Banks of the government and of robbery

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The Great Flight

The banks and the regulatory authorities are the main ones responsible for the financial catastrophe. In the last few years, Where have the Bank of Italy, Consob, ABI, the Ministers of the Treasury been? People like Tremorti and Padoa Schioppa? Like Fazio and Draghi? Like Geronzi, Passera, and Profumo? The mayors who have invested the taxes of the citizens in derivatives? The financial analysts? The economic journalists? People like Cardia and Capuano? The rubbish shares, the futures without a future, the subprime sub-primes, the CDOs, the holes in the balance sheets, the banking liabilities without guarantees. Either these gentlemen knew everything and thus are criminals and should be prosecuted, or they are incompetents and should be sacked as soon as possible.
Renewal has to start with the pinnacle of finance. To get rid of the politicians and leave the bankers in place is of no use. The next time round, the ones who have control of the financial system will elect other figureheads, who are willing servants or are business partners.
To save the country that has been destroyed by the banks they are lending money to the banks without getting rid of those responsible. Itís an upside down world. They are using public money, the fruit of the taxes of the families to reward those who ravished the savings of the citizens. Without even asking for renewal, with Passera and Geronzi still in post with salaries of millions of Euros. Instead of taking a step back, they have taken two steps forward. The ones who are responsible are rewarded. Often the citizens have lost everything. If you are starving and you steal ham from a supermarket, they arrest you. If you throw millions of families into poverty you become President of Mediobanca
A collective clearing away is taking place
The banks control the newspapers, they are present in the Boards of Directors of the publishing groups. The financial tsunami is described as a supernatural event, something inevitable, something cosmic. The top brass in the banks are the victims of the situation not the ones responsible for it. In recent years, how much have the bankers gained in stock options thanks to the toxic shares? After the crisis, by how much have their salaries gone down? I think that itís necessary to have a public discussion with data, names, position, illegal gains of those who have been at the top of the financial institutions and their journalist accomplices. Meanwhile, not a single Euro from the State to the banks.

Posted by Beppe Grillo at 08:54 PM in | Comments (6)
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Last night, on Annozero, Travaglio took stock of fifteen years of Berlusconi's political activity. Conclusion? Lower wages, laws for personal use and not much else. That irritated Minister of Finance Tremonti, a guest on the show. He scolded the "cheeky" reporter for repetitive reporting. Though repetitive it may have been, but, when the star of the story is a re-run, the story is a re-run. What's to be surprised? But I think Mr.Tremonti found it more annoying dealing with the truth. But then who doesn't?

Annozero had some hard-hitting images of this economic crisis. Scenes of autoworkers' outrage toward a system that used them and then got rid of them. Watching their jobs vanish to other countries where labor costs are obscenely low. Their confrontations with police as they attempted to block traffic.

Most poignant was the jobless young autoworker in the audience seeking answers from the Minister of Finance. He worried about getting his job back, about his family's future. Of course the Minister had no assurances or definitive answers for him other than to say millions are in his position around the world and that this crisis is unprecedented and that Fiat needs a bailout Italian style. Fiat, unlike GM and Chrysler, "borrows" money not from government, but from the banks. Fiat is no corporate welfare bum, kneeling before politicians, asking for handouts. Too bad banks use taxpayers' money for the Fiat bailout.

But Mr. Tremonti's observations on President Obama surprised me. I had heard them before, from people who had wished for Americans not to be ready for a black man as their President. So now, fearing to be seen racially biased, they frame any criticism they harbor about President Obama, by praising the President's historical achievement but doubting his abilities to lead. Mr. Tremonti, for example, sees President Obama as an iconic figure, but views his taxes on the rich as reneging on his campaign promises not to raise taxes - of course he omits the fact that the promise was about not to tax the middle-class.

It was amazing to see Fiat's Italian autoworkers waiting for Fiat's Polish workers at their factory's front entrance. The Italians looked surprised at the Polish's reluctance to exchange a few words with them. The Polish shied away from any contact with the Italians as they feared their bosses reprisals. The last thing Polish workers wanted to do was to talk with Italian workers. Their fear was palpable. The next segment of the show showed Italians workers taking jobs from British workers. And that's what this economic crisis is all about: pitting workers against workers, union busting and the lowering of wages.

Posted by: Louis pacella | February 28, 2009 01:10 AM


ē Every country faces the same problem with regard to saving its banking sector. But it is not a problem of finding money, the Governments can pump in whatever they want. The problem lies with trying to change the mentality of the leading bank bosses. For too long they have become used to being the masters of the universe, feted by political friends and the media; awarding themselves colossal salaries and bonuses written in stone that have nothing to do with performance related pay, that they so so liked to expound.
They all belong to what is generally described as the establishment, the old money and new money that in the UK can be spotted by titles, peerages and knighthoods handed out, not for service to the nation but funding political parties.
Both in the US and Europe they are lobbying hard behind the scenes to protect their wealth and power, oblivious to criticism and still believing they merit their bonuses. They cannot accept that their management of the banking system has brought the economy to the brink of disaster.
Until political leaders find the courage to tell the bankers that the game is over and take full control over the nation's finances by nationalizing the whole banking sector there can be no recovery. Each day brings new revelations of fraud or mismanagement, each day brings new details of toxic debts and liabilities that exceed estimates, each day brings new evidence of billions hidden away in offshore banks in exotic tax havens.
The bankers have caused incalculable damage and they should be brought to account. The Government has got to stop dithering and listening to bankers pleading to keep their bonuses and get on with the job of saving the economy

Posted by: peterfieldman | February 27, 2009 02:12 PM


Free Monetary Seminar in Chicago at Roosevelt University on Wednesday evening, March 4th, 6:30 PM at the Spertus Room, 2nd floor: "How our ridiculous banking and monetary system brought down the US and World economies"
http://www.monetary.org/amacolorpamphlet.pdf

Posted by: marco saba | February 27, 2009 01:31 PM


The same is happening in the United States , Britain , all over Europe and one may say the rest of the world . It is Shameful !!! What is one to do , sack all the senior bankers and replace them with juniors with little experience , who will not have the competence and will probably reward themselves as now , whether succesful or not . Integrity is a thing of the past ; whether in Politics , Banking ,or Business .

Posted by: David Barneby | February 27, 2009 04:36 AM


Sadly this is the case in many places. We are at their mercy. V.

Posted by: Daniel Valls | February 27, 2009 12:32 AM


One is ALWAYS either responsible or irresponsible. There are no other choices.

Posted by: Kimberly Breeze | February 26, 2009 09:48 PM


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