The Profit and losses account of the Mediocredito Toscano highlights the negative consequences of the purchase of the ICLE wanted (or compelled?) by the majority shareholder, the Monte Paschi Siena and the following incorporation carried out in 1992. It was the ICLE in the second half of the eighties to put into effect finances to Russia taking part at a consortium promoted by the Mediocredito Centrale. The “Russia” system crisis ended in 1991 with a insolvency statement, the following worsening of the economic situation, the ruble devaluation, a series of negotiations and re-negotiations - carried out by the pool paying out the financing - have drastically cut down the credit of the Institute. In the 1998 balance report the Directors write: “The running was strongly affected by the devaluation of the Russia positions: indeed, the extraordinary costs related to the rectification of the Russia item credits and securities amounted to 50.534 millions. On consequence the economic result - after fiscal effect- has been penalised for more than 25.000 millions, reducing to 5.337 millions (-70,6%)”. Well-known causes, well-known the consequences, but, as it often (not to say “always”) happens, responsibilities are neither individuated nor identifiable. More than 60 billions are lost : it must be taken note of it and stop! - They say that by that time that all “run” to lend money to Russia, but if the matter would be deepened, it could be easily ascertained that only those who were required by considerations more political than economic “run”. - They say the Russia of Gorbaciov seemed to be an example of solidity, but it is well known that it was not this way at all and that only huge injection of money from abroad could allow accounts stand. Damages, consequence of the incorporation of the ICLE do not end with that the Directors defined the “Russia item “, but are integrated by further losses (more than 17 billions) due a disputed - and later denied - assurance with the SAGE. Nevertheless a fact is sure: to write about it and/or to recriminate do not help to rectify the entity of the damage undergone by the Mediocredito Toscano. From an institute that must project itself - according to its institutional aims - to finance little - middle firms and that was involved - according to the will of the MPS - in a mega-operation stranger at all one's own vocation. - The ICLE purchasing was displayed as a business but it has been (to say it in the roman way ) ..........a “blunder”!

PAUL GINSBORG- LETIZIA MORATTI- VALENTINO

"EQUAL OPPORTUNITIES" IN COMPARISON

 

* On “La Repubblica” on 9th last, an article entitled “Misogynic Democracy “, Paul Ginsborg highlighted the splashing predominance of men in the leading places of the Society. The columnist writes: “Any political initiative attempting to find a remedy for this backwardness situation is to be accepted positively: the Premier's proposal to introduce the re-balancing constitutional principle of representativeness by sex into the federalist constitutional reform decree, goes indubitably toward the right direction. It's a meaningful gesture “ . So among men and women “equal opportunities “ by law. Supports to the initiatives furthered by women also in many EEC finances. * The “Shareholder Tome “ - edited by Mediobanca, - reports the whole list of Managing Directors and Auditors of all the listed Companies. 85 pages report more than 1.500 names: men, men, and men. Very few women ......counted on the fingers of one hand! * The Draghi's reform has tried to warrant, without any success, the presence of minorities within the Boards of Auditors. Any norm safeguards yet the “equal opportunities “, at the economy bridges. Maybe it must be fixed a quorum reserved to women in the composition of the Managing Boards and Boards of Auditors. This proposal may seem - and it is - a provocation, but it is sure that the Managing Organs including women - for example Letizia Moratti, Diana Bracco, Marina Berlusconi - benefit from a kind of personality men do not have.The diatribe wondering why and how of the lack of a meaningful number of women at the top of the economy is a hackneyed notion. * While in politics, in employment, in the so-called “civil society “ it is struggled the battle to set free women from the sex and/or housewife, fashion seems to be interested only to highlight their provoking physic aspect. In these days the “parades” are in the foreground; the several ateliers' trends are underlined in the title of the MF newspaper in the FASHION pages. So it models, recollecting cheers and consents “The sensuous aliens “ of Lambros Milona, “The lascivious females” of John Galliano, “The multicolour cocotte “ by Pierre Balmain, “The coulotte, lace, inlaid and wide slits “ by Valentino and so on. Fashion seems to contribute to underline the generation differences in culture, mentality and behaviours following the castling of men of importance and deciding in their stronghold. Women in politics, in economy, in society, in fashion. * Contradictory positions searching a not postponable equilibrium: hoping it will be by logic and not by law.

 

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