Comments on: Libya, oil prices, mercenaries and UniCredit

By: Gordon

Gordon — Wed, 23 Feb 2011 11:53:10 +0000

Craig Murray (Britain's former ambassador in Uzbekistan) is reporting that Berlusconi is "frantic lest Gadaffi falls and the channels are revealed by which Berlusconi gets a cut on the huge amounts of Libyan oil and gas lifted to Italy."

http://www.craigmurray.org.uk/archives/2011/02/berlusconis_cut.html#comments

What a lovely pair!

By: Golem XIV - Thoughts

Golem XIV - Thoughts — Wed, 23 Feb 2011 09:12:29 +0000

wirplit,

Great link thanks. Italy and libya are tied with oil and large construction large companies in both sectors as well as UniCredit all got pole axed yesterday when the Italian bourse did finally open after its 'technical' problem.

By: wirplit

wirplit — Wed, 23 Feb 2011 02:32:16 +0000

Italy seems to be having a lot of difficulty in condemning Gaddafi's murderous counterattacks. My Italian friend said that Berlusconi and Gaddafi were as close as culo e comiche (bum and shirt). I guess they have a lot to lose. They are big in the oil business there. A great deal of this is on the coast of the Bay of Sirte around the old Second World War battlefield of Mersa al Brega. Sirte is the national oil company name.

A good run through of the very current situation is here

By: dah_sab

dah_sab — Tue, 22 Feb 2011 19:32:19 +0000

Does this affect their "individual morality"? Or have they set that aside for the sake of "business objectives"?

If ever there was a question that answered itself...

By: Whistleblower IRL

Whistleblower IRL — Tue, 22 Feb 2011 12:53:42 +0000

Hi Golem,

The marked increase in traffic onto my blog since yesterday seems to indicate that there are many financial firms and state bodies whose interest in UniCredit has increased dramatically.

I think this would be the right time to quote from The Integrity Charter, given to me when I joined UniCredit. The charter is signed by Alessandro Profumo, UniCredit's Group CEO at the time.

"The UniCredit Itegtrity Charter sets out the principles that should direct and guide us in our daily business.

It provides a framework to draw on at critical junctures in our work. It is intended as a reference point for the management of problematic situations and dilemmas - not always covered by laws, regulations and internal procedures - and permits the expression of our business personality by enhancing our professionalism while respecting the individual's freedom of action...

The Integrity Charter seeks to propose behaviours that help people govern their own conduct in those areas of our daily work where potential conflicts may arise between individual morality, business objectives and different cultures."

My own experience at UniCredit Ireland showed me on a personal level how UniCredit deals with any conflicts it may have as regard to law-abiding business conduct vs. business objectives.

I wonder how the clients and shareholders of UniCredit and its subsidiaries - Pioneer, HVB, and Bank Austria are feeling these days about contributing to the wealth of a sovereign that has been mercilessly killing its own citizens. Does this affect their "individual morality"? Or have they set that aside for the sake of "business objectives"?

WhistleblowerIRL
UniCredit Ireland's EX Risk-Manager

By: Golem XIV - Thoughts

Golem XIV - Thoughts — Tue, 22 Feb 2011 12:29:56 +0000

If we could buy shares in 'Interesting"….

By: Sneakazz

Sneakazz — Tue, 22 Feb 2011 11:38:28 +0000

Just saw an interview with Frank Gardner, the BBCs security correspondent on the situation in Libya. He also mentioned the use of mercenaries from Africa and Eastern Europe. I imagine at this stage of the proceedings, their employers are ensuring they are being used for swift, personal gain as opposed to securing public safety.

Funny too how the Italian stock exchange was closed today due to a "technical glitch".

Interesting times.