This page has been archived and commenting is disabled.
The Mafia Is Now "Italy's Largest Bank"
Whoever says there are no winners in the European banking crisis apparently has never woken up with a horse's head in their bed. According to a new report by Italian anti-crime group SOS Impresa, as reported by Reuters, "Organised crime has tightened its grip on the Italian economy during the economic crisis, making the Mafia the country's biggest "bank" and squeezing the life out of thousands of small firms, according to a report on Tuesday." You mean kinda like Intesa credit cards demanding a 39.95% APR: we knew we had seen that "life squeezing" thing before somewhere. Of course at least with the mafia you know that it will never rely on fake Libor fixings to pretend it is alive, or need an ECB bailout the next day due to being overly invested in US subprime mortgages (unless of course Goldman's rolodex stretches even further than we thought possible). It sure does, however, bring a new definition to the term "shadow banking"... or is that the old one, where nobody cared about repos, money markets, overnight drafts, and hyperrehypothecation and all the complexity could be explained away with a baseball bat. Yet the conclusion, no matter how defined, still strikes us as hilarious: '"With 65 billion euros in liquidity, the Mafia is Italy's number one bank," said a statement from the group, which was set up in Palermo a decade ago to oppose extortion rackets against small business." Because as we pointed out yesterday, it was companies which were responsible for bailing out banks in Europe. How long then until La Cosa Nostra provides a lifeline to UniCredit, but only if half the BOD is replaced with guys in tracksuits and buzzcuts? Actually, not too long we would wager...
From Reuters:
Organised crime groups like the Sicilian Cosa Nostra, the Naples Camorra or the Calabrian 'Ndrangheta have long had a stranglehold on the Italian economy, generating profits equivalent to about 7 percent of national output.
Extortionate lending had become an increasingly sophisticated and lucrative source of income, alongside drug trafficking, arms smuggling, prostitution, gambling and racketeering, the report said.
"The classic neighbourhood or street loan shark is on the way out, giving way to organised loan-sharking that is well connected with professional circles and operates with the connivance of high-level professionals," the report said.
It estimated about 200,000 businesses were tied to extortionate lenders and tens of thousands of jobs had been lost as a result.
Extortion - new vs old school:
Old style gangsters handing out cash in bars and pool halls had been replaced by apparently respectable bankers, lawyers or notaries, the report said.
"This is extortion with a clean face," it added. "Through their professions, they know the mechanisms of the legal credit market and they often know the financial position of their victims perfectly."
Small businesses, who have struggled to get hold of credit during the economic slowdown, may have been increasingly tempted to turn to the mafia, said the report.
Typical victims of extortionate lending were middle-aged shopkeepers and small businessmen who would struggle to find a new job and who were ready to try anything to avoid bankruptcy, it added.
"They are usually people in traditional retail sectors like food, greengrocers, clothes or shoe shops, florists or furniture shops. These are the categories which, more than any other, are paying the price of the (economic) crisis," it said.
Next up: a surge in prostitution, drugs, xenophobia, child labor, and all those great things that Italy thought it had managed to get away from, and which supposedly were no longer the mark of modern "civilized" society. Guess what - they never really left, they were merely on layaway. Only now, the country will be faked-ruled by insolvent banks with Frankfurt HQs, and completely ruled by the mob. And in keeping with the deja vu, how long we wonder until Italy just says no to the currency pseudo-democratic political system and reverts to the one last seen making an appearance some 70 years earlier?
»
- 14363 reads
- Printer-friendly version
- Send to friend
- advertisements -
The mobster's gets all the chicks - http://hedge.ly/gFWVSm
JP Morgan, Goldman sachs, etc, etc all have Mafia CEO's. I think this is just the norm.
http://silverliberationarmy.blogspot.com/
I highly recommend the book 'Mcmafia'.
http://www.amazon.com/McMafia-Journey-Through-Criminal-Underworld/dp/1400044111
just Google jordan Maxwell. All will become clear.
ori
Totally disagree, his site makes 'conspiracy theorists' look like the kooks most believe them to be. His site does more harm than good, seems he's more interested in attracting suckers than doing any worthwhile research. jmo
For someone who covers roughly the same topics, yet doesn't come off as batshit crazy/exploitive, check out
http://www.davesweb.cnchost.com/
(The Laurel Canyon series is especially juicy)
Cliché of the day, “The more things change the more they stay the same." Sorry I could not help myself. Vote this crap down, I hate clichés.
