- which,
as Inner City
Press has
noted, has a
former
official now
on the Federal
Reserve Board
-- J.P.
Morgan, Bank
of America
Merrill Lynch,
and UBS.
The retail
underwriters
on the retail
tranche were
Bankinter,
Sabadell and
Barclays, now
of LIBOR fame.
L'affaire
DSK
garnered
worldwide
media
coverage. But
what of
financial
scandals
involving
former IMF
officials?
Watch this
site.
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