??Italian Bank Rescue??

Dear Friends, Smoke and mirrors again. In the end, the Italian banks will be saved, if at all, by wiping out creditors and equity holders. Many of the creditors are…

A Misguided Banker

  I read with interest a Bloomberg article entitled “Italy Could Spark European Bank Crisis.” The article quotes Societe General Chairman Lorenzo Bini Smaghi as saying that “governments must accept…