Here is a new article about the biggest Mafia outfit in europe (mentioned in the story above):
http://www.theblaze.com/stories/do-you-know-about-the-most-powerful-crim...
I like the part where they needed more capital to venture into the cocaine business so they kidnapped an oil tycoon's kid for 2 million in ransom.
Italians don't play baseball, Tyler
Sorry CannotDuh, Jordan is SPOT ON. In ways even HE does not know yet.
And may I suggest Mr. Astrotheology.
https://www.youtube.com/user/MrAstrotheology
have fun.
ori
This page tells me all I need to know about Mr. Maxwell
http://www.jordanmaxwell.com/store.html (zomg I can get the whole set for only $279.95, and 'private consultation' is only $250 an hour, whatta steal!)
If you believe all he says, you are hyper-gullible.
Don't need his DVD's to know which way the wind blows.
Sometimes a hint is enough, especially to the wise-ish, or so they say.
ori
The wind apparently blows with the strong stench of BULLSHIT.
Mr. Maxwell is nothing but a shameless exploiter of gullible people.
And you sir are a student of ancient and occult symbology?
You do sound very erudite in your rebuttals of JM's insights.
ori
What insights?? Please link some. All I see on his website is a rehash of all the other low-grade conspiracy hack websites.
His 'research' section is just pretty pictures and speculation, not much insights or research to be had. Seriously, please link some of his insights, I couldn't find any worth mentioning.
Thankyou for the backhanded compliment, but I still think you and Mr. Maxwell are a couple of bullshit artists.
Why thanks. apologies for the underhand jibe.
Different strokes etc. His stuff on the Vatican, on Law/Legal System and the unholy divorce of Religion and Astrology/Astronomy are amazing.
ori
Yeah Jordan's work is legit. I learned A LOT from his talks and seminars.
All the clowns trash-talking him are only looking at his work superficially, and trying to find reasons to NOT have to actually use their brain.
@ Canaduh Thanx for that link. Some serious weirdness.
And this, opened my eyes for sure...
http://aadivaahan.wordpress.com/2011/10/18/more-ows/
ori
I DON'T BELIEVE
http://www.youtube.com/watch?v=90A1v7K5R1E
In the US that shit wouldn't fly. JPMorgan would have smart bombs dropped on them before they'd take over their usury business.
JPM is the US mafia. At least part of it.
And Dominus Dimon is the psychopathic Godfather.
Yep...Just Ask Corzine.
It does happen in the U.S. Banker's illegally take pieces of business deal's often behind the scenes set up through other holding companies or LLC's.
You know, if you want the loan for the new equipment etc. I have a nephew that is wanting to get into that field, we should look into this.
This shit is very common, maybe not the exact scenario above. Although I have scene much worse, much worse.
It happen's, not all but some banker's are fucking crook's right here also.
....you from Joisey ?
Mafia is a relative term ... legal or illegal.
Th Fed is legal mafia in USSA.
Government is legal mafia.
____ extorts civilians for "protection", whereas ____ extorts civilians for "protection".
Mix and match.
I trust the Mafia more than I trust our politicians.
Sadly lot of Italians say the same
Noooo.. that's not true! Only a few in Naples say so.
.. well, i told you Italy's much richer than many may think. As an example look at this:
http://argentofisico.blogspot.com/2012/01/borseit-9-tonnellate-aumese-in...
> 9 tons of private gold/month took the way from italy to switzerland in 2011
If Romney gets in the US gets a VAT tax.
