The ethics of blown up balloons


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I’m publishing the first part of Marco Travaglio’s presentation.
“Good day to you all. Today’s password was issued the other day by “il Cavaliere”. I will quote it word for word because it is a sensitive issue: “We must absolutely bring back ethics to the world of finance”.
Make a note of it, keep it in mind.
Silvio Berlusconi, President of the Council, 4 October 2008: “Bring back ethics to the world of finance”. Perhaps it was the feast of St Francis of Assisi that induced him to these thoughts that are so distant from his own world. Or perhaps it’s the closeness to his daughter Barbara, who just in recent days launched a conference on the topic “ethics in finance” at the university. And she even brought her mother, because maybe someone didn’t believe that the one organizing a conference on ethics in finance could be the daughter of Berlusconi.
“Ethics in finance” this is the teaching that the premier wanted to deliver …”
...


*PRECISION ON WHAT I SAID IN TODAY’S PASSAPAROLA
So far there have been 17 trials for Il Cavaliere {Berlusconi}: 5 are ongoing (Saccà corruption, corruption senators, Mills judicial corruption, Mediaset secret funds, Telecinco in Spain) and 12 that have already finished, and then various investigations that have been put on file (6 for mafia and recycling, 2 for the mafia slaughters in 1992-93 etc.). So bringing things together in detail. In the 12 trials that have already finished, the absolutions on the facts were just 3: 2 with a formula involving doubt (comma 2 art.530 Cpp) for the secret funds of Medusa and kickbacks to the Finance Police (“insufficient evidence”), 1 without reservations for the Sme-Ariosto/1 case. Other 2 absolutions- – All Iberian/2 and Sme-Ariosto/2 – carry the formula “the action is no longer seen by law to be a crime”: the defendant decriminalized it for himself (false accounting). For the rest: 2 amnesties for false testimony about P2 and false accounting regarding the Macherio lands; and 5 time-outs for the Statute of limitations, thanks to generic extenuating circumstance, that are conceded to the guilty and not to the innocent: All Iberian/1 (illicit financing to Craxi), Lentini case (false accounting with the time limit for the Statute of limitations halved by the Berlusconi reform) Fininvest 1988-’92 accounts (same as above) 1,500 billion in secret funds in the consolidated Fininvest (as above), Mondadori (judicial corruption of judge Metta through Previti, both of whom were convicted). Marco Travaglio

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BEPPE SEI UN GRANDE!!!! Ti VOGLIO BENE GRAZIE PER QUELLO CHE FAI CON TUTTO IL CUORE!!!!

Posted by: Alberto giorgetti | October 18, 2008 12:43 PM


Ciao Beppe,
(whoever reads this message pass it on to Beppe personally)
Sono Io, ( prego dare questo messaggio a Beppe )
too long of a story with Myself, in any case its time to meet with U personally, just to exchange some opinions.....I do respect U , I do see Ur shows, know very well that either U have problems and cases with (it) but Uv got courage. They call me Beppe even if my name is Michele... actually Im Frnech, born in Italy, ( my parents are both Italian) .......(potrei scrivere in Italiano, Ma....) oltre alle altre 6 lingue che parlo, scrivo, direi ( perfettamente) ma questo e un dettaglio del quale vado Fiero.
Tu lavori, come tutti noi, il Tuo lavoro e arrivare a far capire alla gente comune che....SIAMO NELLA MERDA....chi e la gente comune....quanto guadagni ( ed e giusto con i rischi che corri) se ( sono VERI) well in any case see Me, I dont need an appointment....for U I m and always be FREE.
Give me a call.......Time is rinning out...
Penso che Tu capisca.....(mio Grande Amico......)
Zucchero F. ( uno che ha le palle.......) e Tu....
Ciao
Michele
www.gamma-eastern.net, vedi Tu ma.....ASAP!!

