Italy Goes "Cyprus" On Sicilian Mafia, Seizes Record $1.7 Billion In Cash And Assets

Tyler Durden's picture




 

Think only Cyprus is where the government goes after "evil", tax-evading oligarchs? Think again. Overnight news broke that the Italian police have seized a record $1.7 billion in cash and property from a single person, a Sicilian "alternative energy" entrepreneur alleged to have close ties to the Mafia. As Bloomberg reports, Italy's anti-Mafia investigators said in a statement today that Vito Nicastri, a 57-year-old native of Alcamo, near Trapani, was placed under surveillance and must remain in Alcamo for three years. He is accused of declaring for tax purposes a fraction of the value of his businesses. Italian media have dubbed Nicastri the "king of alternative energy" for his vast holdings in wind farms and photovoltaic cell companies. Police said the seizures include 43 companies; 98 pieces of real estate including buildings, homes, stores and land; 66 bank accounts, credit cards and investment funds.

And so, in two brief weeks, cash-strapped European nations have declared war on both Russian billionaire oligarchs and the Sicilian mafia. One wonders how long until Swiss authorities follow suit and "impair" Triad and Yakuza savings in Zurich and Geneva, and sets off a global "us versus them" scorched earth war?

Perhaps it is time to petition Coppoloa to go easy on the winemaking and instead prepare to shoot the latest installment of what will soon be the Godfather quadrilogy based on real events?

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Wed, 04/03/2013 - 09:26 | 3402802 DrDinkus
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bullish

Wed, 04/03/2013 - 09:30 | 3402816 ihedgemyhedges
ihedgemyhedges's picture

SHTF everywhere now.  Gettin' real........

Wed, 04/03/2013 - 09:31 | 3402825 GetZeeGold
GetZeeGold's picture

 

 

You know it's bad in they're bailing-in the mafia.

Wed, 04/03/2013 - 09:36 | 3402852 TeamDepends
TeamDepends's picture

Long cement shoes.

Wed, 04/03/2013 - 09:42 | 3402876 MillionDollarBonus_
MillionDollarBonus_'s picture

Now governments need to go after offshore bank accounts and tax evaders. Once the politicians have this money, they will almost certainly use it to pay down the debt, and the revenue problem will be solved.

Wed, 04/03/2013 - 09:44 | 3402887 fonzannoon
fonzannoon's picture

"Now governments need to go after offshore bank accounts and tax evaders. Once the politicians have this money, they will almost certainly..."

So far so good.

Wed, 04/03/2013 - 09:47 | 3402900 Badabing
Badabing's picture

Luca Brotzi sleeps with the fishes!

Wed, 04/03/2013 - 09:53 | 3402935 Race Car Driver
Race Car Driver's picture

One can only hope that this shit will lead to a hot war between .gov criminal gangs and private criminal gangs.

Wed, 04/03/2013 - 10:03 | 3402988 rajat_bhatia
rajat_bhatia's picture

They seized a credit card from a billionaire?! Wow! I thought it was only the proletariat that used them. What is the world coming to!!!

Wed, 04/03/2013 - 10:14 | 3403028 eclectic syncretist
eclectic syncretist's picture

So much for honor amongst thieves!

Wed, 04/03/2013 - 11:09 | 3403333 Liquid Courage
Liquid Courage's picture

Hey, my first thought also. New acronym for the times: NHAT (No Honor Among Thieves)

Re-hypothecation::All your shit is belong to us.

SERF::Severe Extenuated Re-hypothecation Frenzy

We must destroy the system in order to save it ... er ... well, us, actually.

Imagine the chaos that would ensue without the class of leeches chiseling their cut off the top. Why not a cow would be milked or a sheaf of wheat harvested were they to be pissed on and thrown into the fire like ordinary leeches. Can't get along without them ... can we?

Wed, 04/03/2013 - 11:10 | 3403350 eatthebanksters
eatthebanksters's picture

Bankers and government gonna lose this war...watch.  

Wed, 04/03/2013 - 11:18 | 3403414 espirit
espirit's picture

Does this mean HSBC will turn on the drug cartel?

Hehehehe.

Wed, 04/03/2013 - 11:12 | 3403361 boogerbently
boogerbently's picture

...or did this guy just not kiss enough asses, and we're being TOLD he's mafia/criminal to justify the theft?

We'll never be able to trust the "news" media, again.

Wed, 04/03/2013 - 11:05 | 3403310 InTheLandOfTheBlind
InTheLandOfTheBlind's picture

"Money is the poor man’s credit card."  M. McLuhan

Wed, 04/03/2013 - 10:23 | 3403071 Crash Overide
Crash Overide's picture

"One can only hope that this shit will lead to a hot war between .gov criminal gangs and private criminal gangs."

