Does canada goose outlet Italian capitalism prove that Darwin was right

Canada Goose online A procession of Italian industrialists and financiers slipped through the alleyways behind La Scala opera house two weeks ago to discuss the legacy of the man whose name adorns the piazza outside the building where they met: Enrico Cuccia. canada goose outlet black friday sale The group, ranging from a former Treasury minister to an iconoclastic fashion mogul, shared stories of the founder of Mediobanca, who passed away 14 years to canada goose factory outlet toronto location the day. http://www.mycanadagoosejacket.org canada goose outlet las vegas Yet for all the nostalgia that afternoon, absent was any obvious desire to turn back the clock to the days when Mediobanca was the unchallenged puppet master of Italian business. Canada Goose online

Canada Goose Parka That surprising given the parlous state of corporate Italy. The uno due punch of the financial and sovereign debt calamities has thrust the establishment into a profound crisis, one canada goose jacket outlet uk even more sweeping than the Tangentopoli corruption scandal that two decades ago sent dozens of Italy top businessmen and politicians into Milan canada goose outlet nyc San Vittore prison. The uniquely Italian form of capitalism conceived by Cuccia after World War Two is at last being consigned to history. Canada Goose Parka

canada goose clearance Though the revolution reshaping the nation economy is painful and prolonged, those with the most at stake know that Italy needs dramatic change. Deprived of the protections of the canada goose outlet michigan past whether from the cash canada goose outlet paypal strapped government in Rome or Mediobanca in Milan Italian companies are at last being forced to play by the rules of global finance. Some 95 percent of the institutional investors who account for the bulk of trading on the Italian canada goose outlet in canada Stock Exchange are foreign. The survivors of this Darwinian selection will be the better for it. canada goose clearance

canada goose store Unlike the cyclical spikes in bankruptcy filings that typically accompany wrenching economic change in the United States, the evidence of Italy transformation is subtler, if wider reaching. As companies pass the hat to investors beyond the Alps, they must transform their governance in ways that would have Cuccia turning in his grave canada goose outlet toronto on the banks of Lago Maggiore (assuming his body, stolen shortly after its 2000 burial, was ever in fact returned to its resting place). canada goose store

canada goose clearance sale And nowhere is this change more evident than at Mediobanca itself. In the canada goose kensington parka uk turbulent year of 1946, Cuccia established the bank as canada goose premium outlet a bulwark for private canada goose outlet us industry, largely in the north of the country, against a rising tide of post war socialism and state interventionism. canada goose outlet jackets Through interlocking investments, shareholder pacts, cascading holding companies and canada goose factory outlet shared directorships, Mediobanca canada goose outlet ontario stood at the center of the so called buono, or fine drawing room, a group canada goose uk site that included important enterprises like Fiat, Pirelli,Generali and Rizzoli Corriere della Sera. The bank was a frenemy of the state. canada goose clearance sale

canada goose deals Under Chief Executive Alberto Nagel who most days is nearly as likely to be found in the City of London as Milan today Mediobanca is unwinding this cat cradle of capital, freeing up funds for more productive uses than calling the shots at other companies, and investing anew in its capital markets and advisory businesses. Indeed, days after hosting the gathering last month to celebrate a new book of Cuccia letters and speeches, the bank agreed with other shareholders to dissolve the Chinese box they had used to canada goose uk control Telecom Italia. Foreign capital, from Spain Telefonica, will take their place. canada goose deals

Canada Goose Jackets There more reform on the horizon. Mediobanca will probably reduce the size of its board from an unwieldy 23 directors to as few as 15 in coming months, a compliance with Bank of Italy rules that not unwelcome inside the bank. It won be long canada goose outlet toronto factory before the shareholders pact that pools around 30 percent canada goose outlet legit of canada goose outlet near me Mediobanca own shares will dissolve entirely. Since kicking off its strategic reform plan last June, canada goose outlet in new york the canada goose outlet washington dc bank has divested 800 million euros of equity. Canada Goose Jackets

canada goose coats on sale And as Mediobanca goes, canada goose outlet in chicago so does the rest of the galaxy of companies formerly in its orbit. Fiat long ago shifted its orientation away from Italy with the acquisition of Chrysler. Though Mediobanca will continue to maintain a hefty stake in Generali, the insurer is being run by a professional manager, Mario Greco, who argues that the company future as an independent company resides in its ability to generate returns, not manipulate corporate governance. canada goose coats on sale

canada goose black friday sale Where the rubber really canada goose stockists uk has met canada goose outlet parka the road, however, has been at Pirelli. Over the past year, the tire company has had to collapse the byzantine chain of holding companies through which Marco Tronchetti Provera canada goose outlet online uk has exercised control since taking the wheel in 1992. The catalyst wasn just Mediobanca, but a feud with another shareholder, the Malacalza family, which forced Tronchetti to seek the help of a private equity fund, Clessidra, led by Claudio Sposito. canada goose black friday sale

Canada Goose sale In exchange for buying out the Malacalzas, Clessidra attached strings to its investment again the kind that international investors generally demand. These included a right to auction Pirelli off in a few years. Tronchetti has since swapped Clessidra for Rosneft, the canada goose outlet reviews Russian oil producer run by Vladimir Putin close ally Igor Sechin. Though the trade probably canada goose outlet vancouver staves off a sale of Pirelli any time soon, the move to clean up the chain of canada goose outlet real control, and make it more accountable to public shareholders, was accomplished. Canada Goose sale

canada goose Bereft of Milanese capitalism once reliable levers of power be canada goose outlet store new york they shareholder pacts, cascading holding companies, Mediobanca or even the cocoon of state ownership the independence of corporate Italy will depend on competent managers producing top notch products and services in free and competitive markets. Not all of them will survive. But those that do will be world class canada goose.