Posted by: Michele Magrin | October 17, 2008 08:40 PM


Ciao Beppe,
(whoever reads this message pass it on to Beppe personally)
Sono Io, ( prego dare questo messaggio a Beppe )
too long of a story with Myself, in any case its time to meet with U personally, just to exchange some opinions.....I do respect U , I do see Ur shows, know very well that either U have problems and cases with (it) but Uv got courage. They call me Beppe even if my name is Michele... actually Im Frnech, born in Italy, ( my parents are both Italian) .......(potrei scrivere in Italiano, Ma....) oltre alle altre 6 lingue che parlo, scrivo, direi ( perfettamente) ma questo e un dettaglio del quale vado Fiero.
Tu lavori, come tutti noi, il Tuo lavoro e arrivare a far capire alla gente comune che....SIAMO NELLA MERDA....chi e la gente comune....quanto guadagni ( ed e giusto con i rischi che corri) se ( sono VERI) well in any case see Me, I dont need an appointment....for U I m and always be FREE.
Give me a call.......Time is rinning out...
Penso che Tu capisca.....(mio Grande Amico......)
Zucchero F. ( uno che ha le palle.......) e Tu....
Ciao
Michele
www.gamma-eastern.net, vedi Tu ma.....ASAP!!

Posted by: Michele Magrin | October 17, 2008 08:40 PM


Ciao Beppe,
(whoever reads this message pass it on to Beppe personally)
Sono Io, ( prego dare questo messaggio a Beppe )
too long of a story with Myself, in any case its time to meet with U personally, just to exchange some opinions.....I do respect U , I do see Ur shows, know very well that either U have problems and cases with (it) but Uv got courage. They call me Beppe even if my name is Michele... actually Im Frnech, born in Italy, ( my parents are both Italian) .......(potrei scrivere in Italiano, Ma....) oltre alle altre 6 lingue che parlo, scrivo, direi ( perfettamente) ma questo e un dettaglio del quale vado Fiero.
Tu lavori, come tutti noi, il Tuo lavoro e arrivare a far capire alla gente comune che....SIAMO NELLA MERDA....chi e la gente comune....quanto guadagni ( ed e giusto con i rischi che corri) se ( sono VERI) well in any case see Me, I dont need an appointment....for U I m and always be FREE.
Give me a call.......Time is rinning out...
Penso che Tu capisca.....(mio Grande Amico......)
Zucchero F. ( uno che ha le palle.......) e Tu....
Ciao
Michele
www.gamma-eastern.net, vedi Tu ma.....ASAP!!

Posted by: Michele Magrin | October 17, 2008 08:40 PM


"Bring back ethics to the world of finance?" From where? Was "ethics" ever seen hanging around financiers? Check out today's hearings on IAG's CEOs in Washington. A member of Congress asked them how they could have gone for a week-end retreat in some swanky spa in California costing $450,000 of tax-payers' money after the bail-out passed? He got tongue-tied. Ethics in finance? People have known for a long time that behind the facades of bankers, financiers, stock brokers, and CEO's lurks the DNAs of ruthless people. Pirates cannot afford ethics. Pirates destroy and pillage as the CEOs of Lehman, IAG, Fannie, and Freddie have done with the American economy. Talking about ethics in finance is like talking about mixing oil with water. Again, ethics and greed don't mix. Unless, of course, Berlusconi is trying to bamboozle Italians by deflecting the lack of morals and ethics in his government and Parliament to the world of finance. But would Berlusconi actually bamboozle Italians? He wouldn't do that now, would he? Actually, Italians have been confused for a long time. They've been in a state of confusion for awhile now. Many, many Italians are in a state of total confusion about everything they've been told. They are told they're in a recession, but to them the recession feels like a depression. Italians are confused about the garbage in Naples. They are confused about their Prime Minister decreeing laws to keep himself out of jail. Italians are confused about the criminals sitting in Parliament. The only people never confused in Italy are politicians, bankers and CEOs. Why? They are without conscience. The word "ethics" on the lips of these politicians is simply strident.

