Black card execs handed jail terms

Former IMF chief Rodrigo Rato is among the 65 people convicted

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Rodrigo Rato (left) and Miguel Blesa during the trial (Photo: EPA)

THE “black credit cards” case came to an end last Thursday when the National Court found 65 former bank executives and board members guilty of embezzlement. However, public anger has been expressed after it became clear that some of the biggest names in the scam may avoid jail.

The case centred on credit cards unofficially issued to senior staff at Caja Madrid and Bankia between 2003 and 2012, which were used for private expenditure. Between them, the holders spent around €12.5 million on holidays, luxury goods, expensive restaurants and other items. All 65 have now been ordered to return the cash they misspent, plus interest.

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