Leslie Caldwell a French Viewer Prepped Me Over 2 Weeks Ago About Italy's Collapse....& the Ratings Agencies "Could Be" Corrupt... Look at Fitch it's Partner Fimalac is Led by CEO's That Profited GREATLY... Also a Former Bank of America VP See's Worst Recession Based on Bad Banking Practices... Said Could Be a DEPRESSION.
"There seems to be no limit to how long this can continue. That's why no one gets worked up over it anymore." ... Comment from article linked below
"... I feel bad for the guy who jumped off the roof of the bank last year or whenever that was. He did not realize that what was happening was actually good for his bonus...." comment from article linked below.
From: *************French ViewerSubject: Hello and try this story (Banksters)Date: August 8, 2013 10:08:36 AM CDTTo: Sharyn Bovat <firstname.lastname@example.org>
Bankstah-Gangstah verminhttp://www.zerohedge.com/news/2013-08-08/here-why-italy-keeps-bailing-out-monte-paschi-again-and-again-and-againScroll thru the comments some are good!!!
Putting the above into words:
- An insolvent government promises to provide more funny-money and guarantees to an insolvent bank, while in return...
- The insolvent bank keeps buying the bonds sold by the insolvent government, thereby...
- Continuing the charade that both entities are solvent
There has to be a name for such a truly "innovative" New Normal symbiotic relationship.
"...Monte PAschi was inevitable as Italian shenanigans were compounded by the following decisions :
Sarkozy's contribution to forming the unholy banking axis in Eurozone in 2009 along with Mutti intransigence.
1° Mutti said : no eurobonds, its every country for itself at the G20 conference of 2009. It became Euro policy.
2° Sarko said : OK, but you and I (Core Euro, WE ARE JOINT AND SEVERAL FOR OUR BANKS; to which Mutti agreed). You others, Italy Spain etc., must buy your own country bonds and swap our bonds with our banks. If we don't have joint and several accross board Eurobonding, each national banking structure has to hold its own country loans as a priority. Get moving Banks! Start swapping your country loans.
This is the awesome two step that started the PIGS slide down the sovereign debt crisis from 2010 when Greek banks burned; under their own sovereign debt.
The Mutti-Sarko legacy now coming home to roost; and when the sovereign cum bank debt had balooned (under market speculation as HFs had a field day) they had to call in SUper MArio and Squid medecine in 2011.
We went from Bad to Worse! In terms of bank cum sovereign debt, but Mario said : I'm doing what it takes! ..." Comment