The crisis of the banks and that of capitalism, austerity and development, the assets, privatizations, compensation and ethics of managers, the change at the top of the ABI but above all a lot of MPS. Three hours of questions and answers, in a Feltrinelli bookstore on the Appia Nuova, on the outskirts of Rome, for the presentation with Michele Santoro and Paolo Trombin of the latest book by Gianni Dragoni, correspondent of the Sole 24 ore, "Bankieri e compari - Come bad finance and bad capitalism eat up savers' money” (published by Chiarelettere), which is a whole program. Yesterday Alessandro Profumo, genuine banker and president of the new course of a bank in the storm like Mps, stated that he did not want to play "the part of the obnoxious banker perched in defense but that he did not want to say unfair things" but did not shirk any question, not even the most uncomfortable ones. Here is a summary of his thoughts.
THE PRICE OF ANTONVENETA – It was paid for a lot and above all in cash, with an outflow of capital from the Italian system to Spain but it was not up to the Bank of Italy to pronounce on the fairness of the price of Antonveneta but only on the ability of MPS to support the investment: if anything, the The mistake was made by Mps rather than by the Bank of Italy, which is the strongest supervisor in Europe. When I was managing Unicredit at that price we said no to Antonveneta.
ALEXANDRIA, WHO DISCOVERED IT AND WHY WE ONLY KNOW NOW – Faced with the provocations of Santoro who wanted to know why the Alexandria operation on the derivatives of the old MPS is only now known in the midst of the electoral campaign despite the fact that the Report transmission had been talking about it for some time, Profumo was keen to clarify four essential points: 1) The we – Viola and I – found the Alexandria contract on 10 October in the old office of the former general manager of del Monte, Antonio Vigni: that operation was a bad investment but evaluating its real effects requires a lot of analysis (“We are not Mandrake") because it is very complicated to understand how to treat it in the financial statements, whether it is also necessary to review past financial statements or not in relation to the losses it produces; 2) Banca d'Italia has carried out many inspections on Mps but the results can change depending on the documents that are actually available; 3) we immediately took that document on Alexandria to the competent authorities but we certainly didn't get it out in the press ("Ask the Fact where it comes from"); 4) it remains impressive that the electoral campaign is being carried out on the MPS case.
MONTI-BOND AND CAPITAL INCREASE WITH LESS FOUNDATION – We have a plan aimed at bringing Mps back into profit and repaying the Monti-bonds and after the expected capital increase, which will be without privileged rights for current shareholders, the Foundation will weigh less than today
FALSE BUDGET AND REVENGE - After saying that it was a mistake to cancel the law on false accounting and that it would be useful to restore it, Profumo said that if the judiciary ascertains that there have been crimes and irregularities by the old guard with regard to budgets, Mps will retaliate for recover the lost sums. At stake is one billion euros.
NO TO THE COMMISSIONER - Mps is not going to a police station and will not be a police station, as the Bank of Italy has also clarified.
WANTED NEW STRONG PARTNER AND A BILLION - A billion is still needed to make ends meet but to give stability to the shareholding MPS would need a new shareholder, whether Italian or foreign, who wants to make a medium-long term investment. “There is no one on the horizon for now”.
CECCUZZI STARTED THE CHANGE – In relations between politics and the bank in Siena, the first sign of change came last year from the former mayor Ceccuzzi who induced the Foundation to change and mark a break with the past. Today we are absolutely independent of politics. It is no coincidence that CEO Fabrizio Viola has been given decision-making powers on the reduction of 100 managers out of 490.
IN FOREIGN BANKS MORE TROUBLE THAN WITH US - I'm at the top of a bank like Mps which is currently in the eye of the storm but there are more problems and difficulties in banks in other countries than here.
UNICREDIT LIQUIDATION and JUDICIAL TROUBLE – I received a substantial settlement from Unicredit (40 million euros) but it came from a contract, because I was kicked out without just cause in the wrong times and ways. I've always paid my taxes and I'm glad I paid them. From my previous position at Unicredit I also inherited legal troubles: I am being investigated for tax fraud and I can't wait for the trial to come because I am convinced that I have always acted correctly.
THE NO TO THE TELECOM TAKEOVER COST ME THE COMIT - I was at Franco Bernabè's side when the takeover bid for Telecom by Colaninno and Gnutti arrived, which I openly opposed. That choice cost me dearly because it wasn't by chance that my way was barred when, like Unicredit, I launched the takeover bid on Comit.
