Bank bailouts are alive and well, with investors in Italy's Monte dei Paschi approving the sale...


Bank bailouts are alive and well, with investors in Italy's Monte dei Paschi approving the sale of several non-strategic stakes to raise capital, thus qualifying it for a €3.9B rescue from the Bank of Italy. The bank faces major losses from derivative trades that happened under the nose of then top-regulator Mario Draghi. "Stupefying," that Draghi failed to prevent this, says former finmin Tremonti.

Comments (5)
  • neobliviscar
    , contributor
    Comments (249) | Send Message
     
    Been watching this one as Canary in Coal Mine for a long time.
    Siena's most talked about secret. Friend in finance says the atmosphere at a northern office of the bank is that of a tomb. Quietly selling everything antique out the back doors, going home and helping the wife quietly sell many of their possessions so they and the kids have something to live on in future years.

     

    His near mute grimness is confirmed by old friends in the area from University. I hope better things for these people, if not Italy.
    25 Jan 2013, 11:08 AM Reply Like
  • wyostocks
    , contributor
    Comments (9114) | Send Message
     
    " "Stupefying," that Draghi failed to prevent this, says former finmin Tremonti."

     

    Shocking, simply shocking.

     

    Sad that all around the world "the people" are forced to pay for the misdeeds of the bankers.
    25 Jan 2013, 11:12 AM Reply Like
  • youngman442002
    , contributor
    Comments (5123) | Send Message
     
    Makes you wonder what is going on under his "nose" right now.....he has a bigger nose now in his new position.....probably a lot going on
    25 Jan 2013, 12:04 PM Reply Like
  • Humble Value Miner
    , contributor
    Comments (479) | Send Message
     
    as for the Italian newspapers, the hole was caused by the controlling stockholder (37% until yesterday), Fondazione MPS. The books of the oldest bank in the World still in business (since 1472, http://bit.ly/14j4nr0) were cooked. By great chefs. For some time, nothing was visible, even by the Bank of Italy. Frauds were at high level so only one year ago the cooking smoke was detected, and the Bank Of Italy ordered a mandatory replacement of the heads. The new management found the real numbers and this week everything has been made public (after the plan for the rescue/bailout was already established - this is the way to go as there is no gain in scattering the mud)
    25 Jan 2013, 03:37 PM Reply Like
  • designshoe
    , contributor
    Comments (943) | Send Message
     
    love all this negative talk, EWI is going higher.
    it's 3 year old news, markets are looking forward to stabilzation
    30 Jan 2013, 08:28 AM Reply Like
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