WE put the security of savings”. Also Paolo Gentiloni follows in the footsteps of Matteo Renzi. Even the new premier, having launched the decree to save-Mps, breathing a sigh of relief, as did the old premier on the 22nd of November 2015, after having launched the decree to save Etruria. Relief misplaced. Then, as today. The saving of the oldest bank in the world will have a huge cost, is still incalculable.
next year will weigh on the pockets of all taxpayers. It is right to sacrifice for Siena. But provided that you face the light on the endless chain of errors committed in these years (perhaps with the famous commission of inquiry that Renzi launched a blunder on the 23rd of December 2015). And provided that you fixed at least one fixed point: those who have done wrong, for once, take away the disturbance. To pay the final bill can not be always and only the Pants. The pants are us. We would like to at least know, with some question, who do we “thank”.
THE TREASURY.
In a long interview with the Sole 24 Ore, the minister Padoan, and retraces his way to the calvary of the Mps. Nothing is still clear about the ways in which they will be “covered” bondholders of the bank, and which will be, in this case, too, the drowned and the saved. For the rest, the minister says: “I am Not at all repentant to have incurred, in respect of the role of all, the operation of the market”. But was it not already clear in July that the “private road” would have led to a blind alley? You can consider the dismissal of a chief executive officer Fabrizio Viola, was decided with a phone call made “for account” then-premier Renzi on September 7, a move “in respect of the role of all”? Or here there is perhaps a glaring invasion of the field of politics, that instead of saving the bank when the conditions allowed the journey to an unlikely “market operation”? Padoan adds: do the “full support for the current management of the bank, including the ceo Marco Morelli. Considering that in these years the Mps has burned 17 billion of assets, is not the time to implement in Italy the method to Obama, who in 2009 launched the “Tarp”, a plan of State intervention in banks $ 700 billion, which had as a condition of the zero total of all the vertices, and the appointment of a manager pro tempore chosen by the State? Padoan complains that “in our Country are not punished enough, then the responsibility of individual managers that have produced significant damage to the investors, shareholders, savers”. Right, but then why has not a law introducing and strengthening these sanctions? He is the government has the obligation political and moral talk and act as the secretary to the Treasury, not as an ordinary citizen.
THE ECB.
The european central Bank has played a crucial role, does his job. But his “therapeutic obstinacy” towards Siena deserves some clarification. After the stress test on 23 June, the european Supervisory wizard from the French Danièle Nouy requires recapitalisation, 5 billion by 31 December. On the basis of what criterion, only 4 days ago, the Ecb asks for the letter to the Mount to increase the recapitalisation 8.8 billion? What has changed in the meantime? And what is the principle of the Frankfurt forces Mps of the same capital (Cet1 capital, set at 8%) in 2015, applied to the Greek banks, while at the same time reduces from 10.7 to 9.5% to the similar parameter required at the Deutsche Bank (the european bank with the portfolio more “dragged down” by the weight of the toxic assets)? Mario Draghi, rightly, made of the so-called “accountability” to his religion. But the need to “take account ” of their work, to Frankfurt, which must apply to all.
THE BANK Of ITALY.
Via Nazionale has played an important role. Not so much for what he has done, as for what I did. On the front “outside”: the governor Visco sits on the board of Frankfurt, and the Italian Ignazio Angeloni sits in one of the european Supervision. Why are missed communications punctually between the Eurotower and the Palazzo Koch? On the domestic front: the directive on the bail-in (which will download the costs of bank failures on shareholders, bondholders and depositors over 100 thousand euro) is approved by the Eu in 2014, and in Italy is introduced for the first time a year after with the “decree of termination” of the investment in Banca Etruria, Brands, Cariferrara and Carichieti. Because the bank of Italy (that declare the contrary in those rules, applied retroactively on all savers is a campaign to raise public awareness and convince governments to change it? And then , more specifically on the deal Mps: why is the governor repeated from January 2013 that the bank has “no leaks “, while in the two subsequent years, Viola is forced to ask for increases in capital to 8 billion? Because in the summer is not opposed to the expulsion of the same Purple, decided by Renzi on July 6, after a breakfast meeting at Palazzo Chigi with the president of Jp Morgan, Jamie Dimon? Why in the fall do not oppose the postponement of the increase from 5 billion, that Renzi decided to move in after the constitutional referendum of December 4, to avoid having to put the face on a safe failure? These responses would be necessary. To the contrary of what happens with the inspections (on which also there would be so many questions) do not violate any professional secrecy.
THE CONSOB.
The committee that supervises the company and the Stock exchange may not be called out from responsibility. We spread a veil on the derivatives of the Alexandria and Santorini, which five years ago no one saw and no one stopped. Even in the last few months, Mps have happened and anomalies that a Supervision serious could and should have intercept. At least two of the bond issues at risk (“Lower Tier 2″, to the maturity date 2020) are sold to retail customers of the bank during the management of Giuseppe Vegas. If this is true, because the Consob has not evaluated and are not blocked? And if this is not true, because it does not contradict and does not clarify exactly who and when authorized by what?
THE VERTICES of the MPS.
The “tangle harmonious”, in Siena, has ancient roots. The beginning of the end, as is well known, begins with Giuseppe Mussari, who buy Antonveneta from Santander for more than 9 billion, the crazy figure that blows up accounts. This is now history. The chronicle of these last months has shade zones which are not less disturbing. By September, after the infamous “call of redundancy” Padoan, senior Mps sits Marco Morelli, former director of the bank at the time of Mussari. Together with Jp Morgan and Mediobanca (so far curiously has remained “protected” from criticism) is Morelli to be the guarantor of the so-called operation “market”, i.e. the retrieval of the 5 billion of private capital. And it is precisely Morelli to ventilate until the last the possibility that large foreign funds to intervene in the recapitalisation, in the role of “anchor investor”, by convincing the Treasury to postpone until the last public action on the Mps who could and should do at least six months ago.
Therefore: when, and with whom he spoke Morelli, between the representatives of the sovereign wealth fund of Qatar? What were his interlocutors in the fund managed by George Soros? And what concrete offers had in his hand, when on 7 December the board of directors of the bank has asked the Ecb for an extension to January 20, 2017, for the closing of the operation? It’s the least you can ask of a manager that has a fixed fee of 1.4 million, higher than its peers Bnp Paribas. To manage the worst of the major european banks, earns most of what’s driving the better. As they say a Death or a Flaiano: ah, les italiens…
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