Banks, corruption, and oversight: who protects savers? And will scammers foot the bill?

These are the questions that matter even in the face of the clash between Consob and the Bank of Italy over the lack of oversight in the banking system. The case in point is the network of complicity in the Veneto banks: there are many inside. Fake bankers and real scammers.

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Corruption in banks

CORRUPTION IN BANKS

On the bonfire of the savings of Italian families hit by the hurricane of corruption and waste since banking world, we have discovered another Columbus egg: the surveillance network, shared in the Italian style by the Bank of Italy and Consob, has not worked. A system that adds a lot of bureaucracy (letters, inspections, protocols, etc.) and so little effectiveness With regards to the protection of savers, it should make us reflect and open our eyes to the necessary countermeasures and not to the usual racket in the borderlands between politics and the power of state commissioners.

They saved the Veneto banks, a hub of Italy's industrial and financial system, a once-safe haven for thousands of saving families, which later became a center of the worst methods of Italian-style banking governance: cronyism, corruption, extensive safety nets, and corruption at various levels. The Venetian banks had to be saved, otherwise the bill would have been even higher for everyone, and as had already happened with Monte dei Paschi di Siena, the bill is paid first and foremost by the State, to the tune of billions of euros, that is, we citizens with our taxes.

BANK RESCUE

Ma now that the banks have been bailed out (and the procession of rescues is not over…), We have the right to ask ourselves some questions and get some answers about this gigantic waste.An important idea comes to us from a book, The collapse of the Banca Popolare di Vicenza, written by none other than Cecilia Carreri, a former magistrate at the Vicenza Public Prosecutor's Office, who witnessed firsthand the long season of waste and deception. This included the widespread distribution of money, from politicians to local trade unionists, and even some friends in the judiciary.

Carreri writes verbatim that "the crimes had been obvious to everyone for a long time." Years. But no one lifted a finger. And, the former magistrate warns, no one lifted a finger later, when the scandal exploded, to take any action against those responsible. Asset seizures to protect the injured parties, pre-trial detention in the event of evidence tampering. Nothing at all. "Unheard of," Carreri cuts short, pointing the finger at her former colleagues in the Prosecutor's Office.

The suspicion arises that such distraction falls within what I was saying at the beginning: the network of complicities which has led Italian banks, some banks, to bankruptcy, is very broad. And the way things are going, there is a risk that those most responsible for the disaster will be held accountable, despite the obvious responsibilities, let them get away with it. All of them and en masse.

ALSO READ: Savers defrauded by banks, but is Consob still useful?

PROBLEMS OF ITALIAN BANKS

That said, regarding the case of the Veneto banks, the frequent bailout of Italian banks poses two problems. The first is that the bailout of Italian banks involves a system operation, shared with the gentlemen of Brussels and with our partners, capable of addressing once and for all the issue of mountain of bad debts, almost waste paper in the hands and balance sheets of the banks. We are talking about around 360 billion euros, but the figure is probably an underestimate.Inside this volcano, which risks making vital parts of the credit system explode and putting at risk the treasure of Italian savings, the fire is simmering. second problem: the devastating, widespread and unpunished corruption which is spreading throughout the body, and above all in the upper echelons of our banks.

Just start from this question: How did the bad debt mountain arise? Answer: With the difficulties of the economy, businesses, and families in repaying the money, of course. But also because so many of today's debtors received that money from the banks by bribing various officials and managers.i. All in their place, all unpunished, all thrown out with super liquidations worth millions of euros only when we really didn't know how to defend them anymore. Here's the real scandal, the real waste of Italian banks.

This corruption is systemic, crossing political pressures e business, clan criminals, masonry e rampant financiers like shadowy men with unbreakable power. Go and see the front row, with names and surnames, of those in power in those dozens of Italian banks that would have already failed without providential public intervention and that still need assistance and support to avoid collapse. It's enough to leave you speechless. At the top of these banks there have been and are immovable figures for twenty, thirty, forty years.. Mummies of financial power, and more. A character like John Bazoli of which I personally have a great system (after all, he is the man who accompanied and guided the formation of the first Italian banking hub), he said that overall the Italian banking system is healthy and solidHe is right, but Bazoli denies the evidence if he does not recognize that Within this system a network has been created, much more than a consortium, where the rings are lubricated and connected by a mutual form of protection, under the sign of the evil goddess called corruptionIt's not possible, it's not right, it's intolerable, that in the power centers of the banking system—think of the foundations, the savings banks, the cooperative banks—the same old suspects are always in charge. Enough. Let's save the banks, but not these fake bankers or luxury bankers.

ITALIAN BANKS AT RISK

Finally, so much corruption is encouraged by the silence of public opinion. In-depth and peremptory investigations into the banking system, as we have seen and see them in relation to politics (remember the Tangentopoli years?), they are not seen in newspapers or on TVWho knows, maybe the fact that the banks are in fact, either through the shares they hold or through the loans granted to newspaper owners, the masters of the information system. And you will see that many credit institutions, once saved from bankruptcy even with the sacrifice of small savers and freed from the old herdsmen who exploited them, will be sold to foreign funds which in turn will pass on to other shareholders in a few years. Making a excellent deal, unlike the damage caused to Italian savers.

HOW MUCH DOES CORRUPTION COST US?:

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