Geronzi: a step back

Cesare_Geronzi.jpg
photo corriere.it
What can’t have escaped anyone’s notice is the different political and media weight given to two facts.
The first is the intercepts of 6 parliamentarians for which the authorisation to use them in judicial proceedings was asked by Clementina Forleo, that has been on the front pages of the newspapers and the TV News services for some weeks.
The second, the order to Cesare Geronzi to stand trial for the Parmalat crack, has been ignored by national media, by the parties, but however it has been reported in the international financial press.
It is worth remembering that Cesare Geronzi has also been convicted at the first level and sentenced to a year and 8 months for preferential bankruptcy with Italcase. Cesare Geronzi is currently the President of Capitalia and President of the Supervisory Council of Mediobanca. A position of great power and responsibility. A role on which depends the equilibrium of Italian finance. I don’t believe that politics can pretend nothing has happened and look the other way. I can’t believe that the media can minimize, as is happening now for motives that I don’t know, but that are probably hiding connections between the banker, certain parties and certain publishers.
We take it out on politicians whose possible guilt is still to be proved, for whom it is however correct to ask for authorisation to use the intercepts, and we are ignoring another fact that is a lot more serious.
Cesare Geronzi must take a step back while waiting for the final verdict. He must do this for the international reputation of Italian finance, and out of respect for public opinion.

Posted by Antonio Di Pietro in
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Comments

I have very little confidence in the ethic sense of Mr Geronzi and I see very small possibility he could resign without being forced to.

But what is very upsetting is that Italy is not "Banana Republik" (at least we hope) and Italy does have an istitution that is in charge of ruling who has the moral, ethical and professional standards to run a bank. That institution has a name: Banca d'Italia.

I was really happy to see Mr. Draghi appointed to lead BoI after the sad ruling of Mr. Fazio. I thought Mr. Draghi would help one of the internationally most respected institution to gain back the respect lost in the lackluster Fazio years.

But today I'm wondering if the silence and lack of action of Mr. Draghi on the outrageous escalation of power of Mr. Geronzi should be taken as a sign that also Mr. Draghi can do very little to contrast the "sacred cows" of the old gard of the Italian financial establishment.

Dear Minister Di Pietro, you should not address mr. Geronzi: it is the wrong door to knok on.

You should formally request Bank of Italy to assess whether Mr Geronzi is fit or not to seat at the core of the italian banking system.

Thanks

Posted by: Sonny Wallet | August 2, 2007 05:03 PM

 


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