Word: lavoro
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Friends wonder if Diego will one day go into politics. He sits on the board of a number of companies?including Ferrari, Maserati, Banca Nazionale del Lavoro and LVMH (which owns a 3.5% stake in Tod's)?but insists that shoemaking is his only work interest. "My job is to touch leather and create brands," he says. "And then more time for my family...
...Amro of the Netherlands is expected to announce a bid for Banca Antoniana Popolare Veneta, Italy's ninth-largest bank, as early as this week. That follows this month's €6.5 billion bid by Spain's Banco Bilbao Vizcaya Argentaria for the 85% of Banca Nazionale del Lavoro it doesn't already own. The moves amount to an earthquake for Italian banks, which are all firmly in Italian hands and have until now been able to count on the Bank of Italy to protect them from foreign takeovers. But the European Commission questioned that policy this year, putting Bank...
...heart of the scandal stands the outfit that financed a large portion of it: the Atlanta branch of Italy's Banca Nazionale del Lavoro, which extended $5.5 billion in loans to finance Saddam's military procurement network in the U.S. Critics charge that the Bush Administration, which was eager to support Iraq as a counterweight to Iran, and was even more eager to assure itself access to oil at cheap prices, turned a blind eye to BNL's activities and allowed missile and nuclear technology that helped Iraq's missile and nuclear development to slip out of the country...
...Justice Department has been accused of dubious behavior in its investigation of the Banca Nazionale del Lavoro, an Italian institution whose Atlanta branch made $4 billion in fraudulent loans to firms owned by or doing business with Iraq. Justice investigators are charged not just with botching their probe into B.N.L.'s transgressions but also with ignoring evidence that B.N.L.'s Atlanta branch manager, Christopher Drogoul, was not solely responsible for the questionable loans. A 163-page Senate Intelligence Committee report issued last week on the affair suggests, however, that most of the Justice Department lapses were due to "bureaucratic bungling...
...Cover-Up? Bush critics dub the most controversial parts of prewar Iraq policy "Iraqgate": claims, still unproved, that the Administration has tried to hide the full extent of its tilt toward Iraq by interfering with the prosecution of the Atlanta branch of Italy's Banca Nazionale del Lavoro, which extended more than $4 billion in illegal loans that helped finance Baghdad's purchase of equipment with potential military applications. Officials at the Departments of State, Commerce, Defense and Energy who monitored "dual use" & sales, which amounted to $500 million between 1985 and 1990, knew they were helping Saddam's military...