Word: mediobanca
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Held were Fausto Calabria, 62, now chairman of Mediobanca, Italy's most powerful merchant bank, and Sergio De Amicis, 66, former president of Condotte, the state-controlled construction firm. Police said that between 1972 and 1982, when the two held top positions at I.R.I., they built up a cache of so-called black funds. This essentially loose corporate change can be spent at the discretion of top officials as bribes to gain foreign contracts, as political contributions or simply as untaxed executive bonuses. What happened to the I.R.I, money last week was a mystery. A total of $26 million...
...unearthed by lawsuits filed by former Hartford shareholders, who now oppose the merger. Initial IRS approval was based on ITT's selling to a disinterested third party a block of Hartford stock that the company had bought before the merger agreement. ITT sold them to an Italian organization, Mediobanca, under an agreement approved by the IRS. It has since developed that a then-secret agreement between ITT's investment bank, Lazard Freres and Co., and Mediobanca modified the terms of the contract. A former Securities and Exchange official has testified that in his opinion, no legitimate sale ever...
...generally concede-indeed sometimes boast-that their country is just about as inefficient as any in Europe. But no one can say precisely why. Too many strikes and labor problems perhaps? Too many public holidays and long weekends? A more plausible explanation, according to a new survey compiled by Mediobanca, Italy's biggest investment bank, may be that there are too many chiefs in government and not enough Indians. By Mediobanca's count, there are 59,340 presidents running government agencies, or one president for every 900 men, women and children in the country...
...even Mediobanca professes to know how to dispose of the presidential surplus. They can scarcely be sent into private industry; there are already 41,336 corporate presidents holding sway there. They certainly cannot join the armed forces. Italy presently has 541 generals to command an army of 267,570 men. (The U.S., by contrast, has 508 generals for an army more than three times as large.) As for the Italian navy, it has 1.23 admirals for every vessel in the fleet...
Having the Italian government as chief stockholder of parent ENI also helps. Two state agencies, Mediobanca and Istituto Mobiliare Italiano last week agreed to lend Zambia $30 million to pay Progetti for an oil pipeline from landlocked Zambia to Dar es Salam on the Tanzania coast...