4 August 2008

The absence of the Consob and the Bank of Italy

Where were the Consob and the Bank of Italy when the financial scandals were happening? They haven’t convinced us that they didn’t know anything, but we are convinced that there were conniving even if there was no complicity.

We of Italia dei Valori have prepared a package of laws that relates to savings and credit and aims to find the funds to relaunch the economy of the country. But instead of taking from the weak to give to the strong, it takes from the crafty ones to give to all the citizens.

Among our proposed laws we have the abolition of the clause of the maximum overdraft in the bank, measures for the introduction of the “popular ownership of the money”, the prohibition on small town authorities to underwrite financial derivatives, the partial sale of the State gold reserves to the benefit of the public debt, new regulations about the ownership of the Bank of Italy and the transformation of the popular banks into special rights joint stock companies.

Furthermore we propose the setting up of two new parliamentary committees of enquiry. One about the activities of Isvap, the regulatory authority for insurance, to investigate the anomalies in the system that continues to see an indiscriminate increase in insurance premiums, in spite of the liberalisation that has taken place. The other is on the activities of the Consob and the Bank of Italy in relation to the scandals and the financial and industrial dislocations, as well as the distribution of argentine bonds among Italian savers.

We are asking that Parliament take an interest in serious things rather than various “lodi”. To those who accuse us of being subversives, we reply that subversives are those who keep hidden these issues so as to hang on to the loot. Of this package there will be little discussion because it is easier to talking badly of Italia dei Valori and to identify it as the party that deals with justice and that carries forward justicialism.

Posted by Antonio Di Pietro in Economy