What will be, will be Saràs

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I wrote about “MM”, Massimo Moratti in the blog on 23 April 2007, 17 months ago.
” Every so often his big brother Gianmarco asks him to sign the transfers. People trust him and his good Bugs Bunny appearance. And that’s how it’s been even for Saras on the Stock Exchange. The Morattis have pocketed 1,700,000,000 euro. They needed that to strengthen the team. The share was quoted at 6 euro at the time there was the collapse in the energy market. Anyone buying lost 12% in a single day. … Summary: someone decides that the price of 6 euro is right. Savers believe, buy, and lose. The Morattis and the banks gain and the prosecutors investigate. Where was Consob? Cardia shed light.”

“MM” mutters about court actions against me and I have no news of them. The ones I have already are quite enough.
Seventeen months after the post “Without stealing”, on 23 September 2008, the technical consultant of the Milan Prosecutors Office described the Saras operation in 400 pages.
The consultant, as reported in La Repubblica: “put forward the hypothesis that the cashing in of the quotation was useful above all for one branch of the family, that of Massimo Moratti, to tackle Inter’s debts. With the resulting damage to the market of 770 million euro.”
So basically the shares were quoted at a price that was much higher than their value. The Morattis and the banks pocketed the money. Anyone who bought lost 770 million euro.
The banks offered precious help for the placing of the shares. The emails impounded by the magistracy:
- “It is vital that in front of the price there is a 6”, Federico Imbert, Jp Morgan
- “You have to know that we have obtained 1.6 billion euro, that is from both the brothers, but one of the two must repay 500 million in debts, so that part we won’t see for a long time” Emilio Saracco, Jp Morgan
- “I had a long talk with Miccichè from Intesa. He is pleased with the work done together on Saras and Intercos. He is personally available to motivate the sales team especially on Saras. He asks us to inform him if we foresee problems or upsets. He is obviously very keen to see success given the exposure of himself and Passera with the Morattis. Galeazzo Pecori Girali of Morgan Stanley has been to visit him and advised him not to exaggerate with the price. He believes that he is doing that because he is jealous of us.” Federico Imbert, Jp Morgan.
What will be, will be Saràs …:
- Moratti, pockets 1.6 billion euro
- Jp Morgan, pockets 26,7 million euro
- Banca Caboto, pockets 18 million euro
- Morgan Stanley, pockets 20,9 million euro
- Shareholders lose: 770 million euro.

Posted by Beppe Grillo at 10:17 PM in | Comments (0)
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