How Two Veneto Banks Tried to Save Themselves at the Expense of Their Customers
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The effects of the 2008 crisis hit banks all over the world, including the European Union. In Italy, the State allocated a total of about 24 billion euros for rescue operations. The balance of the entire system was called into question, so the authorities began to increase controls. Some banks in difficulty, to avoid forced liquidation, forged documents. Among these, we find Veneto Banca and Banca Popolare di Vicenza, the two banks from Veneto. The two banks set up a real scam to the detriment of savers and small businesses. The mechanism of the scam involved an exchange of shares and loans that plugged the balance sheets of the banks in difficulty. The shares that these banks gave were presented as a safe investment. In reality, the banks were in serious difficulty due to the crisis and therefore were very unsafe investments for their customers. In 2013, however, an inspection by the Bank of Italy discovered an irregularity in the accounts of Veneto Banca and shortly after, the illicit activities of Banca Popolare di Vicenza were also discovered. In 2015, the main directors of the two Veneto banks, Vincenzo Consoli and Gianni Zonin, were forced to resign. The State tried to keep the two institutions afloat to guarantee the banks' former customers continuity of services. The activities of the two institutions were thus transferred to a healthy operator: Intesa San Paolo. To compensate the victims of the fraud, the State also created the Savers' Compensation Fund. The two senior executives of the Veneto banks were sentenced in the first instance to approximately four and six years of imprisonment and to 6 years of imprisonment. INDEX: 00:00 Intro 01:02 The 2008 crisis 02:07 The scam of the Veneto banks 04:45 The collapse of the Veneto banks 06:38 The possible ways to rescue them 09:18 The end of the Veneto banks 11:32 The victims of the collapse SOURCES: Consob Bank of Italy Ministry of Economy and Finance Veneto Banca Corriere del Veneto Author: Cosimo Volpe Text revision: Valerio Ribeca Editing: Luca Petracca Animations: Dario Bozzi Coordination: Edoardo Scirè #StartingFinance #Finance #Economy Starting Finance Masterclasses: http://bit.ly/sfytmasterclass12021 Starting Finance T-shirts: http://bit.ly/shopSFyoutube STARTING FINANCE CHANNELS: Instagram: / startingfinance Facebook: / startingfinance TikTok: / startingfinance Linkedin: / starting-finance Telegram: https://t.me/StartingFinance Website: https://www.startingfinance.com/
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