The Unipol Skeletons


Unipol is in a storm. Its top directors are being investigated for stock-jobbing with Giampiero Fiorani. The plan to take possession of the BNL {Banca Nazionale del Lavoro National Worker's Bank} is at risk of collapsing, even though it has the blessing of Antonio Fazio, or perhaps this is why it might collapse.

And yet you should have been able to see for some time that there was something not working properly with the insurance company of the “red” co-operatives {Unipol}. It’s just that nearly all the Italian Press was taken by surprise by this happening that in fact has incredible elements.

It’s a real “submarine” affair.

In fact in 2002, Unipol had a cash balance of 408 thousand million lire collected form two bonds with very low interest rates, most of which were at 2.25% per annum.

Why did it decide to pay these back in advance three years before the due date? It would have been enough to buy Government Bonds, then at 4.65%, to gain 27 thousand Million lire in three years, net. Why did the directors of Unipol give a kick to all that money?

Someone, thanks to a word in their ear, had purchased many of those bonds at 93 shortly before they were reimbursed at 100.

But this is called insider trading and is a crime.

Obviously it will be up to the Magistratura {body of Magistrates} to decide whether the real guilty ones are Emilio Gnutti, Giovanni Consorte or others. The unsettling fact is the reimbursement of those bonds itself, causing damage to the Unipol members.

It’s like if the director of a bank were to take from the safe wads of bank notes and throw them out of the window. Certainly, it’s worse if, just in that moment, a friend of his is passing by underneath. Anyway it’s not good to throw away money belonging to other people.

Now Unipol has asked for  - and obtained from its members, 2.59 thousand Million Euro to make a bid for BNL. If this much gives you so much, we might fear that it will also throw away this money.

The skeletons in the cupboard are looking really promising.
Data and precise details are available at the following  web address:

Posted by Beppe Grillo at 10:43 PM in | Comments (0)
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