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Italian Banks Outperform
veltro54
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Joined: 19 Jul 2007
Posts: 58
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An interesting article for those following the economic meltdown in the US and Europe:

http://www.spiegel.de/international/business/0,1518,595270,00.html

I recall not long ago the Italians were criticized for not entering the subprime and securities business. The Italians invented banking, I wonder if we’ll see a return of their banks to the front of the pack?
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Capitano
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Joined: 06 Dec 2008
Posts: 278
Location: Just far enough away from Chicago.
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Yes, Italians have had a major influence of finance, although the credit system is almost four thousand years old. In the November 2008 issue of BBC History Magazine, there is an article on a forthcoming book by Niall Ferguson, (The Pity of War and The War of the World), titled The Ascent of Money. The book is a comprehensive history of finance. If it is anything like his previous two books, it should be good. The magazine has a side bar on their five most influential men in financial history and Giovanni de Medici is on the list.

If you would like a good primer on the Medici's may I recommend April Blood: Florence and the Plot Against the Medici by Lauro Martines. It is a story of the Pazzi conspiracy. Murder, intrigue, assassinations, revenge, treachery, blackmail, money, and sex; what else do you need?
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D520
Generale di Divisone Aerea
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Joined: 04 Nov 2006
Posts: 418
Location: St Sever. landes
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Capitano wrote:
Yes, Italians have had a major influence of finance, although the credit system is almost four thousand years old. In the November 2008 issue of BBC History Magazine, there is an article on a forthcoming book by Niall Ferguson, (The Pity of War and The War of the World), titled The Ascent of Money. The book is a comprehensive history of finance. If it is anything like his previous two books, it should be good. The magazine has a side bar on their five most influential men in financial history and Giovanni de Medici is on the list.

If you would like a good primer on the Medici's may I recommend April Blood: Florence and the Plot Against the Medici by Lauro Martines. It is a story of the Pazzi conspiracy. Murder, intrigue, assassinations, revenge, treachery, blackmail, money, and sex; what else do you need?


Perhaps a good S79 in 48th, Santa Klaus (not the one from cutting edge) do you ear me!
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JeffZ
Comandante di Stormo
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Joined: 18 Nov 2006
Posts: 108
Location: NY, USA
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I think UniCredit is already among the largest in the world. Following the collapse of some of the larger German and UK banks, expect a reshuffling of this order and look for the Italian banks to be sitting atop.
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Capitano
Generale di Brigata Aerea
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Joined: 06 Dec 2008
Posts: 278
Location: Just far enough away from Chicago.
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D520 wrote:


Perhaps a good S79 in 48th, Santa Klaus (not the one from cutting edge) do you ear me!


If you are talking about the Classic Airframes Savoia Marchettti SM.79, then yes, I too would like one from Santa Claus. I've been looking for a long time for one and could not find one. Yes, there are some Italian websites that have them but the shipping is astronomical. I finally gave in and bought the Trumpeter SM.79 along with some Eduard p-e and Sky decals.

Sorry, wasn't this message about Italian finances?
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Italian Banks Outperform
Bryan
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Joined: 10 Nov 2006
Posts: 93
Location: Calgary Alberta Canada
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Credit Suisse analyst Andrea Vercellone states that"Italian banks didn't get into the securities business in a major way because frankly they just didn't understand it".I am certain they understood it very well!
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Webmaster
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Joined: 24 Jul 2003
Posts: 1702
Location: Calgary, AB, CANADA
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When I read Vercellone's statement I read the same thing Smile, he meant to say that subprime, ARMs etc didn't make sense to the Italian banks and hence little or no interest to involve themselves in those schemes. It'll be interesting to see what GDPs are reported this year for the UK, Spain and the US!

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Italian Banks Outperform
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