Mustier’s plan has been exposed

MIGUEL MEDINA via Getty Images

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Article written together with Alessandro Penati, President and founder of Quaestio Capital Management

Mustier’s plan has finally been exposed. And now it is possible to take a step forward that will heal the vulnus of privatization and marketism at the origin of all the problems of the Italian economy – stagnation, unemployment, public debt, inequality and social unrest. Market and capitalism have failed. Fortunately, the State resisted the pressure of those who wanted to force it to sell jewels to private individuals such as Eni, Snam, Saipem, Terna, Fincantieri, Finmeccanica, Italgas, Enel, Rai, Fs, Anas, or luckily all the assets of former municipal companies remained in the hands of the local authorities, and which constitute the spearhead of our green economy such as Iren, A2A, Acea Acsm-Agam, Hera, Ascopiave.

What does Mustier have to do with it? In its three years of management it has sold stakes and assets for 13 billion and burned a capital increase of 14 for the sole purpose of supporting the title. Now he opposed the merger with another bank in Italy that would have created a large group: he would have instead wanted to split the foreign activities of Unicredit and then perhaps marry with Société Générale or Commerzbank. Another great enterprise of ours would have ended up in foreign hands, after the activities in Italy had been stripped of the flesh.

Fortunately, Giancarlo Padoan arrived as President-designate: the long-time politician; the ex-minister, indeed the minister who had orchestrated the public bailout of MPS and had pledged to bring down the state as a minority in the Sienese bank by 2022; the former deputy who, in order to implement the indications of his assignor, had renounced to defend the interests of those who had given him the vote. His mere presence in the Council catalyzed the distrust that led Mustier to resign: the road to conquer MPS is now open.

True, there are still many details to put in place: economic details such as the capital dowry for Mps, the bad debts node, the guarantee for compensation requests, the amount of deferred tax assets and badwill on which to rely; and political details, such as the M5S ‘desire to have the bank that had been stolen from the historic protectorate of the left. But it doesn’t matter: through the card-for-card merger of Mps with Unicredit, the State will become one of the major shareholders of the new bank, and together with the Turin and Verona banking foundations it will acquire control. Thus the old Credito Italiano and Banca di Roma (who can forget the BIN, banks of national interest?) Will suddenly return to the public orbit.

After the bold move of this government which, challenging the Commission, has nationalized the Popolare di Bari to revive the glories of the Cassa del Mezzogiorno, a great return of the state in the banks is looming, made possible by the merger of Unicredit and Mps, reversing the privatization season savages that the ECB and the European Commission, the armed arm of international capital, had imposed on us.

The great merit of this government is to pursue with admirable continuity and perseverance the goal of healing the vulnus of privatizations by bringing everything possible back under the influence of the State: the old (why old?) Italsider, torn from the clutches of the Riva and the Indians; Alitalia returned to public stably (?); Borsa Italiana freed from the interests of foreign funds; soon Autostrade (why not also Aeroporti di Roma?) stolen from the bloodstained hands of the Benettons; Telecom Italia, which was the mother of all privatizations, is also close to capitulating and the network, a true strategic asset for the country, will return to public control thanks to Cassa Depositi e Prestiti. Unfortunately for the Bertolli oil, the Cirio peeled tomatoes and the Alemagna panettone, the pride of our land, it is too late: privatized by the SME they have been forever destroyed by greedy capitalism.

We know the criticism: politics is rebuilding the IRI to take back the economy, as in the first republic. False. To understand this, it is enough to analyze the skilful move of our Prime Minister, Giuseppe Conte, who has called upon the top management of “his” state-owned companies to act as operational arm to manage the 200 billion of the Recovery Fund will select to help you.

It will not be the old politics to rule the economy: this time it will be a group of valid public managers to command the policy. The best that the country can offer, under the enlightened guidance of the Prime Minister who, just in case, has also the delegation to the secret services to protect our companies from the aims of foreign capital. Finally, the possibility of building a future of growth without inequalities opens up after the years of heterodirect austerity and unbridled liberalism.

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