1/2/2010 - The scenario - Geronzi to the General - the economic power Blinda
Massimo Giannini in Italian capitalism there is a "bomb" triggered. If revolutionize exploded in a profound way, even if gattopardesco, the physiognomy of the country's economic power. Next spring, Cesare Geronzi could become President of the General. With the satisfaction of the "usual suspects" of the drawing room, which may continue to sleep soundly in the shelter of shareholders' agreements and in spite of conflicts of interest. And with the blessing of Silvio Berlusconi, who relies on a rearrangement of the establishment for him anything but negative. He had spoken on many occasions since the summer. Then the idea was set aside. Now instead of current session, buildings that count in Rome and Milan. Although, in all likelihood, those directly involved the denial. The moment is propitious. The public is distracted. On the one hand and regional feuds on the clash over justice. Across the grotesque "English corrida" at Telecom, which is now the center-right government is going to sell to Telefonica under counter, built in 2008 after a populist and chauvinist campaign to save Alitalia "tricolor".
Meanwhile, the "casemates" finance reorganize themselves. To consolidate the ownership, and ward off outsiders. To preserve the organization and ensure the chain of command.
Geronzi, therefore, is preparing to '"castling" perfect. The first move in the great chessboard of credit, was the "variant of Luneburg" in May 2007 he left Rome and went to Milan. "Sacrifice" his most valuable piece, Capitalia (creature formed by the merger between First Republic Savings Bank, Banco di Roma and Banco di Santo Spirito) to arrive at Mediobanca. Ascends to the throne who was the Grand Old Man of Italian capitalism, Enrico Cuccia, and opens the game to new scenarios and new combinations. Now it could take a second move. To save himself, and to lock down the balance of a financial system more and more crystallized, it would be ready to make another jump. Leave Milan and go in Trieste. At the top of the biggest Italian insurance company, one of the "prey" the most popular international finance.
Everything revolves around his legal problems. The current chairman of Mediobanca, was acquitted for the crash Federconsorzi. He was acquitted on appeal to the crash Italcase, after being sentenced at first instance. It is under investigation for aggravated usury and fraudulent bankruptcy for the Parmalat crash-Ciappazzi, and the ongoing process in Parma is very insidious. He was indicted for extortion and bankruptcy for the company Eurolat vein, and the process was transferred to Rome. It is under investigation for fraud in Cirio collapse. His position as a banker, which implies precise requirements of integrity, would become untenable if any of the pending proceedings were to result in another conviction. The Banking Act does not forgive, in accordance with the severe decline of the Governor of the Bank of Italy Draghi. The insurance legislation is more lax. For this Geronzi, denying all of it public, for months privately held open the door to the General. In the company of the Winged Lion is the current chairman Antoine Bernheim, a man of 83 who is played by the legendary Andre Meyer Banque Lazard. Not really a kid, even though in theory it should remain in office again next year. But no one has secured the confirmation, as he himself said in early September. Some friends across the border, gave him a hand. On September 11, Emilio Botin, chairman of Banco Santander shareholder with 0.3% of Generali, ventured: "For me, Bernheim is a fantastic president." On September 18, Vincent Bolloré, a shareholder in Mediobanca, reiterated "Antoine is a great president."
But the great Italian shareholders, those who decide seriously, they all remained silent. And now, from Trieste, a qualified source confirms: "The fate of Bernheim is marked." Spring meeting, in spite of himself, the octogenarian Bernheim he retires. "Antoine will put his soul in peace - say sources close to the company - that place is Geronzi. This would decide the owner of Mediobanca, with friends of the drawing room. So the first would avoid repercussions of a judicial nature, and the latter would prevent the hassles of home finance. But as in any game of chess, a move will trigger many more. The interweaving of the old stock of the North Galaxy is deadly. It is impossible to move a piece without the entire board is put in motion. So, if you go Geronzi in general, leaving unguarded the chair of Mediobanca. Piazzetta Cuccia It is the heart of the system, where the safe that contained as much or little that still counts in Italy.
