Go Italy!
By Daniel at 3 February, 2010, 5:31 pm
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In a $64 trillion !!! casino, a few hundred million makes no difference. They should have sized the whole bank period. B of A is bankrupt already anyways.
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Feb. 3 (Bloomberg) — Italy’s financial police are seizing 73.3 million euros ($102 million) of assets from Bank of America Corp. and a unit of Dexia SA as part of a probe into an alleged derivatives fraud in the region of Apulia.
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The region, also known as Puglia, joins more than 519 Italian municipalities that face 990 million euros in derivatives losses, according to data compiled by the Bank of Italy. In Milan, prosecutors seized assets from four banks including JPMorgan Chase & Co. and UBS AG in April and requested they stand trial for alleged fraud. Hearings started this month.
“Italy, like other countries, is full of these examples,” said Dario Loiacono, a banking lawyer in Milan who’s not involved in the case. “It’s the result of the unavoidable asymmetry of information between the banks and the municipal borrowers.”
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aWJC2mYeMKqg
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