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The Monte dei Paschi di Siena Bank and the Pact With the Politicians

Did members of Italy’s two main political parties form an accord to allow them to influence the Siena bank? Investigators are checking.


Smoldering away in Italy is the Monte dei Paschi di Siena banking scandal, a sordid tale of tainted takeovers, hidden losses, intimate insider dealing, Machiavellian market manipulation and a bountiful bailout with public money.

So far the scandal has toppled the boss of the Siena bank who also just happened to head Italy’s ABI bankers’ association. The gentleman concerned, Giuseppe Mussari, has now lost both jobs.

It could not possibly get worse. Or could it?

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According to Italian newspaper La Repubblica, investigators now suspect there may have been an unholy accord between the top management of the Monte dei Paschi di Siena bank and both of Italy’s biggest political parties – the Berlusconi owned PdL and the Bersani led Pd.

While it has not yet been confirmed, it is suspected that the PdL and PD reached an agreement whereby they could nominate members of the board of the Monte dei Paschi di Siena bank and exert influence over who, or who did not, receive credit.

A document dating back to 2008 is being checked to see if it is authentic or not. PD politician Franco Ceccuzzi has denied anything untoward went on.

We’ll see. This is Italy and it can be very Machiavellian. Much like Italy’s mafias, Italy’s politicians seem to spread their tentacles everywhere.

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