Bankia
He assumed the presidency of Caja Madrid in 2010, a public saving bank centered in Community of Madrid and after the merge with other six saving banks he assumed the presidency of the new group now called Bankia. On May 7 he resigned amid growing concerns on the solvency of the bank. Although the core capital ratio was 10,4%, the Popular Party Government planned to lend about 8.000 million euro to the bank to increase its solvency, as was done before throughout Europe (e.g. ING and Northern Rock crisis). Due to his political ties to the governing PP, which decided to inject the funds, Rato resigned. Mr. Rato had his salary cut from €2.3 million to €600,000 annually in 2011 due to new laws for intervened banks.
On 4 July 2012 Rato, along with 30 other former members of the board of directors of Bankia, were charged with accounting irregularities.
Read more about this topic: Rodrigo Rato