Swift sanctions for bank managers - Padoan (2)

For those who have damaged national, local communities

Swift sanctions for bank managers - Padoan (2)

Rome, January 12 - Economy Minister Pier Carlo padoan said Thursday "the government hopes that justice will swiftly run its course and all those who have damaged the national community, local communities, savers and investors will be sanctioned". Padoan said, on managers who sold risky bonds to those unaware of the risks, that "the magistrature should identify responsibilities and adequately sanction the guilty". Managers in four rescued banks - Banca Etruria, Banca Marche, CariFe and CariChieti - have been accused of selling junior binds to people who were not properly informed of the risks entailed. One Banca Etruria bondholder killed himself after losing his life savings.

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