PattiChiari, Empty Pockets

Lehman_brothers.jpg
Lehman brothers


What is an economic journalist? It is a strange being. A person working for the press talking about the companies that advertise in the newspaper for which he writes. A Nostradamus of the day after who foresees the collapse after it has happened. One who executes the orders of the editor who in his turn executes the orders of the shareholders.
The economic journalists write articles full of doubts. Let’s take an example, “If this happens then… If this were to happen then.. and perhaps, who knows…” The first rule of journalism is that if you have an item of news you have to give it out. The economic journalist does the opposite. If he has an item of news, he keeps it to himself. In Italy, there are different political journalists who denounce corruption and mafias, from Travaglio to Abbate, from Saviano to Gomez. But there’s no trace of economic journalists who stand out. Why not?
Parmalat and Cirio, the Tango Bonds and the swindle of the “variable mortgages” (the banks sold them knowing that they would explode), the shares of Telecom Italia that disintegrated , the unrecoverable debts (the sub-prime) sold as bonds and the stocks in Lehman Brothers on the road to collapse considered to be low risk the day before. The economic journalists know the facts. Months before. But their mouths remain sewn up.
The banks possess quotas of newspapers. It should be forbidden by law. That Profumo, Passera or Geronzi sell money, not information and in particular if that information is that of the PattiChiari.
”PattiChiari is a consortium of 167 Italian banks with 26 thousand cash desks (84% of the whole Italian banking system) promoted by the Banking Association. Its aim is to offer simple and modern tools that let you have a better understanding of the financial products. The philosophy of the project is in fact that of constructing a new relationship between the banks and the citizens, the families and the companies, based on greater trust and a dialogue that is clear, understandable and transparent.”
A reader has told me about “the project philosophy” of PattiChiari.

Ciao Beppe,
At times, reality is at a higher level than the fantasy of the most creative comics. Today I have received an email from some friends who work in the banking sector with links that I indicate below and I wanted to tell you about this. I don’t know to what extent they noticed but on the site www.pattichiari.it,and specifically on this page, there are certain bonds that are so-called “low risk” – those of Lehman Brothers! I didn’t want to believe it, and I had to reread it four or five times, especially the piece that I have copied and pasted:
” PattiChiari proposes a list that you can look at of low risk bonds and thus they have a low return, this list is constantly updated, to help you if you have no financial experience and you intend to invest in shares that are particularly simple to evaluate.”
That is, a person who has no financial experience who has listened to their advice, great experts, has just found themselves with a handful of waste paper just like the situation for Argentina and Parmalat.
The “Great Experts” today have published a note to this page which says “Today, all the Lehman Brothers shares have come off the Pattichiari List “Low Risk Low Return Bonds” following the communication by this company that they want to lodge an application for bankruptcy. (Chapter 11 of the U.S. Bankruptcy Code)."
Beppe, now there is not even the need for you to put them in the stocks, anyway they have revealed themselves on their own! Greetings” Gerolamo

Posted by Beppe Grillo at 09:24 PM in | Comments (9)
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The weblinks to the pattichiari pages you cite were removed. Can you find a way to make them available to the reader?

Posted by: Giorgio Baruchello | February 19, 2009 10:07 PM


Dear Stefano, it seems that banks are trying to improve their business model....apparently, the investment banking business model will be discarded in favour of the commercial banking business model. Business differentiation is the key. Successful Commercial banks in this crisis have had the possibility to cover their investment banking losses with profits made in other untroubled banking sectors (such as retail banking). Amen!

Posted by: Daniela Giachin | October 5, 2008 11:06 PM


Injecting money in the market without a substantial growth of the economy means reducing the value of every dollar in circulation.

As the other central banks are doing the same, there should not be a variation of exchange rates, but EVERYONE of us today is poorer than one day ago.

I am not aware that in 2001 in the dot com bubble, short selling block and huge money injections were part of the package to save the industry.

Banks are protecting themselves (paying some millions during campaigns and receiving some billions back now) by burdening us instead of improving their business model. This means that when the bubble explodes, the blast will be heard even further away.

Beppe do you remember that post regarding monetary sovereignty (sovranita monetaria). Between banks, oil, pharmacy and food corporation, we the people are getting screwed up big times.

Posted by: Stefano Pietri | September 21, 2008 07:30 PM


So, after all they say about evil welfare they're on welfare! Imagine, them taking taxpayers hard-earned money! Taking free lunches! Shouldn't they pull themselves up by their boot straps? Shouldn't they look after themselves and work for their money? Don't they know that taking money for nothing will make them fat and lazy? That taking money for nothing is habit-forming? That it's socialism? What's the matter with them? Don't they know anything? Who, they? Investors!

Posted by: lou pacella | September 19, 2008 04:46 PM


These last events and the crash of major US banks seems very weird to me.

Is it possible that those people didn't see that mess coming?

Or may be they are the one who planned and executed it? and now want us to belive that this was unforeseen , it's nobody fault it just was meant to happen.

And now they try to blame "short sellers" just as they blamed osama ben laden for sept the 11th or saddam for the wmd.

Why then they made us believe that "unregulated mkts" and "self-regulation" were what the financial mkt need in order to achieve "efficiency"?!?... bullshit!

One thing is sure. We are moving towards 1 unique bank with politicians and the establishment governing on global scale!

Posted by: FRANKIE HAT | September 19, 2008 12:42 PM


Daniela Giachin
To be sure, I'm not saying economic journalists "are aware of what's happening to the markets in advance." -although in some cases they are-. An economic journalist merely parrots the economic information as reported to him by the financial establishment. And that's the same as reporting the wine is good because the winemaker said it is. In other words straight reporting according to "authoritive sources" or "government officials" or "market insiders" or CEOs of big corporations or financial institutions rarely tells us the truth. Yet the "economic journalist" rarely questions what he is being told. Five corporations owns most of the media in the world. Do you think they tell us the news for our benefit or for their own benefit? Corporate media around the world was overwhelmingly favoring the Iraq invasion that caused the death of so many people; the same media was also in favor of derugaliting the financial system that caused this economic crisis that we now have to pay to get them out of trouble. We were bullshitted in both cases and in both cases pay for the consequences.

Posted by: lou pacella | September 19, 2008 11:40 AM


I disagree with those who believe that journalists are aware of what's happening to the markets in advance. Most people, including journalists would not know what shares of a company would do the next day. They do not pretend they don't know, they actually really do not have a clue, otherwise if any journalist could be sure that a particulare stock would for example rise in value the following day or week, this person would easily be a millionaire overnight, investing all they have in the "right" shares...if only it was so easy!!!

Posted by: Daniela Giachin | September 19, 2008 09:15 AM


Lou Pacella,
I hate to have to say this; I agree with you completely.
It is unfortunate that the world of humanity seems to be governed by the 3 B's principle:
Bullshit Baffles Brains.
This is true particularly with respect to the "Unholy Trinity" of religion, commerce and politics.

Posted by: Rolly Wheeler | September 19, 2008 02:47 AM


What is an economic journalist? He is a person who claims to be an expert in order to report on the production, distribution and consumption of goods. But, for intent and purpose, is an illusionist profering misleading ideas, through the use of fancy words and terminolgy, for the benefit of an economic system or another; a bullshitter.

Posted by: lou pacella | September 18, 2008 11:15 PM


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