 

 

Let them eat eachother... 

Wed, 04/03/2013 - 10:26 | 3403080 paulie
paulie's picture

It's Luca Brasi, not Brotzi

Wed, 04/03/2013 - 11:31 | 3403312 The Big Ching-aso
The Big Ching-aso's picture

I don't think they'll kill a horse.  Too valuable.   You can make a lotta meat-a-balls out of one.

Wed, 04/03/2013 - 11:45 | 3403561 viahj
viahj's picture

but youz gotsa kill it first

Wed, 04/03/2013 - 09:55 | 3402937 azzhatter
azzhatter's picture

piss it away on the FSA

Wed, 04/03/2013 - 10:45 | 3403194 Mitzibitzi
Mitzibitzi's picture

...spend it on coke, hookers, houses in the Hamptons/London, yachts, G650s and starting their own secret offshore accounts?

Wed, 04/03/2013 - 14:16 | 3403353 The Big Ching-aso
The Big Ching-aso's picture

Stealing from the Mafia is likely to get ya severely suicided.   Instead of just 3 bullets to the back of the head they use at least 5 or 6.

Wed, 04/03/2013 - 11:30 | 3403355 The Big Ching-aso
The Big Ching-aso's picture

Most Sicilians are nice people until you steal from them without getting authorization from the top.

Wed, 04/03/2013 - 14:41 | 3404531 Rogue Trooper
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More likely officials will experience the Mozambique drill...

It goes like this....clack, clack...clack. thump ;-)

Wed, 04/03/2013 - 09:43 | 3402888 ParkAveFlasher
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You broke my heart, Fredo.

Wed, 04/03/2013 - 09:44 | 3402892 dick cheneys ghost
dick cheneys ghost's picture

You mean like GE?

Wed, 04/03/2013 - 09:48 | 3402904 fonzannoon
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"Australia will force corporate giants such as Google and Apple to disclose their tax arrangements in an effort to curb alleged tax avoidance by multinational corporations.

The increasingly border-less global economy means big firms often have no tax liability in a country, even with a major local presence, Assistant Treasurer David Bradbury said on Wednesday.

In Australia, multinationals including the local arm of Google have been accused of shifting income to countries such as Holland or Ireland where tax rates are lower. Neither Google nor Apple could immediately comment when contacted by Reuters"

Wed, 04/03/2013 - 09:54 | 3402932 ParkAveFlasher
ParkAveFlasher's picture

American corporations know what the deal is.  They keep their non-domestic profits by either banking in non-dollar terms or by immediately turning non-domestic revenue into non-domestic real assets. 

German corporations did the same thing in the early 20's.  When the tax man came a-knockin', they said, "what profits?  Tax me for what?  Now STFU and if you need government revenues, I suggest you get to work PRINTING."  

How'd that end?

Wed, 04/03/2013 - 09:56 | 3402945 fonzannoon
fonzannoon's picture

go long wheelbarrows?

Wed, 04/03/2013 - 10:09 | 3403007 ParkAveFlasher
ParkAveFlasher's picture

Wheelbarrows, boltcutters, propane, these have real value.

A good industrialist knows that if you add value reliably, and can transmit that value across borders reliably, you hedge your positions on both sides of the border.  You can simultaneously retain your profits off-border, tell the federal tax man to go screw (because his power ends at the airport gate), and unleash your capex fuelled by extended credit terms which, by not repatriating your profits, will depreciate at a rate accelerated by the fact that your nominal debt will be inflated away on real terms because the government you just told to "go fish" now needs to print to cover its own deficit caused by ... wait for it ... diminished tax revenue from businesses that export.

Banking is subordinate to trade.  You can fix a price with printers, but you can not fix quality with printers but at the point of a gun, and normally that is "at best" a one-time fix.

 

Wed, 04/03/2013 - 11:31 | 3403498 earleflorida
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before or after entering the rendering facility

Wed, 04/03/2013 - 10:00 | 3402970 LawsofPhysics
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"How'd that end?"   -   world war, the outcome will be no different this time around.

Wed, 04/03/2013 - 10:02 | 3402987 fonzannoon
fonzannoon's picture

Oh yeah war...I forgot about that one. Dammit Laws I thought we were being positive today?

Wed, 04/03/2013 - 10:18 | 3403046 ParkAveFlasher
ParkAveFlasher's picture

Germany's massive multi-generational disruptions were made possible by isolation.

What remains to be seen is if history rhymes, and the USA will be likewise hampered from mutually beneficial trade terms with other nations.  The problem is that the USA is an awfully big engine that requires awfully big partners to keep running.  If the number of those partners dwindles, then the USA does become isolated and has very few alternatives to feed its hunger. 

