Italy's largest bank is the now the Mafia, report says
Europe isn’t the healthiest of economies right now, though you need a degree from the Ivey School of Business to understand what’s going on.
Austerity this. Debt downgrade that. Whatever.
Yet here’s a report even us laypeople can figure.
In Italy, where borrowing rates continue to drop, a new report claims the Mafia has become the country’s largest bank.
According to Italian trade group Confesercenti, the Mafia’s embarrassment of riches, coupled with a series of national banks still crippled by the recession’s effect, has led to a point where the mob now has larger cash reserves than any legitimate Italian lender.
*Bing: Where is Canada’s worst city for organized crime?
The Confesercenti report estimates the Mafia brings in a whopping $180 billion through organized crime each year, more than seven per cent of Italy’s GDP. And it’s all tax-free.
It’s believed now the Mafia has cash reserves of some $84 billion on hand.
In Italy, as in many other downturn-ravaged countries, the mob has held an unfortunate role in its nation’s economic recovery, opening its coffers as traditional banks were forced to reign in lending.
Confesercenti laments that many desperate business owners have had to turn to the Italian mob to keep their companies afloat.
About 200,000 businesses in Italy have fallen victim to loan-sharking in just the past three years, the report says.
“The Mafia is Italy’s no. 1 bank,” the trade group said in a statement this week.
By Jason Buckland, MSN Money
Posted by: Robert Gabriele sr | Jan 14, 2022 12:00:24 PM
All ive ever heard throughout my life was what a horses as Mussolini was.
Mussolini had in his time totally decimated the Mafia and the underworld , in Italy
Guess who were the ones that actually employed the American Based Mafia to establish a beachhead in italy for entry in the 2nd world war .?........
The very same people that continue ridicule Mussolini to this very day .....The once most powerful nation in the world is now hemoraging money from its rotting ass due to the very same thing !! ha ha ha ha ,.......
only the mob will control the flow of money far far better than the present American government will !
Posted by: Cindy the whore | Jan 16, 2022 10:22:34 AM
I feel sorry for Northern Italians who are the victims of Southern Italians. Garibaldi is the bastard that united south and north Italy. This should have never happened. Southern Italians are all in the Mafia and are the laziest people on Earth.
Posted by: Trudeau's Mom | Jan 16, 2022 3:42:54 PM
At least the bank is national... that's money that's less likely to leave Italy, and will likely be spent mostly on services within the country.