The Italian Exception

While many European companies are removing their CEOs, in Italy, not even an indictment will cost some top executives their jobs. Consider Cesare Geronzi, 69, the chairman of Capitalia, a €128 billion consortium of banks, including Banca di Roma. Regarded by many as Italy's most powerful banker, he faces trial next month on charges, which he denies, that Banca di Roma provided false information to regulators in 1996. More recently, Geronzi's name has surfaced in some better-known financial shenanigans. In the summer of 1999, dairy firm Parmalat — already deeply indebted to Banca di Roma — paid the equivalent of €336...

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