When two distant worlds such as politics and finance meet to get to know each other and dialogue, one can only appreciate it. We therefore welcome initiatives such as the one promoted by the founder of the Algebris funds, Davide Serra, who the other evening in Milan organized a meeting between Matteo Renzi , financial community in order to raise resources for the mayor of Florence and challenger to Pierluigi Bersani in the primaries of the left. 150 bankers, entrepreneurs, managers, financial operators arrived: fees between 500 and 5.000 euros to listen to the two scrappers over a plate of risotto and some canapés.
As always, however, the devil is hidden in the details and if one wants to be a scrapper (of politics as well as finance) he must not only be credible but also be perceived as such. That's what he pointed out Stephen Agnoli, with a very witty italics on the Corriere della Sera today, when he recalled two aspects that were embarrassing to say the least, both for Serra and above all for Renzi.
The first point concerns the fact that the Algebris Investments (Cayman) Ltd was originally incorporated in Cayman Islands "recognized and untouchable tax haven and a place that does not stand out for its transparency“. Agnoli comments: “Everything is legal and within the rules, if it were only a matter of a hedge fund, but in this case it is a question of politics”, given that it is a question of knowing where taxes are paid.
The second point instead concerns Serra's income, considering that "in 2011, the Cayman holding company paid 6,94 million pounds of commissions to Serra's London company (financial statements data) (9,68 in 2010)” “Not bad – concludes Agnoli – for those who railed against the salaries of managers and are now rooting for Renzi”, whose opinion it would be interesting to know. In the City it is also remembered that Serra was positive about Lehman until the eve of the sensational bankruptcy of the big bank on that fateful September 15, 2008. Serra made up for it, however, by selling a stock of Abn Amro shares to the Royal Bank of Scotland at a gold price, whose president and CEO, Fred Goodwin he was driven out with ignominy and – unique case in the United Kingdom – deprived of the title of knighthood conferred on him by the Queen.
