Geronzi means trust

Travaglio on Geronzi

If our banking system is solid, we owe it above all to Antonio Fazio.” Who said that? Cesare Geronzi two days ago.
Anyone in the companies who makes a mistake must pay for it. And it is not possible that no one ever pays: both when the director shows they are not up to the job and when they are on trial.” Who said that? Giulio Tremonti, Minister of the Economy (how long ago?), two days ago.
Geronzi, 72 years old, is involved in numerous judicial cases (the following is translated from the Italian version of Wikipedia)
- Parmalat - Eurolat: Within the overall trial for the Parmalat collapse he is under investigation for aggravated usury and collaboration in fraudulent bankruptcy. According to the charge against him Geronzi is alleged to have forced Tanzi to take on the Ciappazzi company, belonging to the Ciarrapico group. The investment is thought to have been financed by Capitalia with usurious interest rates. For the Eurolat side, Geronzi was sent for trial for extortion and company bankruptcy on 5 April 2008. According to the charge, Geronzi obliged Tanzi to buy Eurolat, a company in Sergio Cragnotti’s Cirio group, at an inflated price, threatening to put an end to the bank overdrafts. The trial documents were transferred from Parma to Rome on 20 June because the crime in the charge (extortion in relation to the sale of Eurolat by Cirio to Parmalat) is alleged to have taken place in Rome.
- Cirio collapse: the banker is under investigation for fraud in relation to the issue and placing of Cirio “bonds” through Capitalia.
- Italcase collapse: Geronzi convicted at the first level for bankruptcy and sentenced to 1 year and 8 months plus the prohibition on having the position of director in any company for two years.
- Telecom case: tax fraud operated by the Luxembourg company Bell (controlled by Emilio Gnutti’ s merchant bank Hopa, that also has participation from Geronzi).

Cesare Geronzi is head of the supervisory committee of Mediobanca, the investment bank at the centre of the Italian banking system. With his CV he should be elsewhere. Writing his memories or preparing his defence with his lawyers.
How much have the Parmalat, Cirio, and Italcase shareholders lost? How much has Geronzi had to pay? Why is he untouchable? Matteo Arpe, CEO of Capitalia, has been pushed out and now the same end is happening to Profumo, CEO of Unicredit, because he crossed his path. Why? Why is he rewarded instead of being sent away?
He and the psycho-dwarf are the same age, both great frequenters of courtrooms. They have been helping each other for 20 years, since the time of thepossible collapse of Mediaset . In Mediobanca, thanks to Geronzi, two thoroughbred horses have arrived: Marina Berlusconi, member of the board of directors, and the unhappy Tronchetti, as vice president.
Mediobanca is the heart of Italian financial and economic life. It is in the hands of Geronzi, the psycho-dwarf and Tronchetti, folk who have contributed to the economic disaster that is about to overwhelm us. And the citizens have been asked to give their trust to the banks… Without shame.

Posted by Beppe Grillo at 12:05 PM in | Comments (0)
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