European Tribune

A Concerto by the "Banca di Quattro"

by Hannah K OLuthon
Thu Aug 4th, 2005 at 04:15:19 AM EST

The title is a (rather weak) play on words:
the "Concerto" refers to the term used to describe the group of financial raiders (led by G. Fiorani, S. Ricucci and E. Gnutti) who, aided by the occult assistance of the fourth "banker" Antonio Fazio, Director of the Bank of Italy, attempted a take-over of the Banca Antonveneta in competition with the Dutch ANB Amro.
"Banca di Quattro" echoes the more familiar "Banda di Quattro", the ill-fated "gang of four" of the late Maoist era.
so the idea is that of a "concert" by a "band of 4 bankers".

The financial and political devastation around the attempted buy-out continues to grow. A Milanese magistrate, Clementina Forleo has "frozen" the (funny money?) assets used by the Fiorani raiders in their take-over attempt, thus leaving ABN Amro effectively in control of the Banca Antonveneta although apparently controlling only 29% of the outstanding shares. More incriminating telephone interceptions involving Antonio Fazio (and his wife) have been revealed, and Fazio's position looks ever more precarious. Even Economics Minister Domenico Siniscalco has expressed concern at the effect the scandal is having on Italy's credibility. Were it not the month of August, in which one can expect that nothing will happen since no one (least of all Prime Minister Berlusconi) wants to ruin a vacation just to settle a financial crisis), it is likely that Fazio would already have been forced out.

This being Italy, however, there is ALWAYS time for vendetta. At least so it must appear to Judge Forleo who has become the target of a disciplinary action promoted by Justice Minister Roberto Castelli (of the Lega Nord) for having (unduly?) intervened in person to prevent the roughing up of an Egyptian citizen during a "normal" police anti-terrorism control operation in Milan, as emerges from a cynical reading of today's Corriere della Sera

The crisis surrounding the Bank of Italy is played against the background of leaked telephone intercepts, clearly illegal and roundly condemned by all, even those who use the results of the leaks to call for Fazio's resignation. It seems interesting that such intercepts are sacrosanct if executed by the CIA-MI5 and reserved for the privileged few of Anglo-Saxon high finance, quite acceptable when handled by other secret services like SISMI or SDECE and delivered to Berlusconi or Chirac, but totally scandalous when they enter into the public domain.

It is interesting that the banking scandal has elicited criticism of the "center-left" opposition even from the resolutely leftist il Manifesto: Roberta Carlini criticizes the opposition for not having spoken out against "what from the time of Adam Smith would be considered a crime against capitalism: namely an agreement to manipulate the market" and adds that the opposition should ask for an accounting of the origins and methods of the emerging financial powers in order to maintain the due distinctions between raiders and entrepreneurs (which are much more well defined than those between "red finance" and "white or masonic finance"); there was no need to wait for the district attornies to make their moves before breaking the opportunistic silence maintained for weaks by the leftist opposition. Once again, the most incisive and honest criticism of the left comes from a leftist source.

Since rightist, leftist and masonic conspiracies have all had there moment in this brief note, it is only fitting that the Jesuits too have a brief mention, even if only for tilting at internet windmills. The erstwhile PCI organ l'Unitą reports on the debate arising from the article "Utopie e limiti di una forma di intelligenza collettiva", ("Utopias and the limits of a form of collective intelligence") which appeared in the most recent issue of the Jesuit magazine Civiltą cattolica. The author, Antonio Spadaro, is a professor of "Cultural Journalism and literature" at the Gregorian Pontifical University of Rome. The article deals (apparently in a balanced manner) with the recent internet phenomenon Wikipedia, a contemporary adaptation of the Encyclopedist ideal of Diderot, D'Alembert and other illuminists, and, according to l'Unitą views with alarm the menace of a new tower of Babel, i.e., an encyclopedia deprived of the necessary chrism of authority. The article in Civiltą cattolica is quite probably worth reading, but I have not yet read it, so the opinions expressed here are decidedly "second hand".


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Perhaps you should start including flowcharts in these posts, or perhaps sell ads for headache tablets. Or perhaps jumping from HTML and site wrangling to the intricacies of Italian politics is just bad for me.
by Colman (colman at eurotrib.com) on Thu Aug 4th, 2005 at 07:04:44 AM EST
Well HKOL I am grateful for one to have the Italian view on this saga. I've followed it from a distance, but you provide a lot more of the details and I appreciate it all!

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Thu Aug 4th, 2005 at 05:11:52 PM EST
[ Parent ]
Which makes it sound like I'm not grateful. Humph.

I love these diaries: they're great. They just make my head spin when I read them, inevitably at 7:30 in the morning.

by Colman (colman at eurotrib.com) on Fri Aug 5th, 2005 at 02:36:56 AM EST
[ Parent ]
Is the Italian demographic situation/crisis ever talked about in the local press?

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (jeromeguillet@yahoo.fr) on Thu Aug 4th, 2005 at 05:14:53 PM EST
It seems to me there has been some recent "chatter" about a counter-trend, i.e. increased fertility among the young marrieds. The isssue is "touchy" since some still recall Mussolini's incentives for motherhood, and talk about low fertility can rapidly degenerate into anti-immigration tirades from the "usual suspects". Italy is, of course, nominally Catholic, but despite the church's constant efforts against all forms of birth control, it seems that very few are listening.

Hannah K. O'Luthon
by Hannah K OLuthon on Fri Aug 5th, 2005 at 01:05:39 AM EST
[ Parent ]


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