Sorry!! The article you are trying to read is not available now.
HOT TAGS:  

Silvio Berlusconi "Not Worried at All" About Italian Banks, Unlike Moody's, S&P, Rest of Planet

Print comment Post Comments
ANNALS OF MISPLACED OPTIMISM
DailyFeed
As the FT -- and every other financial publication worth its sale -- is reporting today, Moody’s has "changed its outlook on 13 mid-sized and smaller Italian banks to negative" and "warned it could downgrade the long-term debt ratings of 16 others following its announcement last week that it had put the country’s sovereign debt on review for possible downgrade."

But Prime Minister Silvio Berlusconi isn't letting Italy's floundering economy ruin his summer.

"I am not worried at all," he told a news conference in Brussels.

Of course he's not -- Silvio Berlusconi doesn't worry about anything. For Christ's sake, the guy is Silvio Berlusconi, for...Christ's sake.



In October, when an investigation was launched into charges of tax evasion and graft by Berlusconi, he told Italian daily La Repubblica, "It makes me laugh except that my son has been dragged into it."



In February, after being indicted on charges that he had paid for sex with an underage runaway in the country illegally, then abusing his official position to attempt a cover-up, Berlusconi told reporters at a press conference in Rome, "Suffice to say that I am not in the slightest bit worried."



In 2009, when the married Berlusconi was accused of having an improper relationship with 18 year-old aspiring model Letizia Noemi, he told the press that Italians “like me the way I am."



So, everyone move along. Nothing to see here. The Italian financial system could be on the verge of collapse? Whatever. It's not like any American banks found themselves in deep s--t; Bank of America, Goldman, Citi. Hey, if Silvio's not worried, neither should anyone else be.

Right.

As Jon Stewart once said, "Now I know why Venice is sinking -- it's collapsing under the weight of Silvio Berlusconi's giant balls."

POSITION:  No positions in stocks mentioned.

TICKERS