Banca Monte dei Paschi di Siena
Did you know that Banca Monte dei Paschi di Siena is the oldest surviving bank in Italy? It was founded in 1472 (546 years ago!) and it's the forth largest commercial and retail bank in Italy. On the 26th of January in 2013, the Bank of Italy approved a bailout request from the bank for 3.9 billion euros, that's 5.3 billion dollars! The bank has been plagued by scandals in recent years. No surprises there, haha!
Courtesy of cnn.com
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Plagued by scandals? really? That was business as usual for a bank (not the only one) run by industrial and political cronies. And it worked wonderfully for years until their pretty toy broke and the game was over. Italians paid the bill of the state bailout, and probably it is not over yet.
But hey, wait a minute, are the Italian banks the only ones in the mire?
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