Monday, September 29, 2008

Transparency, Italian style

Italian banks have a consortium with a website (patti chiari) aimed at "at simplifying relations between banks and customers by means of tools that make it easier to compare different products and make educated choices."

Among other things, this website publishes a list of "low risk, low return" financial instruments. Basically, a list of financial instruments for conservative people who do not care about return but want to make sure that their money is in a safe place. Well, until September 15 (i.e. 1 day before Lehman's bankruptcy) this list included Lehman Brothers' bonds. WOW, talk about low risk!!!

BTW, Francesca R. is telling me that Transparency International ranks Italy Nr 55th in control of corruption (just after South Africa and just before Seychelles, at least we are still ahead of da wife, Lebanon is 102). Given that we are in self-promotion mood here is an old piece I had written for TI (page 317 of the Data & Research Part)
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