Simple way of life..s/on off can't decide
Get ready for the "Mafia to bailout Italy" rumor.
rumor?
... more likely the "ECB to bailout Mafia" rumor.
Long piano wire and fishes.
This bank makes offers you can't refuse
Would you like fish with those bonds and CDOs?
at least the Mafia has a code of conduct.
Yes... in the old times!
Interest?
WE DON'T CHARGE NO FUCKING INTEREST!!!
WE JUST DOUBLE THE AMOUNT YOU OWN US!!
unless you're 2 weeks late.... THAN WE TAKE YOUR WIFE AND KIDS!!
And then you'll owe them two favors . . .
Archie Bunker used that five letter word and had to deal with Ralph Salvestri. You dont want to fuck with Ralph. Per Ralph, That word is defunkt.
I thought there was no such thing as the mafia ?
its called the Vatican
That's it, heathen...gimme 3 our fathers and 3 hail marys
the fathers for sexual debaucheries and the marys for reproduction.
Certain dogmas never change.
LOAN SHARKING BITCHEZ!
Hey, the central bankers have some real competition in Italy.
"No Mr. Mario, YOU don't understand. I'm making YOU and offer you can't refuse."
Long horses heads and cement shoes...
sounds like the USA since the Goldman coup.
Bank of Italy....oops that would be the old name for Bank of America.
P.S. Also, the Vatican is going broke.
Their was more to the visit in 2010 of the German Pope visiting the UK for the first time in over 20 years...
The Vatican needs some help.
Next up?! New Holy Roman Empire...
It's hard to imagine going broke when millions pay Peter's Pence in tribute.
Then again, I take one look at Vatican City, and I feel like I've landed in Oz.
HeHe! No, like mafia i don't think they'll ever have problems of that kind .. mafia & priests are the only ones left that do not really pay taxes in Italy
House of Medici. History repeats itself.
Italy has the mafia
Mexico has its drug cartels
USA has the banking cartel
the only difference is the governments of Italy and Mexico at least are willing to shoot their mafia and cartels....ours don't even get a dirty look...just jobs as regulators.
US got all of them.
Edith O’Brien, a treasurer at MF Global balked at meeting voluntarily, asking first to strike a deal with criminal authorities that would excuse her from prosecution
http://dealbook.nytimes.com/2012/01/09/u-s-inquiry-of-mf-global-gains-speed/
Meh, lets' find something NOT written by lapdog-boy Sorkin. Anything he does is disinfo at best.
Nothing New Under the Sun...
Everything that can be turned up on its head - will be... They are perverting and manipulating it all.
Eventually - Gladiators will replace UFC fighters... Bartering will replace retail stores... and Gold/Silver will replace paper... like 2,000 years ago...
Just cycles of old - but with new names and reasons... but nothing is new.
Like Ken says, History is merely repeating itself...
Good times /s
Viva Don Corleone!
Viva Don Draghi !
Viva Johnny Dangerously!
Its not the ECB/FED? Now that's news. I cannot think of a bigget racket then this central bank thing though.
Well, that's because the mafia isn't a racket so much as a black-market maker. They actually provide real goods and services that people desire and willingly pay to consume.
The protection racket is not a service most people desire.
Rob a store paying protection to the mafia. You will find they are far more effective that the cops. Waaay too effective.
All depends on who is doing the robbing. They will sell their "clients" down the river to advance their own interests even faster than the worst vultures in the regulated markets.
Are you talking about the mafia or politicians here? I'm a bit confused.
the mafia
Hey..... but if you open an account with them..you get a nice paper sack
the Mafia has nothing on the REAL Mafia
That's why I like the real mafia better than the fake one d.b.a. "government." While both rely on force, those in the mafia are good on their word, as opposed to the politicos who have to pretend to have other's interests at heart (a laughable concept for sociopaths).
Plus. like the good ole days, a marriage between two feuding families can heal a conflict, while DC-style family feuds are designed to spiral out of control.
