Open letter to Franco Bernabé

Franco_Bernabe.jpg
photo Adnkronos

"Dear Dr. Franco Bernabè,
I heard about your appointment as Managing Director of Telecom Italia and decided to write you an open letter.
You were kicked out of the chair in 1999, the same chair that you are once again about to take over. At the time, you were in favour of forming an alliance with Deutsche Telecom and preventing Telecom Italia from being indebted to the tune of tens of billions of Euro to the “courageous captains” Gnutti and Colaninno, who “bought” the company by getting into debt. Your attempt failed due to the opposition of Massimo D’Alema, Chairman of the Board at that time, who favoured entry into the largest company in the Country of the capitalists with patched trousers. Subsequently, Colaninno was convicted of preferential bankruptcy in the Italcase case, Gnutti for insider trading and D’Alema is now involved in the Unipol case in which Consorte and Sacchetti have been convicted.
You now find a company that is more indebted, with fewer resources, with a reduced international presence, minus thousands of employees and companies sold off, unbundled or closed down. A company that has missed every boat in the past eight years and that has only survived thanks to what is essentially a politically sponsored monopoly.
The management currently in charge of your former company is made up of people, and here I refer specifically to Carlo Buora and Riccardo Ruggiero, which have allowed or ignored the creation of the most widespread espionage centre in the entire history of the Republic. There are thousands of files on people who were spied upon, for which million of Euro of company money was paid out, of which the management was totally unaware. Tronchetti and Buora, an unbreakable couple, brought people such as Tavaroli with them from Pirelli and entrusted them with Telecom’s Security while they knew nothing.
I tell you this in the hope that you will have no hesitation in dismissing the management team that has taken Telecom to the brink of the abyss.
The go-ahead for your appointment came from the appointment committee of Mediobanca, consisting of Rampi, Bollorè, Tronchetti and Geronzi. This is not a good recommendation. We know Tronchetti and Geronzi well and so do you.
I would have preferred it if your appointment was made by the majority of shareholders, also involving the minority shareholders that are continually impoverished by every decision that is made. However, this was not to be. I ask that you take immediate action to give minority shareholders an appropriate voice in Board meetings and hope that you listen to me.
Following his appointment, Tronchetti expressed the hope that: “ the work carried out by the front-line employees be appreciated, namely those employees that have contributed to the company’s economic and technological success and the important financial restructuring, guaranteeing good results through their professionalism, even during the long period of instability”.
You, instead, should kick out all these managers that have taken the company to the wall, because the only great things they have are their stock option and their salaries.
I will be following your progress with interest and in 2008 I will be ready for the share action.”
Beppe Grillo

Posted by Beppe Grillo at 07:35 PM in | Comments (6)
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I've posted this link under 'economy', but in reality it could have been posted under any section of this blog, since it talks about the massive problems sweeping all across the board in italy at the moment.
when i read it, it struck a cord. yes, it is as the article says:

http://www.nytimes.com/2007/12/13/world/europe/13italy.html

Posted by: tim power | December 13, 2007 01:24 PM


Good article. Write me ador [at] agoratalk.com, I have material for the continuation of the article.

Posted by: Alian | November 29, 2007 01:54 PM


QUESTO BLOG CANCELLA E NON PUBBLICA NUMEROSI POSTS
E NON NE VEDO LA RAGIONE....
NON RIESCO A SPIEGARMI QUESTA CENSURA CHE DI FATTO STA DIVENTANDO A DIR POCO OPPRIMENTE.
SE QUESTO BLOG DOVEVA ESSERE UNO STRUMENTO DI CAMBIAMENTO,CREDO ABBIA FALLITO IL SUO SCOPO.
GRILLO,CHE CAZZO STA SUCCEDENDO ?

Posted by: Giacomo Neri | November 29, 2007 01:07 PM


Hello everyone,
I really enjoy reading and expressing my opinion on this site, and well aware that regardless how fucked up Italy is (Having seen nothing yet!) the same miserable individuals are still not getting the message.
The masses, sorry but someone has to say it, are still salivating at the opportunities the Idiotic Bunch are dangling in front of you only to express your Approval.
They are not interested in your disapproval, deprecation, problems, disappointments and frustrations, no those are not welcome in Italy.
Newspapers clamoring scoops and misdeeds are a dime a dozen, although for as many Lawyers, Counselors and Attorney wiz kids of the Law has to testicles to go after this Idiots for real Penalty Money (I mean not a slap on the wrist Millions and Billions until Bankruptcy!).
As a matter of fact I know each and everyone of you is asking him-or-herself why is can’t be like anywhere else in Europe or the US?
The reason is very simple, they stud up for their right, they fought for their right, they pay the prize for their right, and while most Italian were basking in the sun of the Dolce Vita and sipping espresso in Via Veneto or anywhere else, they educated themselves, wrote the rules of Civilization and the rules breaker paid dearly.
When Fiat sold lousy car in the Staes (Yugo and the likes!) they paid dearly and got kicked out, when Parmalat screwed up US Investor they paid dearly (While Italian still wait for 10 Cents on the dollar if lucky while Mr. Parmalat is laughing inside his villa with some billion stashed somewhere!) same for Argentina’s Bonds and many other.
Reality is, just like with lids behavior any clever Individuals (Politicians especially!) keep on pushing the boundary line drawn in the sand, and when they see apathy and no reaction what so ever, they push it even further.
The result is Italy today, a magma of struggling well behaved citizens, abused by 5-10% of society, laughing and riding them all the way to catastrophe (For you obviously not them!).
You pay 50% (Low estimate!) of your income for Services and protection from your Government, and what do you get, Mafia Ndrangeta and any other scum of the world flourishing and doing billions worth of business on you.
You ask for Services, they send their kids to overseas school, get their houses (Palaces would be more appropriate!) through the State at token prizes while you bleed to your Bank, they hired Personal Assistance under the table while if you sell anything without a receipt is business is dead.
Would you like some more example, and should I remind each and everyone of you I am don’t enjoy opening the eyes to Italians, I was bourn there and someone has break this apathy.
Italians brains are escaping Italy, don’t you wonder why, Italian University are at the bottom of every list, taxes are the highest in western hemisphere, and this is what you get?
Stop gawking at them and pull yourself up by the boot strap, when someone pushes you, push back actually harder so next time they think twice before pushing again.
Hope the tide turns very soon, the water is reaching the mouth, either you swim or you know the rest.
The future looks bright, wear dark shades.
Thanks

Posted by: Giacomo Chiametti | November 29, 2007 12:43 PM


Please can you read my blog http//globglob.centerblog.net
I need help

Posted by: LEMAITRE | November 29, 2007 11:03 AM


C'mon Take a Ride with US
Take a Ride with the Flow
...4
C'mon Take a Ride with US
Take a Ride with the Flow

Posted by: Luther Blissett | November 29, 2007 04:54 AM


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