PERCHE' IL BLOG I think now many of you have heard the term "derivatives". Until a decade ago (maybe less) a select few knew of the existence of these financial products. Basically this was not a drama, as these types of "investments" were mostly used instrumentally: in other words that were bought or intemediari financial or simply big business trying to protect themselves from possible risks underlying their business. Let me explain the derivative financial instruments are mostly completed, the dynamics of different underlying assets or indexes: foreign exchange derivatives, interest rate derivatives, or derivatives products and raw materials (relative to their market value).
To further illustrate a simple example: Company X (based in Italy) sells a product to company Y (based in USA). The delivery of goods will be in a year but the dollar price is fixed today (by consulting the current exchange rate Euro / Dollar). Suppose (as always) that the change is 1.45 (ie € 100.00 worth $ 145.00 today).
If the euro in a year significantly increased its value, say that the change is 2 (ie that are $ 200.00 € 100.00), the company forfeited X as a good loss after receiving 145.00 $ In going to change it would not with the hoped-for € 100.00 but Appenna € 72.50!
How to avoid this tragedy? By investing in a derivative term. Company X makes a financial bet in which if the euro in a year increases the value of earning the same money, if exchange rates remain as it is today no loss or profit if the value of the euro falls it loses money.
This type of product to be purchased by SocietàX contestalmente the conclusion of the deal with the societàY.
What happens after a year? If the euro has increased the value of the societàX loses money on the exchange rate in relation to its business but will recover the same by-product, if the euro has decreased il suo valore perderà denaro per l'acquisto del prodotto derivato, ma la stessa perdita sarà recuperata dall'affare con la societàY, poichè i 145,00$ varranno più di 100,00euro.
Bellissimo questo strumento no? Si! Bellissimo se si usa in questo modo molto meno bello se si vende come un qualunque investimento, senza che ve ne sia una reale utilità.
Qui sotto allego il mio articolo pubblicato su Liberomercato, e aspetto con ansia le vostre storie. Per oggi vi ringrazio
VERITA’ NASCOSTE
E’ uno di quegli incubi notturni, legato ai ricordi, che l’amore della persona che mi sta vicino, non riesce a debellare dalla mia mente: sono circa le 17.00, i clienti che ho davanti seem quite interested in buying the product I am showing them when, inevitably, that little piece of music, so relaxing on the day of purchase and terribly frightening at the time, comes out of my damn phone. "Excuse me ..." on the display illuminated in capital letters, the word PAPA ', "Hello" on the other hand I feel a strange breath, like when we get tired to speak because he is crying but no one wants to understand, "Hello Dad," smiled the fact to customers, across a few more seconds of silence and then "It 's over, it's over you?", "What? ... what Dad! If you do not worry about this morning, I just call them a second. " "I do not know what to do, I'm not going into business, I go a bit 'at home by her mother, you close?" "Okay dad, but do not worry, I close." I put the phone in his pocket, and I try to smile to customers quickly to the mind, the best way to destroy everything that had just praised the product, making sure that it disinnamorino. Most likely even if you decide to buy it, not enough time left to make their delivery. I can, at least, to give birth in their doubts and an uncontrollable need to think about the home.
While the gentlemen to accompany the release, I wonder how it was possible to arrive at a situation like this. I go to the administration, a secretary asked me something about some of the payments due the next day, so confused that I see your lips move but I can not hear the sound of his voice within my office, I shut the door behind him, I sit in front of the desk and, with his hands over his face, burst into hysterical tears. A damn crying, that feeds on itself: the more I cry, the more I disagree, seeing myself in an increasingly objective and the penalty for that image increases the urge to cry. With half-closed lips, with a whisper, for fear of being heard by some employee, I repeat constantly, "Why? Why us? ".
questions whose answers, then, remain unclear, but which today, unfortunately, are much clearer.
I had a company (even today I can not, almost, to say the past tense), a company founded forty 'years ago, created by my father, a man who has managed to not passively suffer the poverty in which was brought into the world and working hard since the age of ten years, has created as much as I personally and many others, we would not be able to do.
I had a company that gave peace to my family and other twenty-five families, a italiana per antonomasia, una di quelle aziende che non sono un negozio ma neppure un industria, una di quelle aziende che sole contribuiscono alla maggior parte della ricchezza prodotta nel nostro Paese e non solo.
Dico non solo, perché oggi, forse, vista la giovane l’età, dovrei pensare al mio Paese come all’Europa. Sono sempre stato un convinto europeista. Ricordo bene, alcuni anni fa, quante piazze ho battuto con quella bandiera verde con la “E” bianca stampigliata sopra, quante interminabili discussioni con gli altri ragazzi sulla necessità di un Mercato Unico, sulla libertà di movimento di persone e cose, sulla moneta unica, sull’importanza, per i paesi europei, di affrontare, insieme, many unsolvable problems individually. I do not know if Spinelli, in its draft, took it for granted that, in its united Europe, while the economic and financial power grew steadily, the European Parliament would have stopped to legislate on garden gnomes. I do not know really.
What I know for sure is that an Italian entrepreneur, today, can not disregard what is the European economy, the rules and objectives. One of them was and Basel 2. I knew exactly what was
Basel 2, but I never thought it would be so present in my daily life since the early days of work.
are formally entered in the direction of my company in 2002 after university and some work experience (I say formally because in fact it has always been my second home), with the consciousness that it is not easy to work with his father but with the conviction that we can together do much.
