World's oldest bank suffers trading losses

Discussion in 'Wall St. News' started by Pekelo, Jan 26, 2013.

  1. Pekelo


    "Shareholders of the world's oldest bank have approved a plan needed to get a state bailout amid revelations that it concealed loss-making risky trades.
    Italy's Banca Monte dei Paschi di Siena and regulators are investigating the trades.
    The Bank of Italy defended its role in supervising Italian banks, denying knowledge of the trades.
    Banca Monte needs 3.9bn euros (£3.3bn, $5.2bn) in government aid to meet European banking rules."