Scent of Money

Alessandro_Profumo.jpg

There are simple bankers. There are former prisoners like Fiorani. Those that will never get to prison like Geronzi. And the best among equals: the bankers of the left. Their champion is Alessandro Profumo of Unicredit. Profumo has given an interview to il Corriere della Sera. And he said Left things. Better than D’Alema. More than Fassino. A bit less than the pawn broker’s. They are words that can be interpreted.

AP: It’s not the task of the banks to develop the country. Our duty is to create value for our shareholders.”
Can be read:
”The shareholders decide the policies of the banks. The country and the clients come after that…”

AP: The interests of the development of the country coincide with the increase in our turnover”
Can be read:
”If the country doesn’t increase our turnover it can go and screw itself…”

AP: If Autostrade were to make investments in Italy simply because the ownership is Italian, in reality it would not be providing a service to the country.”
Can be read:
Unicredit and Benetton, are shareholders of Autostrade. If Autostrade were to make the investments for 2,000,000,000 Euro that it should have made in Italy it would not be providing a service to Unicredit and perhaps it would not be able to distribute dividends of almost 2,000,000,000 Euro to its shareholders and furthermore, it would not be a service to Unicredit.”

AP: With reference to the company Autostrade:
”If the rules are changed ex post, perhaps even concerning the motorway concessions, the result is more general: that of destroying the international credibility of Italy.”
Can be read:
”The profits of Unicredit and the international credibility of Italy coincide”

Spectacular Alexander the Great. He’s two-sided. He takes action and he holds shares. He’s always on the right side: that of the shareholders.

Posted by Beppe Grillo at 12:41 PM in | Comments (4)
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Giacomo, In the future we will have one global bank with multinational shareholders and no nationality!!!
Competition is too strong for individual banks to survive....

Posted by: paola filinesi | December 8, 2006 12:51 AM


Hello there, I also am in complete agreement with Mr. Profumo statement that any Bank should and is more concern with profits and shareholders, although few statements and clarification are necessary. First of all anywhere in the world Lobby are called Lobby for a reason, only in Italy are called “Associazioni Di Categoria” and by doing so (Although very clear to anyone) that is their mandate and scope to facilitate Bank interest with the Government or Regulators (Remember the little dwarf Mr. whats his name?) well now we have Mr. Draghi and so far so god. Banking was and still is a Primary Service (After all is people’s money the Bank administer) and as a Primary Service is regulated, not very well I may add for several reason and the most important is thanks to ABI (I spare the definition is clear in half). I like to point out that this Primary Service is open on average 5 hour a day (In most Bank 1 hour in the afternoon) it cost on average for a checking account 500 Euro yearly (Financial Time statistics) while in Europe the average is 100 Euros, direct deposits through ATM’s not available (Few Exception very rear usually at a price) and Banks open on Saturday is against the Law. Now having sat that I agree and it is a fact that Banks in Italy are making very good profits (With people savings in their coffins) and easily verifiable on the stock market since most of the Fortune 30 Company in Italy are Banks. I have a great deal of respect for entrepreneurs although very little for profiteers protected by crooked politicians and institutions. How come since the little dwarf has been caught with his hand in the cookie jar a flurry of Banks are combining buying other Banks merging and so on, maybe because they smell the market is ripe for the Italian Banks to be picked. Until recently Italian Banks had a very profitable market protected all for themselves, now the market should open up and unless they wake up and smell the roses Europen Banks that are more efficient less costly and better run will eat their lunch. Other than this I have no problem with Mr. Profumo. Thanks

Posted by: Giacomo Chiametti | December 7, 2006 07:29 PM


Well,I don't really understand what is the argument here???
Of course Profumo is a Banker and what he said is correct...!
Banks operate for profit...shareholders are the Bank's first priority...as it would be the case for any other share holding company.What makes a Bank different from an oil company or a car company that has shares in the stock market??

The problem lays elsewhere....because Banks have given us easy access to money,because we became
accustomed to overconsumption,because we were told that instead of keeping our money under the mattress we would be able to make a cent or two out of thin air...we have allowed Banks to rule our lives. That’s the problem!!!

So I wouldn't really care about what Profumo said but about how far we have let the banks and our need for money change our lives...

Posted by: paola filinesi | December 6, 2006 12:44 AM


We all know that the profit doesn't go in that direction, but it is our special pleasure no to make it go against of a free world. Yes. And we all smile at it, but their laugh is annoying. Their laugh is silently confusing (who could ever ever do even think such a discover?).
So, could the power of politics enter in confidence to economy in the right way?
I mean:
It is the property itself to be, more than a reasonable percentage, Against salvation and prosperity for our countries?
PS: reply in 'discussion' please do not Troll this one is important!
Thanks,
Mau

Posted by: mauro mazzerioli | December 5, 2006 03:20 PM


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