Not that I want to be ruled by anybody... but I always prefer that wolves look like wolves, rather than disguised to appear as sheep.
Credit card interest USA: 15% + national avg for 2011.
My street corner loan-sharking rate: 14%.
Well, the CC debt is unsecured, so I can see it attracting a higher rate. Your loan-shark meanwhile, he'll get his.
My loan shark..he's fast, service with a smile, and he can save you the cost of electronic transfers. Plus no limit. Cash or stolen CC if you prefer. Buys you a drink for loans over $5K. Fringe benefits.
Sounds like the man knows his business.
You just want to stay away from their bonds
Obama gave mafia a new hope. Yes they can....
'Goldman's rolodex stretches even further than we thought possible'
This.
Happy Birthday ZH, and thank you for all the fish. Been a hell of a ride so far.
JQx
If only Lou Cabraze could have lived long enough to see the dream realized......
Either the Costa Nostra and the private bank cartel families fight it out, and no one on Main St cares, or they're one and the same, and no one on Main St cares.
Costa Nostra means "Our Coast" ... that's COSA nostra (our THING)
Great on the ground reporting AF
Tonite you sleep with the fishes
And Nostro Naso is Our Nose.
The only mafia Americans have to be concerned are in Israel.
Competition to the various state extortion rackets always gets bad press.
A friend of mine once asked a fellow business owner in his street about the so called "Mafia" and
kind of tried to talk down this Italian successful neighbour proprietor of a pizza place.
He answered in a kind manner and soft voice, without being provocated : "You know, we Italian businessmen kind of stick together , while you
guys envy each other..."
Just when I thought I was out, they pull me back in...
http://www.youtube.com/watch?v=UPw-3e_pzqU
Money lenders vs the mafia.
Who will win?
both. jews on both sides actually
"No need for those pesky, confusing collateral security agreements, promissory notes or UCC financing statements, sir. Our clients here at Cosa Nostra Bank understand that their kneecaps are all the security our lending associates need to ensure full and timely payment."
And that is diffeernt from Fannie Mae and Freddie Mac how?
It makes me yawn: this is Italy, this is their DNA. You probably might not find it in the northern regions of Lombardia, Veneto and Piemonte in this obvious way, but it's like a cancer, a real "Geschwür", you can't fight it! Italy has no other choice than to live with it. And, the official sector unfortunately is no valid alternative, whether you like it or not. And are sll the politicians know it too well, elected or appointed, never mind!
I just wonder where Silvio is in the hierarchy?
the Italians hate the image projected by that immortal humoristic line in movie 'Chinatown' : when you make love like a chinaman.
"We Italians we makea lova in Italiana style, thats Cosa nostra. Capische? We never do it like the chinese!"
Even the money moves in Italian style like the bambino's butt. Mamma mia. Its la Traviata, à l'italiana. They will never be a global society. Sicily forever. Now that Rome is anywhere but in Italy.
That's why Fiat-chrysler and PSA- Citroen will be a very unitalian cocktail if it gets mixed in the global market shaker. I can't imagine those hubristic french and corporate americans eating pasta à la vongolé.
no jumping this shark
Da squid is the real mafia.
Elite=mafia .
the more $ you have the more power you have. the more power you have the more $ you want to have more power. when you have more power you want more power. When you have all the power you get to print the money to keep your power. Then, you get bored and create wars to entertain yourself. When you get really bored, you feed people who displease you to sharks with lazer beams attached to their heads.
Amusing = Yes
Entertaining = Yes
But terrible, on most simple level, if they know these are mafia funds, why aren't they confiscating them. >=(
Grazie, Tyler, multo bene compari.
New world order. Che cosa!
I'm gonna make him an offer he can't refuse.
Like many commenters have said or implied, there is NO difference between the mafia and other criminal organisations, i.e., the world's bankster proxies (governments).
Veal Chop @ SPQR on Mulberry Street.
That's pretty much the best article opener one can hope for. Good one, Tyler!