Posted by: louis pacella | October 8, 2008 03:02 AM


Talking about ethics in business, here is a prime example of OBSCENE "CREATIVE ACCOUNTING" and just for a change, it hasn't happened in Italy ...

Lehman boss grilled over $500m salary
October 7, 2008

US law-makers have grilled the head of Lehman Brothers demanding he justify some $US500 million ($694 million) he had earned since 2000, as well as huge bonuses sought for top executives even as the bank failed.

Richard Fuld, the chief executive officer of the investment bank which fell prey in September to the credit crunch, was called to account by the House of Representatives oversight committee.

The hearings are the start of a series of probes promised by Congress which on Friday passed an unprecedented $US700 billion rescue package to shore up Wall Street, amid the country's worst economic crisis since the Great Depression in the 1930s.

Committee chairman Henry Waxman targeted Fuld, saying over the years he had earned some $US500 million in bonuses and wages from Lehman Brothers.

Mr Fuld owned a $US14 million house in Florida, as well as a home in Idaho filled with an art collection, Mr Waxman said.

Figures provided by Lehman Brothers showed Mr Fuld received some $US52 million from the bank in 2000.

By 2006 that had ballooned to more than $US106 million.

But Mr Fuld disputed that he had pocketed that much in eight years, saying: "I would say to you that that 500 number is not accurate.

"I think for the years you're talking about here I believe my cash compensation was close to $US60 million and the amount I took out of the company over and above that was closer to $US250. Still a large number though."

In a series of written testimonies received over the weekend Mr Fuld "takes no responsibility for the collapse of Lehman," Mr Waxman said.

"Instead, he cites a 'litany of destabilising factors,' and says that 'in the end, despite all our efforts, we were overwhelmed.'"

Lehman Brothers sought bankruptcy protection on September 15 after a frantic weekend of talks failed to find a buyer for the Wall Street giant ravaged by credit and real estate woes.

The massive bankruptcy filing in US federal court in New York listed $US639 billion in assets at $US613 billion in debts, and prompted a bloodbath on the global financial markets.

Last minute golden handshake

"We can't continue to have a system where Wall Street executives privatise the gains and then socialise the losses. Accountability needs to be a two-way street," Mr Waxman said.

And he pointed to an internal Lehman email in which the bank's compensation committee recommended as late as September 11 giving golden handshakes of more than $US20 million to be shared between three departing executives.

"In other words, even as Mr Fuld was pleading with Secretary [Henry] Paulson for a federal rescue, Lehman continued to squander millions on executive compensation," Mr Waxman told the committee.

"Many experts think Lehman's fall triggered the credit freeze that is choking our economy, and that made the 700 billion rescue necessary," Mr Waxman said.

"Mr Fuld will do fine. He can walk away a wealthy man, who earned over $US500 million. But taxpayers are left with a $US700 billion bill to rescue Wall Street and an economy in crisis.

"While Mr Fuld and other Lehman executives were getting rich, they were steering Lehman Brothers and our economy toward a precipice."

There has been popular anger at the Wall Street bailout which many Americans, now struggling to pay their mortgages, blame on banks and financial institutions lining their pockets with the profits from the housing boom.

Posted by: Gianna Mian | October 7, 2008 01:10 PM


No doubt Vlad the Impaler criticised cruely, Attila the Hun criticised wanton destruction, and Henry VIII of England polygamy. As when Berlusconi criticises lack of ethics in business, you have to listen to the experts.

Posted by: Charles Young | October 7, 2008 12:01 PM


Here is the answer:

The Century of the Self

How politicians and business learned to create and manipulate mass-consumer society.

http://informationclearinghouse.info/article12642.htm

Please visit this documentary and it will answer all our questions why the masses of people are "comfortably numb."

Posted by: Vincent Lagana | October 6, 2008 07:09 PM


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