How JPMorgan could not save Italy's 'problem child' bank
That Monte dei Paschi laid its entire trust in JPMorgan and a plan that regulators said was destined for failure, underscores the government's mismanagement of it all
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London
ON THE morning of July 29, former Italian Industry Minister Corrado Passera was travelling in a high-speed train towards the medieval city of Siena, racing to meet the directors of the world's oldest bank to present them with a rescue plan.
Monte dei Paschi di Siena, Italy's third-largest lender, was destined to be wound down within months unless it could raise billions of euros and pull itself out of a swamp of bad loans that threatened to swallow up its five centuries of banking.
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