Town Bankruptcy

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Creative finance


The town of Catania has collapsed, the account in the red amounts to at least 300 million euro, perhaps more than 800. Scapagnini, the psycho-dwarf’s medical man instead of getting his just desserts has received a gift, in fact “The inter-ministerial commission for economic programming has made available an allocation of 140 million to tackle the financial emergency of the organization.” Catania is not an isolated case. In 2007 there was the hole in Taranto with 316 million euro. A few months ago the State’s General Accountant found a massive crater of 10,709 million euro in the accounts of the city of Rome. Towns spend money they haven’t got. And they go bust. In these cases it should be the mayor together with the whole town council that goes bust. The difference should be put up by them, not us, not the coffers of the State.
The towns, to make money, have started to become banks and speculate on derivatives. According to Wikipedia, derivatives are: “financial instruments whose values depend on the value of other underlying financial instruments. The main types of derivatives are futures, forwards, options, and swaps. The main use of derivatives is to reduce risk for one party. The diverse range of potential underlying assets and pay-off alternatives leads to a wide range of derivatives contracts available to be traded in the market.”
Haven’t you understood anything? Neither have the mayors and that is why the towns are going bust.
Derivatives make it possible to have immediate liquidity on possible profits. For example, if you invest 100, you can immediately get cash for 150 (capital plus hypothetical profits). The banks that offer derivatives anyway get their commission, often of a few million euro, and they are exempt from any risk. If the derivative loses, the town loses everything and has to pay back the money. Usually the due date of the contract for the derivatives falls after the end of their mandate. So basically, the debts are paid by their successors. The risks of derivatives for towns, provinces and regions is 10 billion euro.
Leading the classification of Derivative Towns is Milan with exposure to debt of 300 million euro in derivatives. Moratti’s response was not slow in coming. On 16 October, the city council will weigh up whether to take legal action against the banks that convinced the City of Milan to sign up to different derivative contracts.” Thus UBS, Deutsche Bank, JP Morgan and Depfa.
Basically she is accusing the banks of taking advantage of those without the mental capacity to understand.
A winning approach. In fact, any judge, when faced with a mayor that has invested the money of the citizens in derivatives would have them locked up.

Posted by Beppe Grillo at 08:21 PM in | Comments (6) | Comments in Italian (translated) Post a comment | Sign up | Send to a friend | | GrilloNews | listen_it_it.gifListen |
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Comments

Gee Francesca, as much as I don't like many people in the Italian Parliament I wouldn't compare the Italian Parliament with the likes of Hitler and Stalin. I know you tried to be sarcastic but it didn't work because you went overboard. Try again.

Posted by: lou pacella | October 4, 2008 03:31 PM


A racist will, in most cases, deny he or she is a racist. He or she may have a few issues against foreigners, but racists they are not. Take Santanche' on Anno Zero the other night. She, says Italy is not a racist country, and to be sure, neither is she. In fact, Santanche' has nothing but praises for hard-working "legal foreigners" in Italy, but she has issues with "illegal foreigners." For the latter nothing but a swift a "kick in the ass" out of Italy. Does kicking illegals out of Italy make her a racist? She asks rhetorically. Of course not. But, as she went on to explain her position on "foreigners", the more you started to suspect that her admiration for hard-working blacks is nothing but a fig leaf hiding a racist mind-set. She says jails are full of foreigners, wonders about some "foreigners" driving fancy cars and wearing bling-bling, and she sees in job-less "foreigners" potential criminals. I don't know if she is aware but she listed three major talking-points used by racists in their arguments against Blacks and Latinos here in North America. And these three issues add up to nothing but one implicit message: blacks (as in this case) = criminals. (Nothing new there: often Italians abroad are also judged as being not too savory people.) In any event I would suggest to some Italian politicians under what light they should look at "emigrants." Look at them as survivors, as people that have belonged to another place. As people who struggled to survive in their homeland, who escaped famines, political persecutions and abject poverty. They crossed deserts, mountains, seas and cultures searching for a new place where dreams come true, but sad to say, find nightmares. In essence their story is profoundly Christian. They deserve our respect but give them contempt.

P.S. Calling or even immplying that immigrants are "criminals" during a TV show with immigrants in the audience is never a good idea. Those insults could spark a reaction. And, on Anno Zero they did. Santanche' was lucky. She had insults thrown at her. I have seen shows on the same topic where chairs began to fly and the guests on the stage went at each other in a free for all, host included.



Posted by: lou pacella | October 4, 2008 03:09 PM


FOR ANYONE AND NOBODY


Rome, June 6, 2008 / 11:10 am (CNA). - In an interview with the magazine “Maria Mensajera,” famous Italian exorcist Father Gabriele Amorth said, “Everybody is vulnerable to the work of Satan” and that “the devil loves to take over those who hold political office.”

The Spanish daily “La Razon” published the interview in an article by Alexander Smoltczyk in which the 82 year-old priest describes what happens in an exorcism. He said he has performed more than 70,000.

“Evil exists in politics, quite often in fact,” Father Amorth said. “The devil loves to take over business leaders and those who hold political office. Hitler and Stalin were possessed. How do I know? Because they killed millions of people. The Gospel says: ‘By their fruits you will know them.’ Unfortunately, an exorcism on them would not have been enough, since they were convinced of what they were doing. We can’t say it was a possession in the strict sense of the word, but rather a total and voluntary acceptance of the suggestions of the devil.”


BEPPE??

Why not run an EXORCISM SESSION inside the Italian Parliament rather than collecting useless and expensive signatures as you did in occasion of the past VDAY campaigns?

Maybe this could be the final solution to get rid of the CASTE once and for all...LOL!!

Don’t worry: IT’S FREE, so you don’t need to ask bloggers to send their money into your controversial BANK ACCOUNT without showing your statement of account afterwards, as you shamelessly did last year!!

So what are you waiting for?

You jave nothing to lose and everything to gain!!


THERE’S NO HARM IN TRYING!!


Waiting for your feedback guys!!

Posted by: Giovanni VESTRI | October 3, 2008 10:19 PM


On this, please see also: http://www.lastampa.it/redazione/cmsSezioni/politica/200809articoli/36844girata.asp
Sincere apologies to the anglophones as the article is in Italian only. Cheers, f

Posted by: Francesca Albanese | October 3, 2008 04:41 PM


BASTAAAAAAA.....Mi vergogno di essere accomunato a questi italiani razzisti del cazzo!!!!
Voglio il passaporto SARDOO

Rimanete da soli nella vostra italia Bianca!!!!

Posted by: Guido Fortenio | October 3, 2008 01:30 PM


BASTAAAAAAA.....Mi vergogno accomunato a questi Italiani razzisti del cazzo!!!!
Voglio il passaporto SARDOOO !!

Posted by: Guido Fortenio | October 3, 2008 01:29 PM


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