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TheCountOfNowhere

Non panico (Italian for....)

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It beggars belief that this bank hasn't had a gold buying programme running back hundreds of years. Their vaults should be full of the stuff - I would expect billions in gold held on the banks own balance sheet.

What the hell have they been doing for hundreds of years?

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As I understand it the smaller punters were encouraged to borrow more than they needed and buy shares in the bank using the extra debt?

D

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It looks like this con is never going to end.

I think it is an 8% minimum bail-in for the shareholders under EU leglislation, the shareholders will be annoyed but I expect that it will be a long time before they are on the streets and insisting on change. How many more years of theft before the cronies are satiated, revolution breaks out or a war starts? - grim.

Edited by doahh

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I might start a bank. It would be the safest bank in the world, with 50%+ of all yearly profits being used to purchased gold, fine art and other precious items purely to sit in the bank's vaults deep underground.

 

Edited by Errol

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23 hours ago, Errol said:

It beggars belief that this bank hasn't had a gold buying programme running back hundreds of years. Their vaults should be full of the stuff - I would expect billions in gold held on the banks own balance sheet.

What the hell have they been doing for hundreds of years?

Hundreds of years -- gold buying programme.

Last couple of decades -- extract the gold and hand it to the insiders.

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http://www.express.co.uk/news/world/746398/Protests-Italy-EU-bank-bailout-monte-di-paschi

 

"

Protests expected to plunge Italy into chaos after EU bank bailout bill comes to £17bn

AN Italian financial expert predicted widespread social unrest and protests as the Italian government draws up plans to pay up £17bn in a massive bank bailout package

"

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On 21/12/2016 at 6:27 AM, frederico said:

I'm surprised anyone is leaving money in that bank.

To my understanding, very few have left anything above the 85k (or whatever the number is) guaranteed amount. The problem appears to be that lots of people, including lots of retail customers, have bought bonds issues by them which aren't protected and can't be redeemed early. The ECB wants those bond holders to get bought in bit the Italian government doesn't want the bad publicity. 

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On 21/12/2016 at 1:04 PM, TheCountOfNowhere said:

http://uk.reuters.com/article/uk-eurozone-monte-dei-paschi-liquidity-idUKKBN14A0LD?il=0

 

"Italy lawmakers approve 20 billion euro plan to prop up banks"

 

I can hardly  believe what I am seeing...AGAIN

Again the public get the losses and the banks get the profits. This is bullsh!!

Protect the depositors and clean out the share and bondholders, and let it fold. The only way.

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Fairly obvious. All the shareholders and bondholders should lose everything.

I would protect retail deposits up to 100,000 but nothing more. Deposits of other banks and commercial institutions should be lost as well as these entities should know better and be able to protect themselves.

Edited by Errol

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On 21/12/2016 at 1:04 PM, TheCountOfNowhere said:

http://uk.reuters.com/article/uk-eurozone-monte-dei-paschi-liquidity-idUKKBN14A0LD?il=0

 

"Italy lawmakers approve 20 billion euro plan to prop up banks"

 

I can hardly  believe what I am seeing...AGAIN

Italy's 3rd largest bank collapsing into the U.K triggering article 50 would be an interesting set of events. 

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Well, all finito and dustido.

Ees not, 'ow you say', bailino or bailouto. Here is 20bn and any banca can say, I want a pizza this.

The staggione of goodwill to all men, especially banksters.

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On 22/12/2016 at 3:23 PM, TheBlueCat said:

The ECB wants those bond holders to get bought in bit the Italian government doesn't want the bad publicity. 

It wouldn't just be bad publicity, it would cause a revolt and further bank runs on other Italian banks as there are others that are in trouble.

Another reason for the bail-out is that MPS is the bank of italian freemasonry and black nobility so it's too important to fail.

 

Edited by The Eagle

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