All those hoping that Europe plunges, or China plunges, or Russia dives, and thinking that someone else falling would make the USA better off than x, or happier than x, or be more wealthy than x, I would ask them, who is going to soak up the loss of volume of trade?

Wed, 04/03/2013 - 10:28 | 3403107 centerline
centerline's picture

Blow off top is what will happen.  Then lights out.

Wed, 04/03/2013 - 10:52 | 3403235 Mitzibitzi
Mitzibitzi's picture

Precisely! And that's why income in the 'first' world is falling, through various mechanisms. In order to have the necessary trade partners to keep the ball rolling, the corporate kleptocrats have to put the money in the hands of those that will spend it. There's only so much 'money' to go around globally, real 'money' backed by something of value, that is, so enriching Joe Chinaman to give him some purchasing power means every other bugger has to become worse off by the same amount. People notice that, so to keep up the pretence of a standard of living that has really buggered off for good, the other bunch of kleptocrats in government(s) are forced to print.

Wed, 04/03/2013 - 10:08 | 3403011 EscapeKey
EscapeKey's picture

one of the main issues behind the collapse of the ottoman empire was that a large amount of the wealth had been moved beyond taxation. history. it like totally rhymes, man.

Wed, 04/03/2013 - 10:15 | 3403031 BorisTheBlade
BorisTheBlade's picture

It does rhyme, but how you can you be sure in what direction:

As prime minister, he visited Sicily in May 1924 and passed through Piana dei Greci where he was received by the mayor, Mafia boss Francesco Cuccia. At some point Cuccia expressed surprise at Mussolini’s police escort and whispered in his ear: "You are with me, you are under my protection. What do you need all these cops for?" After Mussolini rejected Cuccia's offer of protection, Cuccia instructed the townsfolk to not attend Mussolini's speech. Mussolini felt humiliated and outraged.

Wed, 04/03/2013 - 12:16 | 3403732 cramers_tears
cramers_tears's picture

I always wondered why they didn't work a 'shit' in the following title somewhere - maybe right before 'sandwich.'

Double Irish With A Dutch Sandwich

Wed, 04/03/2013 - 09:52 | 3402921 Meatballs
Meatballs's picture

My first up arrow for MDB. lmao.

Wed, 04/03/2013 - 09:51 | 3402927 EscapeKey
EscapeKey's picture

we should celebrate this theoretical success by increasing the welfare state?

and why wait? why not do it now? what could *possibly* go wrong?

Wed, 04/03/2013 - 09:56 | 3402944 malikai
malikai's picture

Yup. In celebration of our future success at shaking down the "rich", let's party tonight!

Wed, 04/03/2013 - 09:56 | 3402948 Bicycle Repairman
Bicycle Repairman's picture

Bail-ins are good.  Bail-ins are good!!  Yippee!!

Wed, 04/03/2013 - 11:06 | 3403309 toady
toady's picture

Hey! That's my schtic!

I keep saying, since the US wants to have wars all the time, why not get something out of it?

Invade the Cayman Islands. Total in offshore accounts = 16T. US deficit = 16T!

Just don't telegraph it or the banksters will move theirs like they did in Cyprus.

Wed, 04/03/2013 - 11:49 | 3403591 mberry8870
mberry8870's picture

Now that was funny!

Wed, 04/03/2013 - 13:12 | 3404057 citizen2084
citizen2084's picture

MDB - Bozo the clown couldnt have said it better!  Your a freakin genuis and I am so thankful that I can glean these nuggets your kind enough to toss my way.  

I wait with antcipation your next post.  Brilliant abolutley brilliant.  

 

peAce  

 

 

Wed, 04/03/2013 - 09:47 | 3402885 FL_Conservative
FL_Conservative's picture

Looks like someone's going to find a horse's head in bed with them.

Honestly folks.....I typed this before I saw the pic that Tyler put in here.  Great minds.....

Wed, 04/03/2013 - 09:48 | 3402909 CheapBastard
CheapBastard's picture

Get Guido and Giuseppi on the phone...NOW!

Wed, 04/03/2013 - 10:15 | 3403030 Carl Spackler
Carl Spackler's picture

Nah. 

Pair trade...time to short cement shoes and go long bombs.

The Americans  use "cement shoes".

The Sicilians make sure a loud and clear message is sent, and there is nothing left to examine... they use bombs.

Wed, 04/03/2013 - 09:36 | 3402856 Popo
Popo's picture

I predict an unprecedented "epidemic" of hot-tub deaths among legislators.

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