There are Too Many Banks in Europe, Says Armstrong

The world’s oldest bank is a reminder of one of democracy’s oldest lessons: Costing voters money can also risk costing you your job. Banca Monte dei Paschi di Siena SpA was founded in 1472, but has a very modern Italian problem. The lender has about 10.7 billion euros ($12 billion) of bonds with an initial investment designed to attract ordinary families, data compiled by Bloomberg show. It’s just the tip of the iceberg: Italian banks together have sold more than 180 billion euros of similar securities as depositors looked for better rates of return. Plurimi Wealth Managing Partner & CIO Patrick Armstrong discusses with Bloomberg's Francine Lacqua on "The Pulse."

Bloomberg Markets: Balance of Power 9/18/2017
53:42 - Guests include: Organization for Economic Cooperation and Development Secretary General Angel Gurria, Congressman John Delaney, a Democrat from Maryland (Source: Bloomberg)
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