Don't Tell The Italian Banks They Got Bailed Out: 3 Out Of Top 4 Banks Trading Below "Bailout" Price

Tyler Durden's picture

Remember the European summit that was supposed to not so much bail out Europe, as stop the contagion from spreading to Italy (but mostly to send the ES highest by 40 points intraday at one point)? Well, in the credit markets the summit has failed miserably as already noted previously. Now, we see that it has also spread to the equity of those all important Italian financial companies. As the chart below shows, 3 of the top 4 Italian banks (Intesa, UniCredit, Monte Pasci, And MedioBanca) are now trading below their levels at the time of the bailout. So: rescue half life is what - 48 hours? About in line with our expectations.

Chart: Bloomberg

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Zero Govt's picture

Rome wasn't built in a day

...Trichets been at it 2 years and still hasn't got a brick on sight!!

philipat's picture

Alternatively, Berlusconi "Fiddled" with his friends at a Bunga Bunga party whilst Rome burned?

Irish66's picture

a week of halts every 10 minutes

HD's picture
  • Hope Buffet is in a bathtub full of marinara sauce working on a solution....
Clueless Economist's picture

I having a good laugh after visiting those Occupy Wall Street creeps over the weekend freezing their arses off in the rain and snow.

Too funny!  Now the asswipes are requesting "extreme weather survival gear for the occupation"

They are taking away resources from the homeless.  Bunch of hypocrites.

Eally Ucked's picture

You have problem with understanding events around you. Homeless, unemployed and drug addicts are the earliest victims of the system, so they are integral part of protest.

common_sense's picture

and the worst is that the bongo bongo party with berlusconi and girlfriends has to be postponed... damm it!

saiybat's picture

The homeless want them gone 

Homeless man threatens to evict Occupy Wall Street #OWS

He calls them nasty freeloaders.

Loose-Tools's picture

YOU are the Asswipe! Every time YOU stick your head up your Ass (like right now) your Ass gets wiped. I'll bet that happens several times a day.

pods's picture

You had me at Clueless.


GeneMarchbanks's picture

Sarkozy brain aneurysm to follow.

Flounder's picture

Sark's banks (SocGen, BNP and CredAgri) are currently down 7% each today.

silver500's picture

What would these Italian banks be tarding at without last weeks bailout?

GeneMarchbanks's picture

Hard to say but this week the Bernank will have a shot at a 'bailout' so stay tuned.

monopoly's picture

What is that I see in the far distance of Rome. Seems to be a small glow, not sure, but it is getting a bit bigger as I watch it. I wonder what that could be? Hmmm.

Melin's picture

is a fiddle playing in the distance?

Quintus's picture

You mean the world can't be fixed with a short document full of empty promises?  Who knew?

It makes me sick sometimes looking at the totally retarded responses of the markets to what are clearly preposterous 'Solutions' offered by TPTB to the great financial crisis.

Somebody in the Fed babbles about 'Additional Easing' but offers no concrete details about potential next steps - Hurrah!  Rally on! 

Some Euro-Clown tells us that the Euro is saved and there's nothing to worry about - Hurrah!  Rally on!

A GDP number is produced which is, upon investing 5 minutes examining the details, clearly exaggerated - Hurrah!  Rally on!

I know there is safety in following the crowd, and career risk is a major factor in their thought processes but what the F*ck do money managers actually get paid for these days?  

Are they so completely credulous that they actually buy the crap spouted by the 'Authorities' or do they just do what everyone else does?  Where are the responsible adults in this picture?

sschu's picture

Are they so completely credulous that they actually buy the crap spouted by the 'Authorities' or do they just do what everyone else does?  Where are the responsible adults in this picture?

Orwell warned of this in his book.

The post-modern mind and ideas have created an inability to reason, and here is the result.  Talk to a twenty something lately about truth and how to determine what it is?  Good luck with that.

It is almost like someone planned it.  :-)


silver500's picture

I prefer the analogy of building up tolerance to addictive drugs rather than half life.

This way it implies taking the drugs is the cause of the problem.

malikai's picture

I think I've seen that in a movie once. When the subject is properly addicted, you can turn him/her out to the nearest whorehouse to get to work for those drugs. Makes for a healthy profit from the looks of it.

Belarus's picture

The EU plan was so poorly contructed that I cannot believe how stupid the market was. Italy is Greece last year. Within 6 months, the CAC will be 50% lower than it is now as French banks become 100% nationalized and Germany starts to prepare their exit as the ECB goes on a print-fest. 

The mere fact that a 50% haircut on Greece's bonds won't even solve Greece, yet that alone is causing almost every EU bank to scramble for liquidiy, and the EFSF already on life-support, made it clear to me that the market will buy some swamp land I have for sale in the middle of the Atlantic. As Italy becomes the new Greece, with Greece becoming something even more dismal than Greece, you can count on the fact there will be a major market swoon soon.....

If Ben doen't print on Wednesday, this fucker is going DOWN for awhile.

SheepDog-One's picture

And just think, Ben never stopped printing its just been under the table. 5th gear, pedal to the floor, spinning rooster tail of mud.

SheepDog-One's picture

Even after the bailout which didnt happen, no ones buyin it? Sheesh cant a scamster get a break around this planet?

scatterbrains's picture

so now with all MF futures traders/hedgers shut out of all markets except for unwinding actions, is this what we can expect when the big joints start going down ?  Can you imagine being hedged short the market and are forced to buy into this pig when the shit show starts ? lol

SheepDog-One's picture

Yea really, thats the thing about being short this crap, at some point you actually have to BUY this garbage!

SheepDog-One's picture

Cant CNBC get another parade of asswipes like Friday to proclaim the stocks are up, therefore the recession is officially over to fix this?

lolmao500's picture

And someone remind me... when does Italy blow up? When 5 years yields are above 7% or when 10 years yields are above 7%??

High Plains Drifter's picture

speaking of italy, some boys tried to agitate papa recently and the fuz were all over them like stink on poop....

listen to the video and at the end, it shows what was going on in that "church" under the auspices of the catholic church......

Bahamas's picture

if the carpet under which you've been sweeping the dirt in order to hide it can't hold any more dirt...just get a bigger carpet, rest it on top of the old one and keep on sweeping.

Snakeeyes's picture

Why is any of this a surprise?

Restoration and The “Failing Five” in Euroland