Monte Paschi Seen Revealing Losses Masked by Derivatives
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Banca Monte dei Paschi di Siena SpA, engulfed by criminal probes into the conduct of its former management, may disclose as early as today the size of losses the bank hid in 2008 and 2009 using derivatives.
Monte Paschi, the subject of investigations spanning from allegations of market manipulation to false bookkeeping, will probably restate earnings because of losses obscured by the structured deals dubbed Santorini, Alexandria and Nota Italia. The bank’s board is meeting in Siena today to discuss the impact on its balance sheet.