Consob, Vegas’ anomalous sales on the banks … – The Messenger

Consob, Vegas' anomalous sales on the banks … – The Messenger

The reform is “positive” and “improves access to capital.” But there is someone who at the turn of the government in terms of transformation of the banks in the spa may have used inside information to make illegal gain.

The findings of the Consob are still ongoing. But surely the analysis carried out so far by the Commission, has clearly stated the president Giuseppe Vegas in a hearing on the dl banks committees Finance and Production Activities of the Chamber, “revealed the presence of some brokers with operations potentially anomalous, can generate profit margins, albeit in a context of decrease in the prices. “

It’s a way to make a picture of the moves made on the stock exchange in the vicinity of the reform of Popular Banks passed by Government Renzi. It is “subjects who shopped before 16 January, accompanied by any sales in the following week.” Just in the days when then reform has been announced, with the Council of Ministers of 20 January. The result of this activity, “abnormal”? Capital gains and potential of these transactions, Vegas says, “are estimated at 10 million euro.”

The dates in this story are crucial. The President recalled that “the day when you can assume that the market has had a reasonable certainty of the intention of the government to adopt the measures are identified in the January 16, 2015.” Date, markets are closed, the Prime Minister announced the reform of the cooperative credit. But the first rumors had circulated already January 3, ‘says Vegas. From then until February 9 “courses of banks rose from a minimum of 8% for Ubi to a maximum of 57% for Banca Popolare Etruria and Lazio, compared to a growth in the banking sector about 8%. ” Movements, these, accompanied by “large increases in trading volumes.”

In the face of this, the Commission requested additional information to some intermediaries. It also intends to proceed “in hearings against some subjects with respect to which they are already uncovered evidence that lead us to believe more detailed specifications necessary investigations.” As saying that the headlight stays on. It is to be remembered that the suspicious movements on the securities of banks had already spoken in recent weeks. And the manager Davide Serra, which operates from London through the bottom Algebris and notoriously close to the prime minister, had been involved from the controversy of who had turned the spotlight on his positions on the titles of popular. Serra had dismissed all explaining that it is dated investments that have nothing to do with the reform. But in the meantime monitoring Consob across the board had already left. And you will see what the results.
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 February 11, 2015 16:40 – Last Updated: 17:21

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