Name: How a $450 Million Loss Was Hidden From Sight
Uploaded: 2020-03-19T21:12:53.000Z
Duration: 10 min 53 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

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and Italy's third largest lender Monte Paschi.

once the world's largest financial institution.

And a few of them should actually go to jail, in my view.

that made 450 million dollars disappear from Monte Paschi's books.

This is an extraordinary period for America's economy.

and we are right in the depth of the financial crisis.

after two pillars of the Street tumbled over the weekend.

Financial institutions are really fighting for survival

like the one it was trying to do with Paschi

Suddenly, it was facing another 450 million dollars potentially

in a single loss, in a single investment,

The risk they were facing was nationalization

that management was trying everything it possibly could

multi-layered transaction which, like magic,

takes the loss that they would have to crystalize

doesn't have to be disclosed to investors.

And of course it's structured in such a way

So something in the order of 60 million euros

to violate the accounting requirements of Italy

Stop them having, essentially, to account for a loss.

It wasn't long after they struck the deal

that Monte Paschi started hurting from the transaction.

it could run out of cash in just four months.

It needs to offload a mountain of bad loans

Astonishingly, it took more than four years

Well after, regulators from the U.S. to Italy

And there started my reporting on Monte Paschi.

Little by little the source got comfortable

The material, when looked at it in its completeness,

spoke quite clearly of what was going on.

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How a $450 Million Loss Was Hidden From Sight

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