Jim Brunsden and Patrick Jenkins
In the late afternoon of November 28, Luigino D’Angelo typed a suicide note on his computer. Twenty minutes later he hanged himself from the banister of his home in the Italian city of Civitavecchia.
The 68-year-old pensioner, a former employee of energy group Enel, had lost his life savings in a government-backed reorganisation of Banca Etruria, a troubled lender active mainly in Tuscany and central Italy, where D’Angelo had been a customer for 50 years. His mistake had been to place 110,000 of savings not in a conventional deposit but in an investment product, in practice a risky form of the bank’s own debt.
As soon as the reason for his suicide was clear,…
Read the full article at: http://www.afr.com/business/banking-and-finance/bank-rescues-put-bondholders-on-the-hook-20160104-glzceq