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Mafia now "Italy's No.1 bank" as crisis bites: report
Reuters ^ | Tue Jan 10, 2012 4:36pm EST | James Mackenzie

Posted on 01/10/2012 3:05:16 PM PST by Olog-hai

ROME—Organized crime has tightened its grip on the Italian economy during the economic crisis, making the Mafia the country's biggest "bank" and squeezing the life out of thousands of small firms, according to a report on Tuesday.

Extortionate lending by criminal groups had become a "national emergency," said the report by anti-crime group SOS Impresa.

Organized crime now generated annual turnover of about €140 billion ($178.89 billion) and profits of more than €100 billion, it added.

"With €65 billion in liquidity, the Mafia is Italy's number one bank," said a statement from the group, which was set up in Palermo a decade ago to oppose extortion rackets against small business.

Organized crime groups like the Sicilian Cosa Nostra, the Naples Camorra or the Calabrian 'Ndrangheta have long had a stranglehold on the Italian economy, generating profits equivalent to about 7 percent of national output. …

Old-style gangsters handing out cash in bars and pool halls had been replaced by apparently respectable bankers, lawyers or notaries, the report said.

"This is extortion with a clean face," it added. "Through their professions, they know the mechanisms of the legal credit market and they often know the financial position of their victims perfectly."

Small businesses, who have struggled to get hold of credit during the economic slowdown, may have been increasingly tempted to turn to the mafia, said the report. …

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; Miscellaneous
KEYWORDS: dollarcollapse; economy; extortion; italy; loansharking; mafia; markets; usbondcollapse

1 posted on 01/10/2012 3:05:31 PM PST by Olog-hai
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To: Olog-hai

Organized crime here in the states (at least Michigan) is called Friend of The Court!


2 posted on 01/10/2012 3:10:16 PM PST by Moleman
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To: Olog-hai
the Mafia is Italy's number one bank

Haven't they always been?

Oops... *BANG*

3 posted on 01/10/2012 3:39:18 PM PST by grobdriver (Proud Member, Party Of No! No Socialism - No Fascism - Nobama - No Way!)
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To: Olog-hai

I guess that we’ll be seeing an epidemic of broken kneecaps before long.


4 posted on 01/10/2012 4:00:42 PM PST by Malone LaVeigh
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To: Olog-hai

There is no such thing as the Mafia. Just legitimate Italian businessmen that have been persecuted by the Federal government. Fugetaboutit!


5 posted on 01/10/2012 4:08:16 PM PST by Azzurri
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To: Olog-hai

Its never a good idea to start looking into the ethnic makeup of banking outfits. No good comes of that.


6 posted on 01/10/2012 4:19:30 PM PST by wonkowasright (Wonko from outside the asylum)
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7 posted on 01/10/2012 5:26:37 PM PST by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
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To: Olog-hai
and they often know the financial position of their victims perfectly.

Then they are smarter than many legitimate banks.

8 posted on 01/25/2012 9:05:25 PM PST by BlackVeil
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