(Reuters) - European Central Bank President Mario Draghi said the Italian treasury will issue a statement about a report that Italy risks big losses on derivatives contracts it restructured at the height of the euro zone crisis.
Restructured eh? Where did these deals come from in the first place?
Ah, grasshopper, that's the problem you see. It appears that Mario Draghi may have been involved up to his neck in hinky derivative deals -- perhaps dating back a very long time.
If you remember "book-cooking" was rampant in Greece too. So was the scam of "buying" debt with the intention of foisting it off on governments -- that is, the taxpayers.
Don't pull this string over there in Italy -- it might unravel the entire quilt, revealing that all the debt the nation had was covered up, leaving the nation "able" to join the Euro despite that level of debt only because the actual budgetary deficit figures and their balance (or lack thereof) was papered over via yet more hinky derivative deals.
The definition of fraud is to intentionally misrepresent one or more aspects of a financial matter so as to entice someone to enter into a transaction that they would not otherwise entertain were they to know the truth.
So why is it again that Draghi and his pals aren't having to face the music for this behavior, just as those in Greece did not? Oh, and as for their willing "partners" in the international banking business (cough-JP Morgan-cough!) can someone explain how this does not nearly parallel what happened here in Jefferson County Alabama?
Now that's an inconvenient question -- isn't it?
Source: The Market Ticker
