Spain's High Court sentenced former International Monetary Fund (IMF) chief Rodrigo Rato to four and a half years in prison for embezzling millions from two banks he used to run by using company credit cards.

The court found Mr. Rato and more than 60 other former executives with Bankia and its founding savings bank Caja Madrid were guilty of using undeclared corporate credit cards to finance lavish lifestyles.  While the execs were living it up on almost AU$16.5 Million, Bankia was talking and had to be bailed out at great public expense.

The case was a major test of whether Spain's laws actually applied to the wealthy and powerful.  Before chairing the IMF in Washington, DC between 2004 and 2007, Rato was deputy prime minister in the conservative Popular Party government in 1996. 

The "Black Cards" scandal caused widespread outrage when it broke in 2014, at a time when Spain was recovering from recession and crappy conservative austerity policies were destroying jobs, throwing people out of their homes, and driving some to suicide.  Rato denies any wrongdoing, and claims his misuse of of the company cards were legitimate expenses.