untitled design (1)

Learn Italian online

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?

think in italian logo dark bg 1

Stop reading, start speaking

Stop translating in your head and start speaking Italian for real with the only audio course that prompt you to speak.

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.

Most Popular

The Italian Piazza

Every town or city in Italy has a piazza. Many are masterpieces, whereas some are smaller, less majestic and more intimate. As a rule though, the larger the Italian town, the larger the piazza will be, and most of Italy’s cities have many more than one single piazza.

A mistake

Baby is safely ensconced in his baby seat doing his level best to cover himself with yogurt. So,

The UK is Sicker than Italy

Over on Man of Roma’s thoughtful blog, I made a bold statement. What I said is that the UK is in a greater state of decline than Italy.


Related Posts

Italian Wine and Labels

I had an interesting discussion, in English, with some of my Media Relations students today. What we looked at was how Italian wine could be promoted, and several valid points were made.

Forza, Italia by Bill Emmott

Book Review: Forza, Italia by Bill Emmott

I’ve just finished reading Bill Emmott‘s Forza, Italia book, the subtitle of which is, translated from Italian: ‘How jump start post-Berlusconi Italy’. Forza, Italia made

A Journalism Talent Contest

BlogfromItaly.com now sports a little Jobs link at the very top of this page. Before you think this site has been taken over, or that it’s making gazillions, you should know that the Jobs section is an initiative designed to help aspiring young Italian journalists become, er, journalists, via a kind of talent contest.