Mediobanca, with a market share of 14.75% is the largest shareholder of General. With 14.2% of capital is also the largest shareholder in the covenant RCS Mediagroup of union (with Fiat, Pirelli, same Generali, Intesa San Paolo, Fonsai, Italmobiliare and Dorint) and controls with General Telecom, with a 11.6% share holding in Telco. In turn, General, with a 2% direct control and another 2% through subsidiaries, is one of the strongest members of the Mediobanca shareholders' agreement. It is the second largest shareholder of Banca Intesa with more than 5% after the Compagnia di San Paolo and together with France's Credit Agricole, and participates in the syndicate of Pirelli with 4.4%, together with Mediobanca, Intesa San at the same Paul and Fonsai of Ligresti.
A terrible tangle, where the monitored control the parent, and of course vice versa. Therefore, for a Geronzi who move to Trieste, there would need to secure a garrison in Milan. And here, according to financial sources in Milan, would come into the game Marco Tronchetti Provera, the current deputy Geronzi with Dieter Rampl (net Unicredit). In the rite Gerontius was his fault the transition from President of Pirelli (a subsidiary of Mediobanca, Generali and in turn shareholder Mediobanca) as Chairman of Piazzetta Cuccia. "For the establishment would be the safest choice - a banker says - why not just coming from Pirelli in health by ensuring all members strong and the Galaxy would undermine him after the troubles of Telecom." It would be a double somersault. Besides, as you know, not at all pleasing to Dragons. But enough doubts on Via Nazionale to block these numbers from the circus? The show-down, after all, does not stop there. Geronzi, this time according to sources in Rome, although moved to Trieste in the richest and most prestigious "satellite" of the Galaxy, would continue to be the center. For this would be orchestrating an even more ambitious, albeit cumbersome. Mediobanca water down its stake in Generali, to make room in the French syndicate of Axa (second giant European insurance) which would cede a portion of its shares (now equal to 2%), including Francesco Gaetano Caltagirone. So Geronzi would be stronger and more independent. Some say even the point to bring a dowry to the General Agreement with a maxi-Americans AIG. But there would be a counterpart for Caltagirone: To return the favor done at Axa, the French Suez-GDF would remove the noise from Acea (in turn owned by Generali with the 1, 9%) when he finally left the field free in the field of Roman water to the manufacturer, remains among the most "liquid" in circulation. It can not be a coincidence that, in these days, the mayor of Rome Alemanno, blatantly contradicting what he had vowed a year ago, the City announced its intention to divest 20% stake in Acea to "business-related territory. " And who else but Caltagirone, the father of Pier Ferdinando Casini the Lazio regional sell its bread, as it happens, the oven in the PDL to support Renata Polverini?
So you quit the game. The system would be safe. It is nothing short of "baroque". It can only exist in a country like Italy. Tends to preserve itself. But it is a system that is appropriate for many. Who is part of it (as employer) and who uses it (as a politician). This is why Berlusconi endorse the entirety of Geronzi on Generali and Mediobanca through Gianni Letta, who in recent months has never stopped its engagement with "the friend Caesar." Not to mention that the Knight, in Piazzetta Cuccia, now has a strong weight: it is in the shareholders' agreement with a 1% payable directly Fininvest (which is why a year ago was able to place the Board in its "president" Marina, the eldest daughter of Silvio) and 3.3% controlled by Mediolanum Ennio Doris.
In the block of political, economic and financial power that is cemented in the triangle Rome-Milan-Trieste everything holds. Completed the 'castling "Geronzi and its pieces behind the concerned director of Palazzo Grazioli, would eventually be holding a" vault "in which they are kept, in order, one of the biggest insurance giant in Europe (General ), the first Italian merchant bank (Mediobanca), one of the country's first two commercial banks (Intesa San Paolo), the network of telecommunications and broadband (via Telecom and Pirelli) one of the first two national newspapers (Corriere della Sera), construction (Ligresti group), the energy and water services (Acea). That must be why those who seem to grow alternative projects to the Galaxy (Luca di Montezemolo) who by choice or it is increasingly at the margins (Alessandro Profumo) is seen as a "threat." It is for this reason that those who cultivate projects for post-Berlusconi, as Giulio Tremonti, is setting up a block of counter-power mixed, half public and half private, ranging from local banks to the future of the South Bank, deposits from the Cashier and loans to the post office, by the multiplication of Consip Spa State in the Defence and Civil Protection. But it will be very difficult dent the steel with which the establishment of the Great North protects itself and supports the 'established political order. " In the face of the "elite plot" against the Knights, and the "powers that conspire" against the government.
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