Infinite Unknown

- Inside the Bunga Bunga room: First picture emerges of the location where Berlusconi held his infamous sex parties (Daily Mail, May 12, 2013)

Related info:

- Silvio Berlusconi sentenced to 4 years in prison after tax fraud verdict upheld (CBS News, May 8, 2013)

Tags: Global News, Italy, Politics, Sex, Silvio Berlusconi

- Berlusconi Sentenced To One Year In Prison For Wiretapping (ZeroHedge, March 7, 2013):

It is no secret that one of the main reasons why Italy’s former PM, and resurgent soon to be member of government, Silvio Berlusconi, is so adamant to be in parliament, is simply to obtain the immunity he would need to stay out of prison as a result of countless lawsuits which he has valiantly fought, and lost. As of this morning, a rather convenient time for sure just as Italy is preparing to create a coalition government, Silvio has one more lawsuit he will need to appeal, and evade in Parliament, following news that he was convicted in a 2006 wiretapping scandal, and will have to serve a one year prison sentence. Will he serve even one day? Of course not – the appeals process alone will take at least several years, and when that runs out, well, the 76 year old Silvio is a billionaire, and will have ample opportunity to spend his money to buy himself enough freedom to last him until the end of his life.

From Bloomberg:

Former Italian Prime Minister Silvio Berlusconi was convicted in a wiretapping case related to the 2006 battle for control of Banca Nazionale del Lavoro SpA, the first of three corruption rulings he faces this month.

Continue reading »

Tags: Global News, Government, Italy, Politics, Silvio Berlusconi, wiretapping

- European “Democracy” Full Frontal – EU Parliament Head Tells Italians Not To Vote For Silvio (ZeroHedge, Feb 21, 2013):

To say that Germany does not love Silvio Berlusconi would be an understatement. But not even we thought European “democracy” would stoop so low as to tell Italians not to bring Bunga back or else. As Reuters reports, the German president of the European Parliament, once compared to a Nazi concentration camp guard by former Italian prime minister Silvio Berlusconi, warned Italians on Thursday not to back the scandal-ridden media tycoon at the ballot box. Martin Schulz is the latest in a line of German politicians to express fears about a possible Berlusconi comeback largely due to worries he will halt Rome’s reform drive that has helped to lift investor confidence in the euro zone. “Silvio Berlusconi has already sent Italy into a tailspin with irresponsible behavior in government and personal escapades,” Schulz was quoted as saying in German daily Bild.

Ironically, as today’s PMI data confirm, it is somewhat hypocritical of Germany to accuse Italy of anything since in the Zero-Sum mercantilist union, it is only Germany, now that France has careened off the cliff, that benefits from everyone else’s misfortune. The irony is that Germany should be rooting for Silvio - after all they need that EURUSD some 1000 pips lower to boost German exports, and when all hell breaks loose with Italian bond spread, Germany will simply inject another €500 billion in current account liquidity via Target2 (even if it means crushing PIMCO and their long Italy bond position). To pretend that anything in Europe at this moment is about solidarity is hypocrisy of the n^th degree. Continue reading »

Tags: EU, Europe, Germany, Global News, Government, Italy, Martin Schulz, Politics, Silvio Berlusconi

- Berlusconi: “Bribes Are Necessary – They Are Not Crimes” (ZeroHedge, Feb 15, 2013):

With a week to go until the Italian elections, things are getting a little odd to say the least. The somewhat scandal prone Berlusconi, who self-declared himself leading in the polls just recently, has come out swinging in defense of his fellow business leaders’ ethical egressions. The Bunga party banner-man defends bribery, “These are not crimes,” he notes, as The FT reports, “bribes are a phenomenon that exists and it’s useless to deny the existence of these necessary situations…” This apparently on the heels of the Finmeccanica CEO’s Indian helicopter deal bribes and Monte Paschi’s derivative debacle. It would appear his argument lies somewhere betweeen, ‘if everyone’s doing it – then it’s ok’, and ‘everyone’s been doing it forever so why stop now?’ One Italian paper, though, disgusted at the state of their nation, describes the entire political and elite establishment of ‘guilty inertia’ - calling for an end to what Berlusconi appears to be saying is corrupt business-as-usual. And yet we are to trust these technocrats when they say ‘crisis over’, all is well, recovery is here? Continue reading »

Tags: Corruption, Crime, EU, Europe, Global News, Silvio Berlusconi, Society

You can’t make this stuff up!

- Italian Scandal Widens As Italy’s Third Largest Bank Set To Get Third Bailout In 3 Years; Draghi, Monti Implicated (ZeroHedge, Jan 26, 2013):

While little has been said in the mainstream western press about the ongoing fiasco surrounding Siena’s Banca Monte dei Pasci, Italy’s third largest bank and the world’s oldest which may get its third bailout in three years - or even be nationalized – as soon as today, for fears that it may break the thin veneer of “recovery” in the European financial system, the situation on the ground in Italy is getting more serious by the minute, and will have implications on both next month’s general election, on Mario Monti, on Silvio Berlusconi, on frontrunner for the Prime Minister post Pier Luigi Bersani, and reach as far up as the head of the ECB – Mario Draghi.Several hours ago, on Saturday morning, the four-member board of the Bank of Italy – this time without its prior president Mario Draghi – met to consider the position of scandal-hit bank Monte dei Paschi di Siena and decide whether to authorize its request for 3.9 billion euros ($5.3 billion) of state loans.

