Comments on: Italy and Greece an axis of disaster.

By: GoodByeAmerica

GoodByeAmerica — Sat, 16 Jul 2011 08:24:33 +0000

Poor American.. You're going to lose even your shoes. Sorry, maybe not you, just the 99% of your connationals.

Even though all your efforts to discredit the Italian finance, or your stupid tricks with the Italian magistrature.

Poor American. It hurts, isn't it?

By: Golem XIV - Thoughts

Golem XIV - Thoughts — Tue, 12 Jul 2011 18:30:52 +0000

TC,

It would be a great day, in my opinion, if Congress had the courage to reinstate at least some parts of the old Glass-Steagal act.

All our nations are being blackmailed. And too many of our leaders are colluding.

By: TC

TC — Tue, 12 Jul 2011 18:23:13 +0000

Yes, something definitely is up. In a word: swindle. Or, if you prefer, blackmail. At this moment of rising sentiment in the U.S. Congress toward reinstatement of Glass-Steagall, those European supporters of American System policies, like Tremonti, who represent opposition to imperialist fascists at the ECB in this, the final hour of their insolvent, leveraged Ponzi Scheme naturally would be targeted.

By: Kate Bopp

Kate Bopp — Mon, 11 Jul 2011 20:35:22 +0000

Stock market regulator introducing new rules for short sellers on the 11th hour of the 11th day…. Stress test results looming on the 15th… definitely echoes of rearranging deck chairs. At least an acknowledgement of the likelihood of some degree of Greek default is realistic, as is the likelihood of a degree of an Irish default which still seems to be taboo in certain Irish circles. Something big is afoot and we didn't expect it to erupt in Italy. Very interesting post, speculation or prediction…

By: Neil

Neil — Mon, 11 Jul 2011 16:07:00 +0000

Meanwhile, as the Unicredit (Italy) share price dropped 6%, Bloomberg reports equally sharp falls elsewhere:

"National Bank of Greece SA (ETE) lost 5.6 percent to 4.42 euros and Commerzbank AG (CBK), Germany’s second-biggest lender, tumbled 7.7 percent to 2.74 euros. Societe Generale, France’s second-biggest bank by market value, retreated 6.9 percent to 35.89 euros."

By: Neil

Neil — Mon, 11 Jul 2011 15:41:48 +0000

From your piece above: "according to an Italian article reported tonight (Sunday) in ZeroHedge, the Italian regulator is so concerned that there could be a blood bath in Italian Bank shares in this week, that it may enforce a ban on naked shorting."

- and today (Monday), I read this:

"In Italy, the MIB index is down 204 at 18,845 as the stock market regulator introduced new rules for short sellers. The regulator said that any market participants selling stock which they do not own must reveal their short positions once they reach 0.2% of a company's issued share capital, and thereafter any further 0.1% increase in their short positions."

By: Golem XIV - Thoughts

Golem XIV - Thoughts — Mon, 11 Jul 2011 11:14:59 +0000

Dear Steviefinn,

thanks for the kind thoughts. I appreciate them.

I think the rats are fighting and will continue to. I think they are both following a strategy of gradual escalation and brinkmanship, that the Americans first invented, used and followed in the Vietnam war.

Didn't work for them then either.

By: steviefinn

steviefinn — Mon, 11 Jul 2011 11:07:53 +0000

Trichet doesn't seem to be too happy about a Greek default, I wonder if the rats will now start fighting amongst themselves, as they possibly have different agendas.

http://www.ft.com/cms/s/0/5c05b8de-a994-11e0-a04a-00144feabdc0.html#axzz1RnEIRjBN

By: Whistleblower IRL

Whistleblower IRL — Mon, 11 Jul 2011 08:46:34 +0000

--------- Forwarded message ----------
From: whistleblower IRL
Date: 14 January 2011
Subject: Comment on Golem's blog

In addition to Golem's point about UniCredit being hit with a train load of debt from east, there is more trouble brewing in the west. Kathleen Barrington reported in Ireland's Business Post last Sunday that "The Central Bank of Ireland has initiated another review following further media reports of alleged liquidity breaches at the Irish subsidiary of a leading international bank in 2007." http://www.thepost.ie/themarket/new-probe-into-liquidity-breaches-53862.html

Kathleen Barrington refers to the question raised by Dr. Graf in the Austrian parliament on 23 Dec. 2010, the link to the question is:
http://www.parlament.gv.at/PAKT/VHG/XXIV/J/J_07341/index.shtml

A previous article by Kathleen Barrington relates to the curious way in which "UniCredit Bank Ireland reclassified €3bn of assets":
http://kathleenbarrington.blogspot.com/2010/12/unicredit-bank-ireland-reclassified-3bn.html

For further reading about UniCredit Ireland and the Irish Regulator's handling of its business conduct, please see the cover story in the recent edition of Village magazine:
http://www.villagemagazine.ie/index.php/2010/12/still-waiting-for-the-truth-from-the-regulator/

For further information about UniCredit Ireland, please visit my blog at:
http://whistleblowerirl.blogspot.com/

Regards,
WhistleblowerIRL, UniCredit Ireland's EX Risk-Manager.

By: Whistleblower IRL

Whistleblower IRL — Mon, 11 Jul 2011 08:44:29 +0000

Good morning Golem,

Thank you once again for a fascinating read. Speculation or not, there are enough facts in it to make anyone seriously concerned. The increased traffic on my blog over the last few days is another indication that UniCredit is a source of concern not only on our side of the Atlantic, but also in the US, courtesy of Pioneer. It is remarkable how UniCredit did a complete U-turn on its decision to sell Pioneer. First, it was up for sale it is was deemed irrelevant to UniCredit's global business plan, then the markets were told that UniCredit has decided not to sell Pioneer because it was 'the best thing since sliced bread' - to use a common Irish expression. Could it be that no one wanted to buy Pioneer? Could it be a similar story to our very own AIB (Allied Irish Banks) which no one in the market has wanted to touch with a barge-pole?

A tragically comic aspect which I hasten to add to your article above is the following: the regulator presiding over the chaos that is Italian banking is Governor Mario Draghi. He has done such a good job at it, that he has been appointed for the top financial job in Europe - he is to be the next governor of the ECB. Hilarious if it were not true. Hence his efforts last Friday to refute speculation such as yours:

Draghi defends Italy budget and banks, markets fret

"ROME/AIX-EN-PROVENCE, France, July 8 (Reuters) - Bank of Italy chief Mario Draghi delivered a robust defence of Italy's banking sector and public finances in the face of intense financial market pressure on Friday.

Draghi, who will succeed Jean-Claude Trichet as European Central Bank president in November, also saw an "undisputed" need for advanced countries to end the support provided by their fiscal and monetary policies in the last three years..."

Needless to say, I have a very personal interest in all matters UniCredit. Hence, I hope you will not mind the fact that I am enclosing a comment I posted on your blog last January.

Regards,
WhistleblowerIRL, UniCredit Ireland's EX Risk-Manager