Standing in Siena, Italy is the Monte dei Paschi. It’s a bank that is 549 years old. That’s right, a single bank predates Columbus’s landing in America by 20 years. And it’s closing all because of poor management. This really is a tragic story when you stop and consider how many different historical events this bank lived through. Empires rose and fell, wars came and went, travel went from the oceans to the stars, yet the Monte dei Paschi always remained.
It’s a sad day for the people in Siena who looked up to the bank. It’s a sad day for Italy as an institution collapses. And it’s a sad day for competency as you realize mismanagement is to blame.
More news on today’s episode: Europea has a massive methane leak problem, the Uruguayan micronation where fun is the goal, when wedgies kill, Native memorial to replace Junipero Serra statue, the racket of ranking wineries, two dozen endangered species are now extinct, criminal penalties for killing migratory birds, and the revival of the US farm belt.