Continue reading »

Tags: Bailout, Banking, Derivatives, Derivatives market, Deutsche Bank, ECB, Economy, EU, Europe, Global News, Goldman Sachs, Government, Italy, Mario Draghi, Mario Monti, Politics, scandal, Silvio Berlusconi

Got gold and silver to preserve your wealth in case of a necessary currency reform and devaluation?

- Berlusconi: “Italy May Be Forced To Leave The Eurozone And Return To The Lira” (ZeroHedge, Dec 18, 2012):

Reminding the world of just the kind of truthiness that got him sacked originally by that other Italian, the Ex-Goldmanite Mario Draghi, back in November 2011, and which the world has to look forward to when Silvio Berlusconi returns to power some time in 2013, even if not as PM (a position he currently has a snowball’s chance in hell of regaining based on current political polls), Reuters informs us that the Italian, who certainly has not read the Goldman book on status quo perpetuation, just said the unimaginable: the truth. To wit: “If Germany doesn’t accept that the ECB must be a real central bank, if interest rates don’t come down, we will be forced to leave the euro and return to our own currency in order to be competitive.” Berlusconi said in comments reported by Italian news agencies Ansa and Agi. The 76-year-old media tycoon has made similar remarks in the past about the possibility of Italy, or even Germany, leaving the euro, but has often at least partially rectified them later.” Not this time. Now with Germany and the Buba folding like a broken chair, Silvio is coming back and knows he can demand anything and everything, and Germany has no choice but to accept, Merkel reelection in a few months be damned.

Perhaps the former PM who recently got engaged to this 28 year old girl who obviously loves him for his personality has read our little primer on what happens in a Europe in which external devaluation (i.e., FX) is not a possibility, and where another 30-50% drop in PIIGS salaries would be neccesary to restore competitiveness. That, or a return to the Lira of course. And Berlusconi has seen that in the duel between Greece and Germany so far the former (and specifically its creditors) have gotten all the advantage. It is only a matter of time before he parlays that negotiating approach to Italy as well, and in the process destabilizes whatever artificial balance the ECB may have created.

More from Reuters: Continue reading »

Tags: Bonds, Collapse, Debt, Economy, EU, Euro, Europe, Global News, Government, Italy, Lira, Politics, Silvio Berlusconi

- Italian PM Monti quits as Berlusconi withdraws support (Irish Examiner, Dec 9, 2012):

Prime minister Mario Monti has told Italy’s president he is resigning because he can no longer govern after Silvio Berlusconi’s party withdrew crucial support.

The move paves the way for early elections a year after the unelected economist helped pull the country back from the brink of financial disaster.

Only hours earlier, 76-year-old billionaire media baron Mr Berlusconi had announced he would run for a fourth term as premier, aiming for a dramatic comeback after he quit in disgrace last November.

Continue reading »

Tags: Debt, EU, Europe, Global News, Government, Italy, Mario Monti, Politics, Rating, Silvio Berlusconi, Standard & Poor's

- As Thousands Of Italians March Against Austerity On “No Monti Day”, Berlusconi Threatens To Scuttle Monti Government (ZeroHedge, Oct 27, 2012):

First, it was Greece who failed to stick with the “do not rock the boat until the US election” script so meticulously crafted by Tim Geithner, and now it is Italy’s turn as Europe threatens to come unhinged precisely in the week when complete peace and quiet is needed to avoid deflecting attention from the peak season of the US presidential theater. As Reuters reports, “Tens of thousands of people marched through Rome in a “No Monti Day” on Saturday, some throwing eggs and spraying graffiti to protest against austerity measures introduced by Prime Minister Mario Monti’s government. Appointed in November when Italy risked being sucked into the euro zone debt crisis, Monti has pushed through painful austerity measures to cut the country’s massive debt, including tax hikes, spending cuts and a pension overhaul. “We are here against Monti and his politics, the same politics as all over Europe, that brought Greece to its knees and that are destroying half of Europe, public schools, health care,” said demonstrator Giorgio Cremaschi… In another demonstration in northern Italy, a small group of protesters scuffled with police near where Monti was addressing a rally on the theme of family values.” Continue reading »

Tags: EU, Europe, Global News, Government, Italy, Mario Monti, Politics, Protesters, Silvio Berlusconi, Society

- Bunga Behind Bars: Court Sentences Berlusconi To 4 Years In Prison (ZeroHedge, Oct 26, 2012):

It seems Berlusconi’s recent comments on not running for office were very prescient as he has just been slapped with a four year jail sentence for tax fraud and banned from politics for five years:

• *EX-PREMIER BERLUSCONI GUILTY OF TAX FRAUD IN TV RIGHTS TRIAL
• *ITALY EX-PREMIER BERLUSCONI SENTENCED 4 YEARS BY MILAN COURT
• *MILAN COURT BARS BERLUSCONI FROM POLITICS FOR 5 YEARS    :MS IM

Bunga Bugga? We do note the farce of all this as DPA notes: Berlusconi will not serve his sentence if he appeals against the first instance judgement.

Tags: EU, Europe, Fraud, Global News, Government, Politics, Silvio Berlusconi, Taxes

- Silvio Berlusconi’s ‘James Bond-style’ underground cave (Telegraph, Sep 7, 2012):

Silvio Berlusconi’s summer retreat on Sardinia’s exclusive Costa Smeralda, which gained notoriety for parties with topless models, features an underground cave, complete with an emergency escape exit to the sea.

Tags: Global News, Italy, Silvio Berlusconi, Society