What are Mafia Bonds? And should you have them in your retirement account? Italy’s Banca Generali and other investors from around the world purchased bonds (or asset backed securities) partly backed by the illicit proceeds of the Calabrian ’Ndrangheta mafia group in a transaction where consulting services were provided by accountancy group EY, the Financial Times reported this week, citing financial and legal documents.
Years investors have been diversifying into bonds backed by the crime proceeds that some of the bonds were bought by banca generali, one of europe’s largest to investors between 2015 and 2019. investors included pension funds, hedge time of record low interest rates. back in 2008 the occupy wall street movement inspired the idea of actual bonds from actual gangsters. so how
Did it work? how bonds in your retirement account? are these bonds a yield you can’t refuse? guaranteed penalty interest rate. this means that these debts are well suited explaining what asset backed securities are and that is linked to that above. like home mortgages, credit card receivables – or in this case – the proceeds how do the italian mafia fit in here? calabria
Is not only the poorest region per capita is around 20 thousand us dollars a year – which is about half of not part of italy, calabria would be a failed state. the calabrian mafia courage. they control a large part of cocaine importation into europe along such lucrative criminal activities, the opportunity to plunder the italian government officials, organized criminals made
Huge profits from contracts given patients in unsafe ambulances to transporting blood and organs to taking a hospital ward for mobsters to come along and unlock the door and let them in. italian taxpayer through the country’s health service with its multi billion invoices signed off by officials in calabria municipal health system were from suppliers at a discount because
They were in effect guaranteed by the pooled them and sold bonds backed by the unpaid bills. now while many legitimate the healthcare system, the complex chain of intermediaries left it vulnerable to managed to offload invoices owed to them to unwitting intermediaries who then debt products marketed them to investors hungry for exotic higher-yielding bonds bonds in your
Retirement account. the ft grew wealthy, their younger generations have started to look very different from can apply business school analysis to the challenges of running an promotes itself as teaching finance to millennials and i thought that maybe my do happen to speak italian and you watch these videos do feel free to upload anna sergey a calabrian born criminologist
At the university of essex appear to be respectable businesspeople not directly involved in street-level going to guess that they claim when they their families olive oil export business or assessed by major credit rating agencies or even traded on financial several of which have offices in mayfair young ended up providing consulting services for the structuring of one of
They were however not required to do any due diligence on the assets making up system has been devastating for italy italy is one of the highest life of infant mortality in italy and many collaborations are forced to leave the doctors describe some of calabrese hospitals as on a par with the times will bring about an end to mafia asset-backed securities, but equally optimize
The abs portfolios and game rating agencies. if you are a quant careful to say nothing in the comment section below. in the long run i worry products and no longer care about the underlying extortion. if that becomes the if they are late with a payment, we could end up seeing widespread default on
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Mafia Bonds – A Deal You Can't Refuse? By Patrick Boyle
