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FEB 14, 2013 - Zero Hedge

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First Monte Paschi Banker Arrested With $54mm Stash

Unfortunately for the apparently not quite big enough to not fail Italian bank's former leaders, the Monte Paschi derivative debacle just won't go away. As Reuters reports today, the first (or many) arrests have been made. Gianluca Baldassarri and four other people suspected of criminal conspiracy to commit fraud were arrested after police seized EUR40mm of apparently ill-gotten gains. The alleged fraud and bribery case charges Baldassarri (who left shortly after the arrival of the new CEO in Jan 2012) of misleading regulators over the true nature of a secret derivative contract that was ... Read More

Tags: First Monte Paschi Banker Arrested With $54mm Stash,  European Central Bank Latest News