Too bad some of their tactics cannot be employed on the squatters here. Less unemployment and stronger banks if the F**KT**DS made their payments.
""Not that I want to be ruled by anybody... but I always prefer that wolves look like wolves, rather than disguised to appear as sheep.""
I heard personal stories from a couple of people from S.W. Oklahoma about hiding and assisting the bank robbers of note in the 1930s. These were newspaper names but the 53 years from then to now has eroded the exactness to quote.
The bottom line is that the robbers were the good guys, kinda like Jessie James,---- and the banks were the bad guys.
When outlawed criminal elements become more respected than legal criminal elements and are more trust worthy, there is a self induced destruction of the legal system and morays. War is sometimes the product, with a population that has lost the currency of civilization.
The USA has lost 3 Wars to covert underground populations, Vietnam, Iraq, and Afghanistan. Yes, there were outside assistance like China, Russia, Iran, Pakistan, and etc. The fact is that we can not win a War of that nature, ESPECIALLY within the borders of America. Not sayin we are there, but
This is a whole gaggle of Black Geese. SOS for real. God save our souls.
Old news!
From 2009
"Antonio Maria Costa, head of the UN Office on Drugs and Crime, said drug money laundered by banks kept financial system going during the peak of the 2008 financial crisis."
http://www.guardian.co.uk/global/2009/dec/13/drug-money-banks-saved-un-c...
Nothing changed since the Roman Empire.
There were always areas in Italy where the rulers had not much to say. Even the mountain areas close to Rome were never really controlled by Rome through all the history.
As far as I know only during the time of the Duce Mussolini the mafia was on its knees. This was achieved by the use of terror methods the Nazis/fascists were well known for.
However the US adminstration was succesfully re-exporting and re-establishing the mafia in Italy again during the WW2 occupation. Fighting communism in Italy with the help of the mafia terror was their recipe.
you know how fucked up Europe is when you recognize they have a German pope and an Italian central banker (Kyle Bass).
BTW:
the new Mafiosi Mr. Monti (Goldman Sachs) is doing a great job! But is having a hard time achieving to become a billionaire as the previous Bunga-Bunga-Mafiosi.
you ask: How long then until La Cosa Nostra provides a lifeline to UniCredit?
Unicredit-Group is controlled by the Mafia since many many years already.
The Mafia better be careful. They are up against the #1 cartel on the planet, and I've noticed they don't like to share... Same business model; different territories.
yeah, Goldman Sachs is still more powerful and more criminal than the Mafia.
This is going to sound cynical, but in a climate of arbitrary bailouts and non-triggering cds haircuts,
the mafia is probably a source of cleaner credit. there's something to be said for discipline incentives.
look, "sos impresa" is an organization with lots of merit but I wouldn't use it as a source of "real" datas and statistics. for example, did they consult the mafia spokesman to get the exact numbers of mafia's liquidity?
I find the ZH's obsessive focus on anything bad european to have gone a bit mad. I understand that you all die to see EU and euro break up and I also feel for you that this dream of yours have very little chances to come true (and I'm being generous). yet letting obsessions and fixations to direct your agenda will affect your lucidity (it's actually already happening).
there are other news you could cover, for example I find these ones far more important and interesting.
http://www.telegraph.co.uk/finance/personalfinance/9003467/Six-million-h...
A new report from First Direct, the bank, warns that one in three UK households have less than £250 in accessible savings.
A fifth of all households have no savings at all.
The bank said that £250 is the equivalent of three days’ average monthly household take-home pay. With average monthly outgoing currently at £1,536, these savings would last just five days.
http://www.telegraph.co.uk/news/uknews/scotland/scottish-politics/900630...
In a direct challenge to the legal authority of the UK Government, the Scottish First Minister pledged a referendum “made, built, and run in Scotland”.
It's just a pity that you let these news go unnoticed and uncommented.
http://www.guardian.co.uk/world/2011/apr/03/us-bank-mexico-drug-gangs?IN...
Who is the mafia?