Newsgroup: it.politica
Titolo: Prepariamoci al prossimo botto

Credo che Grillo abbia avuto ancora una volta il merito da anni di 
porre l'attenzione su un tema che probabilmente nessuno conosce, se non 
grazie ad un'inchiesta di Report di diversi mesi fa.
Il tema è quello dell'indebitamento (a livello di bancarotta) di 
moltissimi comuni italiani
Ormai la pentola a pressione bolle, e il tappo fatica a tenere 
chiuso il coperchio... la pentola sta per scoppiare e questa volta il 
botto sarà molto rumoroso.
Dov'era l'"obbiettivo" il Sogni24Ore mentre tutto questo accadeva?
E i patani leghisti vogliono il federalismo?
Ma li vediamo i disastri che stanno facendo le regioni-province e 
comuni ora che hanno più poteri? e vogliamo dare loro in mano ancora 
più soldi?
Che Dio ci aiuti
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4110163
/Italian-bond-scandal-could-ensnare-banks.html
Italian bond scandal could ensnare banks
Several high-profile banks, including Deutsche Bank and UBS, could be 
caught up in lawsuits over lending agreements with Italian local 
governments.
 
By Katherine Griffiths, Financial Services Editor
Last Updated: 7:51AM GMT 05 Jan 2009
Letizia Moratti, mayor of Milan,
Letizia Moratti, mayor of Milan, Photo: Bloomberg News
According to some estimates, Italian authorities could be sitting on 
€35bn (£33bn) of liabilities relating to bonds they took out in the 
1990s, which could turn into Italy's biggest financial scandal since 
the Parmalat fraud.
Milan has said it is considering legal action against a group of 
lenders – Deutsche Bank, JP Morgan Chase, UBS and Dublin-based Depfa, 
part of Germany's Hypo Real Estate. The group struck a deal to help 
Milan manage repayments on €1.7bn of bonds it bought to finance public 
spending.
Milan is losing money on the derivatives contract it took out with the 
banks, which allowed it to swap a fixed rate of interest on the bonds 
for a variable rate. Milan's mayor, Letizia Moratti, said: "We reserve 
the right to take legal action". Italian police are also investigating 
and raided the banks' offices earlier this year. The banks would not 
comment.
The situation is being replicated across Italy. Observers believe 
Italian authorities will see their financial position deteriorate 
further in 2009 and will take a close look at the deals they entered 
into with investment banks to manage their debt.
Investment bankers, many based in London, spotted a major opportunity 
in the 1990s. Italian cities and regions wanted to borrow money. In 
order to avoid ballooning debt, the central government required local 
authorities to put away a percentage of the loan every year in a 
"sinking fund" so that when it was time to repay the full sum, they 
would be able to do so.
Investment banks offered to manage the sinking funds. While the funds 
initially had to be invested in Italian government bonds, the criteria 
were widened to include other government debt within the European 
Union. This could include debt from countries seen as more likely to 
default, such as Greece, as long as it was triple-A rated.
The banks took a fee to manage the sinking funds. They argued to the 
Italian authorities that as well as saving the money to repay their 
initial loan, they might also make some money from the investments. 
Many did when the global economy was booming.
All of the contracts were different. But critics have said some 
contained a sting which was not properly understood by some of the 
Italian authorities.
While the local authorities only earned a return on the money they put 
aside, the value of their total loan was at risk. The banks could 
invest all of the money the authority had borrowed through bonds. If 
everything went well, the bank would pay a return based on the 
incremental amounts the local authority was putting into the sinking 
fund, and keep the rest as profit.
If things went badly, it was the local authority which would have to 
pay for the loss – and then also have to pay off the bond when it 
became due.
Many investment banks were involved in lending to Italian authorities, 
including Barclays, Merrill Lynch and several Italian banks.
The London office of Japanese bank Nomura was also a significant player 
and was accused by a former senior employee, Piero Burragato, of 
treating the regional government of Liguria unfairly.
Mr Burragato, who was head of bond sales in Italy for Nomura, brought a 
employment case against Nomura in 2007.
He alleged that the bank encouraged Liguria to take on more risk than 
was appropriate over a €200m bond issue. He also said Nomura made about 
€20m of profit from
the deal, which he said was excessive.
Mr Burragato wrote to the Financial Services Authority about the 
situation but his letter was not followed up by the regulator.
Mr Burragato claimed he was forced out of Nomura and sought several 
million pounds in bonuses. He did not win his case. Nomura said: “The 
Ligurian transaction met the region’s commercial objectives.”

Credo che Grillo abbia avuto ancora una volta il merito da anni
---snip---
Lo sapevo da _molto_ prima di Grillo, e come me molta gente. Secondo
me Beppe arriva spessissimo dopo la banda, poi uno e' libero di
pensarla diversamente.
Nello specifico, se fossi un patano lechista e facessi
l'amministratore pubblico sarei _molto_ preoccupato.
Chiaramente, nel caso capissi un po' di piu' che un cazzo, e' ovvio...
Giovanni Cesaretti
-- 
"We have a better than zero chance of successfully
intercepting, I believe, an inbound warhead"
Lt. Gen. Henry Obering III, Director
of the US Missile Defense Agency

 
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/41101.
..
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Interessante che un sinistro abbia la faccia di parlare di
amministrazioni pubbliche locali...
Faccia come il culo sembra azzeccato per il caso di specie.
Salvini

Credo che Grillo abbia avuto ancora una volta il merito da anni
---snip---
Lo sapevo da _molto_ prima di Grillo, e come me molta gente. Secondo
me Beppe arriva spessissimo dopo la banda, poi uno e' libero di
pensarla diversamente.
----------------------
Vero. Ma è uno che quando viene a sapere (anche relativamente tardi) notizie 
del genere le fa girare, cerca di dare loro visibilità. Ricordiamoci che è 
un ragioniere che fa il comico (o, secondo alcuni, lancia invettive), in 
fondo. 


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peccato che io non sia un sinistro
S.

 moltissimi comuni italiani
Ma adesso non arriva il federalismo a risolvere ogni cosa? Lo ha detto 
Maroni appena pochissimi giorni fa
http://it.youtube.com/watch?v=5X1VIyZe3Ws