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2022 | OriginalPaper | Chapter

8. Financial Frauds: Is Italy Different?

Author : Paul de Sury

Published in: Ethics in Banking

Publisher: Springer Nature Switzerland

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Abstract

The world of Finance seems to have turned into the kingdom of liars. Corporate hoodlums hide the truth from their investors, rogue traders conceal the size of their trading positions to internal and external control organs, fraudsters create Ponzi schemes by misdirecting investors.

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Footnotes
1
Normally Ponzi schemes last a limited number of months before crashing. The major exception was Madoff who continued for more than a decade becoming the laregest financial fraud in history. His inexistent split-strike conversion strategy was simply impossible to actuate without attracting attention given its size in relation to the dimensions of the US derivatives market. See Markopolos (2010).
 
2
Bhattacharia (2003).
 
3
For an overview of the main Italian financial frauds, see Mottola (2019).
 
4
Gervaso (1976).
 
5
Zuckoff (2006, p. 235).
 
6
The bibliography on Madoff is vast. See Arvedlund (2009), Henriques (2011), Markopolos (2010) and Oppenheimer (2009).
 
7
A popular saga of Italian films, second in number only to the James Bond series, involving the fight between the local priest and the communist mayor in a small imaginary town in the above-mentioned region.
 
8
Cfr. Raw (1993) and Cornwell (1983).
 
9
On Sindona, amongst the many see Magnani (2016), Panerai and De Luca (1975) and Stajano (1991).
 
Literature
Arvedlund, E. (2009). Madoff, the man who stole $65 billion, Penguin
Bhattacharia, U. (2003), “The Optimal Design of Ponzi Schemes in Finite Economies”, Journal of Financial Intermediation
Cipolla, C.M. (1988). Le leggi fondamentali della stupidità umana (in Allegro ma non troppo), il Mulino
Cornwell, R. (1983). God’s Banker, E-book
Henriques, D. (2011). Bernie Madoff, the Wizard of lies, Oneworld
Magnani, M. (2016). Sindona, una biografia degli anni settanta, Einaudi
Markopolos, H. (2010). No one would listen: A True Financial Thriller, Wiley
Mottola, G. (2019). Fratelli di truffa. Storie, protagonisti, segreti e metodi di una vera eccellenza italiana, Baldini e Castoldi
Oppenheimer, J. (2009). Madoff with the money, Wiley
Panerai. P., De Luca, M. (1975). Il crack Sindona, la DC, il vaticano e gli altri amici, Mondadori
Raw, C. (1993). La grande truffa, Mondadori
Stajano, C. (1991). Un eroe borghese, Feltrinelli
Zuckoff, M. (2006). Ponzi’s Scheme: The True Story of a Financial Legend, Random House
Metadata
Title
Financial Frauds: Is Italy Different?
Author
Paul de Sury
Copyright Year
2022
Book
Ethics in Banking

Print ISBN: 978-3-031-22147-7

Electronic ISBN: 978-3-031-22148-4

Copyright Year: 2022

DOI
https://doi.org/10.1007/978-3-031-22148-4_8

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