So, as the world’s financial system teetered on the brink and with Bear Stearns about to drop like the canary in the coal mine, an august Italian bank ponies up $12 billion to buy a bank that changed hands for $8 billion just months before, a sweet 50% premium.   You’d think this is about Italian bankers except that Bank of America pretty much did the same thing with respect to Countrywide Finance at the same time. Without study of decision-making in the executive suite that is neither indictment nor testimonial,  such bad bets will be no less likely to occur in the future.  http://www.nytimes.com/2013/02/07/business/global/monte-dei-paschi-di-siena-admits-985-million-in-losses-from-secret-deals.html?smid=pl-share

March 7 Update: Bank Exec Leaps to Death; Then Covers Himself with Tarp; + Update 2