Reply #52: Interesting catch by Denninger.

[Dr.Phool]

(snip)

The Italians are getting into the act:

With municipal bond investigations spreading to Europe from the United States, Italian authorities have seized about $300 million in assets of four global banks — JPMorgan Chase, Deutsche Bank, UBS and Depfa — whose officials have been accused of fraud.

The Guardia di Finanza in Milan, the financial police of Italy, took over real estate properties, bank accounts and stock holdings on Monday to assure it could collect from the banks if their officials were found guilty and the banks were held responsible.

Dozens of state and local governments in the United States have been victimized by these "deals" in the United States as well, yet Italy is the first to bring an actual enforcement action and seize assets? Why?

Lawless behavior by both Wall Street executives and government officials appears to have been pervasive, it is outrageous, and hundreds of billions (if not trillions) of dollars has been stolen from the taxpayer as a direct result.

(snip)

http://market-ticker.denninger.net/authors/2-Karl-Denninger