We are republishing Fabrizio Gatti’s research, published last December and one of the most followed by our readers in 2024.
Edoardo Barzago is definitely the richest student in Italy. He is only 23 years old and already has an impressive fortune of 2.4 billion euros. Of course, this isn’t cash like the dollars in Scrooge McDuck’s safe. These are 110 percent Superbonus credits that the boy, enrolled at the Faculty of Economics of the University of Bergamo, bought from more than 200 desperate entrepreneurs who were at risk of bankruptcy, according to information in the Official Gazette. Barzago will surely have to be grateful, above all else, to public spending fantasy Giuseppe Conte. And this phenomenon, under the left-wing government of 5Stelle-Pd-Articolo1, continues to have an impact on thousands of Italians even today. As Cesare Treccarichi said in his research on Today.it, a market of desperation is being created.
Italy’s richest student thanks to Superbonus
We know the mechanism. It was about spending as much as I could, with very few limits. And of every 100 euros billed for the mantles and facades of the houses, 110 euros were reimbursed by the state. Those who benefited from this transferred the loan to banks and financial companies, at least until the government of Giorgia Meloni canceled this possibility. In this chaos of expense and debate, thousands of companies are caught in the middle of the parade, having either started work or anticipated some of the costs. All put together, they now boast loans to the Government or to customers. And some of them, in financial terms, remained in a dead end.
Edoardo Barzago took responsibility for 2 billion 400 million euros of more than eight billion people at risk. That doesn’t mean they’ve already paid off their debt, otherwise he’d be our Elon Musk. Instead, it will have to convert them into securities for placement on some European exchanges, through an international network that Cesare Treccarichi will announce in the next few days. The good student will not do this alone. Otherwise, it would be Robert De Niro holding a gun to his head in the unforgettable movie The Huntsman. His parents and some experts will probably help him. We will see this in the next sections of the Today.it investigation.
Billions of dollars in derivative securities will be placed: Who is buying them?
The famous question arises automatically: Why would a saver from Dublin, London or Zurich invest his money in buying securities that can be used to pay back, through a 23-year-old student, the disaster caused by Giuseppe Conte’s laws? So, what would be the rate of return on an abandoned construction site, bags of cement left in a corner, and apartments full of unfinished work? We will let you know if Edoardo Barzago answers our questions. Since this is the marketplace of desperation, any doubt is legitimate.
The Gazzetta Ufficiale, the information organ of the Italian Republic, treats the errant student with aseptic seriousness. We find this on the page of Pietra Grezza Spv, a limited vehicle company declaring capital of 10 thousand euros, of which Francesco Edoardo Barzago is the sole director, as signed here (photo above). The Official Gazette confirms in one of the press releases announcing the activity of Pietra Grezza Spv: “In accordance with the transfer agreements, the company acquired without recourse from the issuing companies all the monetary loans specified in the attached loan identification document … and 1,533, including the larger loan Those requested to the Revenue Administration that have already been accrued or are in the process of being accrued in the amount of 560,469.86 Euros are the percentage It was considered equal to 10”.
Bad loans: how to earn 460 million
SPVs, or special purpose vehicles, are companies whose exclusive purpose is the “buying and selling” of credit, that is, its securitization. But maybe you didn’t notice the detail. The limited company, with a capital of 10 thousand euros, much less than the value of Fiat Panda, promised to pay a large debt on its own. There is nothing irregular because the law requires it if the terms of the contract are followed.
Orders that companies still have to pay for are already a business. They can reach 0.4 percent of the contract price. Let’s do the math: this single operation of Edoardo Barzago can generate a guaranteed income of over 6 million. Take it or leave it. Then we add the credit discount, which should be around 30 percent: This will be the amount that entrepreneurs in a difficult situation give up to save themselves. 460 million of the one and a half billion, when paid by the Internal Revenue Service, can generate additional income for the supply chain beyond the reckless student. What happens if the Revenue Administration does not recognize the loan? All that would remain was a clean convening of the commissions. If we didn’t have the coverage of a real bank behind us, the card would be all that would remain for savers who might have purchased the securities and entrepreneurs who had already sold the loans on the card.
Now we’ll see how this plays out in a few months. If Edoardo Barzago is successful in the operation, the University should award him an honorary degree in Economics. Then we can ask him to take action on the national public debt. If he is not successful, and if many other Barzagos born in recent months are not successful as well, the construction frenzy that started with the coronavirus pandemic could result in an epidemic of bankruptcies, layoffs and bankruptcies. The bursting of the balloon.
Continues…
Superbonus scam, a commission of inquiry is needed: Sign the Today.it petition
There are not many bonuses associated with housing, which is a very useful tool for supporting the economy and combating tax evasion. The chaos revolves around the idea of the Super Bonus: a public finance frenzy that forces the state to pay back more than is spent. We therefore believe that Parliament has a duty to investigate with a commission of inquiry this disaster that has so far cost taxpayers over 160 billion: 6412 euros of new public debt per Italian family. More than twenty thousand readers have already signed the petition launched by Today.it. If you agree, please sign here too.
Sign the Today.it petition for the Superbonus investigation commission
Source: Today IT
Emma Fitzgerald is an accomplished political journalist and author at The Nation View. With a background in political science and international relations, she has a deep understanding of the political landscape and the forces that shape it.
