Spanish activists raise money to sue bank boss at center of financial crisis

A group of Spanish activists organized under the #QuerellaPaRato ("Lawsuit for Rato") hashtag, have raised a large private fund to pay for a civil action against Rodrigo Rato, the disgraced former chairman of Bankia, one of the banks at the heart of the Spanish financial crisis. The activists also plan on paying private investigators to amass as dossier detailing Rato's wrongdoings in the hopes that Spain's prosecutors will bring criminal charges against the banker.

In the first 12 hours of the campaign, organisers reported that dozens of Bankia shareholders, as well as former employees, agreed to testify against Rato in a lawsuit. According to a survey by Spanish paper El País, 91% of respondents want an investigation of Rato's management of Bankia...

"Bankia did not last even two years; how is it that Rodrigo Rato leaves his position, hastily and receiving millions in compensations without anyone in an institution having asked nothing before, without anyone asking for an explanation, and nobody asking for an investigation? The Spanish political class is complicit in covering up anything that could have happened, and even more troubling, will continue to do so."

Demanding #QuerellaPaRato (via Techdirt)