Home » Savona: “Latent symptoms of dictatorship”. Renzi asks for the resignation of the Consob president

Savona: “Latent symptoms of dictatorship”. Renzi asks for the resignation of the Consob president

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MILANO – La Popolare di Sondrio rises to the fore, not only financial, on the national scene and touches the same political debate. The casus belli broke out after the position taken by the Consob president, Paolo Savona, who in a private letter – which became public for a short time – spoke of “latent symptoms of the dictatorship, such as the one in which we live today”, addressing to the economist Marco Vitale. That is to one of the promoters of the Committee for the autonomy and independence of the bank of Valtellina, still not very popular. The fact is that the letter was published for some time on the Committee’s website and only later removed.

A fierce group of shareholders of the Sondrio bank has long opposed the transformation into a spa, imposed by the Renzi reform in 2015, but by now the war has reached its final stages: by the end of the year, the transition from popular to spa will have to take place. But not before the Statute has passed the scrutiny of the ECB. Which, among other things, has turned up its nose to the rule that provides for the increased vote, after two years. A step that, in fact, would have benefited the current shareholders. And that the Committee obviously defends.

In the exchange of views with Vitale, Savona writes that the initiative to defend the bank’s autonomy and independence “is perfectly legitimate, but I fear it will be the stone in the pond, because it is the manifestation of the fact, against which we have been fighting for decades, that the ‘human being and his intermediate institutions (Tocqueville) are always more prey to the collective organs of democracy, with consequences on the systems of freedom “. Then follows the passage on “latent symptoms of dictatorship”.

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Open heaven, even if in the meantime the text of the private letter had been removed from the site. Not fast enough for the local press not to notice, followed by a financial weekly; finally, the Press dedicates a long service to us. Savona replies: “The private letter is part of an exchange of ideas that I have been having for a long time with the illustrious scholar”, referring to Vitale. And he adds: “These are liberal ideas that surprise only those who are not free”.

Within Consob it seems that the new sortie of the president has not been taken with too much philosophy. Meanwhile, the reaction of the political world has already arrived. In the long interview given to the Repubblica podcast Metropolis, prompted by a question about the case, Matteo Renzi was very clear: “The president of an authority of the Italian Republic, which is not the banana republic, does not say those things. Saying what he said about the dictatorship, leads me to ask for Savona to resign from Consob. It’s crazy. He has to go home tonight. It’s a wound for the Italian institutions. “

Before, it was on Facebook the deputy of IV and chairman of the Finance Committee of the House, Luigi Marattin, who rose: “Everyone talks about dictatorship. Savona, whose job is to defend the market, says it in particular to defend the management team of a listed bank that (after 6 years of unsuccessful appeals in Italy and Europe) does not resign itself to the market or to the law “. The Renzi reform had imposed the transformation into a spa for all popular companies above a certain threshold of assets. Not all of them liked it and in particular Sondrio tried all the ways of appeals, national and otherwise, also raising questions of constitutionality on some aspects. At this point, by the end of the year it will have to surrender its weapons and become a spa. Maybe, he hopes, with some softening.

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