OUT OF MIND
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» FDA Says J&J COVID Vaccine ‘Safe,’ Emergency Approval Expected Within Days
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyToday at 12:22 pm by PurpleSkyz

» Following Lawsuit, CDC Removes Claim “Vaccines Do Not Cause Autism” from its Website
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyToday at 12:19 pm by PurpleSkyz

» Entire Federal Reserve Payment System CRASHES
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyToday at 12:16 pm by PurpleSkyz

» Public Health Officials Are Lying About Lockdowns
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyToday at 12:08 pm by PurpleSkyz

» Biden Gives $4 BILLION to WHO and Bill Gates for Global COVID Vaccine Injury Compensation Program but Nothing for the People?
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyToday at 12:03 pm by PurpleSkyz

» Astrophysicists find rare star spinning backwards
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 4:41 pm by PurpleSkyz

» Bright Meteor Fireball Flashes across Sky over Alberta, Canada
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 4:38 pm by PurpleSkyz

» Everything is Fake in Utopia
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 4:34 pm by PurpleSkyz

» Biden Caught In Another Big Lie – Claims More Deaths from COVID than WWI, WWII and Vietnam Wars Combined – Simply Not True
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 4:26 pm by PurpleSkyz

» Fire Fauci is Trending on Twitter and It’s Long Overdue
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 4:08 pm by PurpleSkyz

» “Irrefutable Proof Is Coming Soon – We Are NOT Done” – Sidney Powell Responds to Supreme Court Decision to Ignore Election Fraud
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 4:02 pm by PurpleSkyz

» UK Report: Experimental MRNA Injections Caused 1716 Cases Of Eye Disorders And Left 22 People Blind
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 3:59 pm by PurpleSkyz

» Hidden message found on Mars parachute
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 3:47 pm by PurpleSkyz

» Boris is to Blame!
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 11:41 am by PurpleSkyz

» 75% Of US Troops Refused Taking COVID-19 Vaccine Says Pentagon Report
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 11:37 am by PurpleSkyz

» Moralization of COVID-19 Clouds Human Judgment
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 11:30 am by PurpleSkyz

» Justice Thomas Blasts Supreme Court For Dismissing Election Fraud Lawsuit In Scathing Dissent
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 10:47 am by PurpleSkyz

» Good People Doing Good Things — Texans
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 10:42 am by PurpleSkyz

» 22 More Fatalities After the Experimental mRNA COVID Injection in the Netherlands
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 10:34 am by PurpleSkyz

» Boycott the Gaslight Media and Save America
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  EmptyYesterday at 10:30 am by PurpleSkyz



You are not connected. Please login or register

OUT OF MIND » THE INSANITY OF REALITY » GLOBAL FINANCIAL COLLAPSE » Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |

Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |

Go down  Message [Page 1 of 1]

PurpleSkyz

PurpleSkyz
Admin
Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco | Zero Hedge










1 Vote
Submitted by Tyler Durden on 01/23/2013 08:41 -0500




  • Bloomberg News
  • Deutsche Bank
  • Italy
  • Nomura
  • None
  • Reality




Last week, following documentation from Deutsche Bank (and Nomura), it became clear that Italy’s Monte Paschi (BMPS) bank (the oldest in the world)
has engaged in derivatives with the German and Japanese banks in order
to save itself during the financial crisis. The derivatives, according
to Bloomberg, were done off-market and allowed the booking of large
upfront gains which covered losses optically that the bank faced as
European liquidity dried up completely – the offsetting ‘losses’ are now
coming due. Today, amid growing outcry over the ‘deal’, the former head
of BMPS has resigned. Bloomberg reports
that Giuseppe Mussari, now Italy’s top banking lobbyist, was the
Chairman of BMPS during the derivative deal period. BMPS shares were halted
after plunging dramatically as investors are still unclear of the
extent of losses it faces on derivatives. If that was not enough
chicanery, there is a twist in that none other than Mario Draghi, as Director of the Bank of Italy, would have had to vet Mussari (and his banks’ regulated books) during this period – as BMPS accumulated what is obviously undocumented derivatives positions to intentionally obscure losses. Once again, years later, it seems the truth comes out – and of course we would expect no-one to go to jailand the lying in Europe (then and now) continues unabated – as the reality of financial system health remains hidden from view.



Oldest Bank In The World Plunges, Halted As Chairman Resigns In Aftermath Of Latest Derivatives Fiasco |  20130123_BMPS_0

Via Bloomberg,




Former Banca Monte dei Paschi di Siena SpA Chairman Giuseppe Mussari
quit as Italy’s top banking lobbyist as scrutiny of the lender’s use of
derivatives deepens.

The resignation is effective immediately, he said in a letter posted
to the Italian Banking Association today. He leaves as Monte Paschi,
where he was chairman from 2006 until April, comes under growing pressure to disclose the extent of losses it faces on derivatives.

The lender fell 5.7 percent to 27.75 cents in Milan trading today,
the biggest decliner in Europe’s 46-member Stoxx 600 Banks Index, after
Il Fatto Quotidiano reported Monte Paschi’s former managers signed contracts with Nomura Holdings Inc.
(8604) three years ago that will reduce 2012 earnings by 220 million
euros ($293 million). Nomura said in a statement Mussari “fully reviewed
and approved” the trade.

I always acted according to the law,” Mussari, 50, wrote. “I took the decision to not damage the association.”

Monte Paschi said on Jan. 17 it will review its accounts after Bloomberg News first reported that the lender engaged in a derivative with Deutsche Bank AG in 2008 that obscured losses
before the Siena-based bank sought a government bailout. The Italian
lender, which was bailed out in 2009, is seeking 500 million euros more
from taxpayers, bringing the total cost of its rescue to 3.9 billion
euros.


Thanks to: http://2012indyinfo.com



  

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum