Skip to comments.FR Exclsv: Italy's Oldest & 4th Largest Bank CUTS DEPOSITORS OFF - not a single News story.
Posted on 06/12/2012 3:04:26 AM PDT by AAABEST
I don't often put stories in "breaking." I post vanities even less often. Hardly anything surprises me any longer, but I find this absolutely astounding. If you follow the financial threads or the situation in Europe, you really need to read this. Actually anyone with a bank account needs to read this.
I'm going to ask the mods to leave this here, unless they really feel I'm all wet here. I don't, however, believe I am. Follow me here.
BNI (Bank Network Investments) is Italy's oldest and forth largest bank. In other words, it's a biggie.
Anyway, the bank went into receivership last November. as of late last week, without any notice whatsoever to depositors, eureka, BNI suspends all payments and withdrawals. In other words the very first European bank goes on holiday. Furious depositors are left with no way to access their money or pay their bills. They will be on "holiday" (nice term btw) until at least July.
This is quite alarming in its own right on many levels. It's not, however, what is astounding. What's astounding is that there is a total media blackout. NOT A SINGLE ENGLISH SPEAKING ONLINE PERIODICAL MENTIONS THIS. Not one. Nobody. This happened last week, and we're going into Tuesday.
Don't believe me? Here is a Google News search of the terms "BNI" and "Italy" (no quotes).
Nothing. Zero, zilch, nada. Goose egg. Really?
The story is not a hoax, it was confirmed right here on FR at this thread. An astute FReeper, (Kartographer) picked up on it and worked the translation.
It's also on the bank's own website.
The only English speaking source I've been able to find it is right here on Kartographer's barely noticed FR thread, after which I found bits and pieces on a regular (not news) Google search at some other third rate websites.
Here is a site that has several stories on the matter translated from Italian.
Again, this went down last week, today is Tuesday.
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:
On Sunday, Barbara Simpson mentioned the Italian bank holiday on her KSFO radio show. Haven’t seen it printed anywhere, though.
Ping to those on the first thread and other interested parties.
Thank you...I did see the the other article here...
They didn’t print some of the shenanigans I heard here in 2008, either.
Wouldn’t want to start a stampede I imagine. Think I’ll start carrying that extra bag to work now.
Yeah got to keep my eyes and ears tuned to see if this kind of thing grows. Thanks again FR and JimRob.
Yes, people tend to s*** bricks (depositors and investors alike) when banks start sticking it to depositors.
Still though, I would think the very first major bank to go on holiday since the crisis began would get mentioned somewhere in the English on the English-speaking earth.
Keep your vehicle’s gas tank topped off and you’ll already be ahead of 3/4 of the population. I imagine gas stations will become very dangerous places once the SHTF.
Looking at my posts - I’m writing like a complete imbecile. I’m going to email my wife and tell her to keep a half tank of gas at all times - then go to sleep.
If the MSM didn’t report it, it didn’t happen strategy. What’s on The View?
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.
I see you got ping’ed to this one already, but isn’t this an indicator?
"The announcement was posted and the bank gave customers 7 days to act before the Bank of Italy approved freeze went into effect"