[AAABEST]

Okay to sum up: A major European Bank (Italy's oldest and forth largest) goes on holiday, sticks it to outrages depositors - yet not a single well known English speaking source bothers to report it?

I'm not a tinfoil hat kinda guy, but this makes me want to buy a roll of Reynolds Wrap and get to work.

This seriously calls for the WTF Tree. WTF Tree says:

WTF?

[AAABEST]

ping!

[Hetty_Fauxvert]

On Sunday, Barbara Simpson mentioned the Italian bank holiday on her KSFO radio show. Haven’t seen it printed anywhere, though.

[Earthdweller]

Easy...any news source who is the first to lead with this will be accused of spreading panic. In other words..the editors are askeered of getting taken to the cleaners..or worse.

[AAABEST]

Ping to those on the first thread and other interested parties.

[SueRae]

Thank you...I did see the the other article here...
They didn’t print some of the shenanigans I heard here in 2008, either.

[Kudsman]

Wouldn’t want to start a stampede I imagine. Think I’ll start carrying that extra bag to work now.

[KSCITYBOY]

btt

[KSCITYBOY]

btt

[Truth29]

If the MSM didn’t report it, it didn’t happen strategy. What’s on The View?

[AnAmericanAbroad]

It was on the Drudge Report on Sunday, June 10th; the original story (in Italian) dates to June 7th.

I think it only stayed up for about 12 hours or maybe less.

Here’s from the DR archive: http://www.drudgereportarchives.com/data/2012/06/10/20120610_212411.htm

It’s in the middle section, just above the photo of Lindsey Lohan. Not a big screaming headline, just a normal one.

[Old Sarge]

I see you got ping’ed to this one already, but isn’t this an indicator?

[Ben Ficklin]

What I found doing a simple google search was an article containing this statement:

"The announcement was posted and the bank gave customers 7 days to act before the Bank of Italy approved freeze went into effect"

[hoosiermama]

Guess we'll have to cancel the cruise to Italy...../s
The “Good life” takes a dive!

[Vigilantcitizen]

WTF tree...Lolol

[PapaBear3625]

WTF is what I was saying yesterday on the Kartographer's thread.

This morning we have the Chinese news agency xinhuanet.com reporting Italy may be next to request EU bailout. We have some news from Australia about Monti's mounting Italian challenge , but not much else in the English speaking press.

I'm thinking I agree with you. The English speaking press understands that Italy is not "too big to fail", it's too big to save. If Italy defaults, then not even the combination of EU plus the US can save the EU system from collapse.

And that scares the crap out of them.

[PapaBear3625]

The businessweek profile on them seems rather sparse, and seems to characterize them as an internet-based bank. Later I'm going to look around to confirm the assertion that this is the "4th largest bank" in Italy.

[Envisioning]

Wouldn't it stand to reason by the time you hear about banks failing in the news it is already too late......?

(((ping)))

[Vide]

I think this is more a sign of desperation among gold bugs than a crisis in the Italian banking sector.

Italy's (and the world's) oldest bank is Monte dei Paschi di Siena (~"cowpats of Siena").

Italy's 4th largest bank (by assets) would be UBI Banca or Banco Populare.

Not saying that things are rosy in Italy - just that this story has grown in the telling.

[RayChuang88]

When that bank went into receivership (that’s how Europeans describe bankruptcy proceedings), it was only a matter of time before the bank is closed. I wonder why there there wasn’t an attempt to return money to depositors even at as little as 40% of the original value?

[goldenmage]

mentioned here:
http://investmentwatchblog.com/report-italian-bank-declares-holiday/