The company has always had an excellent relationship with its suppliers (much larger in size and sales) but also with customers (90% private), just think that from internal surveys, 80% of new customers provided to us because of who had already been recommended in the past, our customer. With the banks, until that day, the relationship was always very formal and very direct, there were daily deposits of receipts and end of the month the Bank shall to pay the cash orders to suppliers.
I had just returned to the company and the accountant told me I had been approached by both banks were working with, San Paolo IMI and Unicredit, because they need to talk to the directors of the company with respect to credit facilities granted. Objectively
was a time when liquidity was abundant, and the fact that banks had finally realized that, behind a company with 40 years of business with a turnover of approximately € 3,500,000.00 per year, deserved a greater confidence than the pitiful 30,000.00 € 100,000.00 in cash and SBF granted so far by both the Institutes, it seemed like a good news, maybe a bit ' belated but positive. Unfortunately I did not understand anything. Before
Sao Paulo, Unicredit then explained to us that since the adoption of the 'Institute of the strict guidelines of Basel 2, the sole exemption of friends very much "trust" (but this is clearly not told him today, I know), for possible future increases in credit lines granted and for a more advantageous cooperation, it would not be bad if the members (me and my parents) had issued a personal guarantee signatures. The
"would not be evil" I had heard that day, over the next two months became an almost daily pressure with constant phone calls and the total elimination of the minimum of elasticity that there had always been granted in the normal banking operations.
given much thought to the family and then, for the great confidence I had in the company and the work of all, we decided to give them what we were required: personal guarantees, fideussioni omnibus.
Almost a year later, assessing what is vital to increase liquidity, remembering what benefits could be obtained, thanks to our signatures, we turned to both institutions for more credit lines. (The first lesson I learned through that period is this: the banks know that you need them but if the apparent increase in the proportion of Sfregola hands and satisfaction). The response of both fu negativa.
Qualche giorno dopo ricevetti un funzionario Unicredit che mi fece uno strano discorso: “Oggi in Unicredit, da Verona, chiedono performance e budget sempre più alti. Le performance non si fanno con le aperture di nuovi conti o con interessi passivi che i clienti pagano sui prestiti concesse, le performance si fanno con prestiti a termine e con strumenti finanziari diversi.”
Mentre il personaggio parlava mi chiedevo dove volesse arrivare, spiegandomi come Unicredit guadagnava o perdeva e, poi, improvvisamente, arrivò la risposta: “Diventa impossibile aumentare gli affidamenti concessi alla vostra azienda, ma collaborando all’aumento dei nostri risultati, il capo potrebbe chiudere un occhio su eventuali trespassing. We could open a loan tied to a certain amount, which in fact you will not receive and therefore should not return, in exchange, without grant of further credit, leave you stray from that, currently, we are giving you. "
If my father those words were unintelligible to me were even more. What, however, impressed us was that we had asked for a greater reliance and banking, in a world where nobody gives you anything, someone had moved. And how if you had moved!
The same bank returned a few days later with a bundle of papers to be signed. The speed with which regained our signatures were similar to those that I have often been observed in the center of my city, where kids with a clipboard in hand, with a few words can make you sign a written incomprehensible that soon reveals a subscription to a magazine rather than buying a special encyclopedia.
What struck me was the paper of those documents, a recycled paper, badly recycled waste paper!
(If you ask why they use that card in Unicredit, will respond with an essay on the ecology. It will, I personally signed a document when I pay more attention to whether the same is presented on a high-quality paper, less if the quality of His paper is so poor as to make it, almost insignificant.)
There was provided with a copy of the signed, the promise was to bring back all the loot quick countersigned by the Branch. I do not know if our copy is in fact never returned to the company, what we now know is that we just signed the acceptance of a loan in Yen (namely a loan of 1.000.000,00 yen) into a blocked account which we would never know the number. What a strange
this economy get a loan of € 100,000.00, and it seems impossible to get even a penny, but if you walk by a euro yen anything is possible!
What happened the next year is paradoxical. While the crossovers on the agreement, guaranteed by the momentary blindness due to Verona al prestito in yen, si lasciò che aumentassero (perché concedere formalmente un ulteriore aumento di cassa con interessi passivi del 9% è ben meno redditizio che fissare una soglia di fido più bassa e poi lasciare sconfinare, fingendo di non vedere, garantendosi un 13,50%), dall’altra gli altri due Istituti di credito con cui lavoravamo ci chiesero il rientro della posizione. Questo perché l’indebitamento bancario complessivo, risultante a terminale, si presentava eccessivo rispetto al volume d’affari dell’azienda.
Diciamo che la centrale rischi reputava il prestito concessoci quanto meno azzardato.
Quando una banca ti chiede il rientro, fissa con te una data nella quale il tuo conto deve essere to zero. There is no flexibility, and if by chance you thinking not subject to the timing, the institute reports that you are "back to" the whole system (this word I have read it several times in the last book bought: Gomorrah!) Have means to return the end, it becomes a race, by all banks to adopt the same behavior, where the last remains screwed.
I remember the determination I had inside, the day I went in Unicredit, to ask for an explanation of what that loan had caused. What I do not understand is the ease with which they managed to remove it. They told me briefly that it was quite normal for the other Banks fear before an operation such as that concluded with them. Offered to help with a new one that would give us the opportunity to close other accounts and that would decrease over time, the weight of financial burden (the year of 85,000.00 € 35,000.00 paid on the loan referred to in yen unusable).
The operation was the following: our reliance formally granted, until then, was 30,000.00 + 100,000.00 € 120,000.00 overrunning of SBF and "given". Unfortunately, 100,000 of SBF, having customers in the most private, remained unused (even if the system were reported in the popular), I had the opportunity to access a loan six months, renewable, to 75,000.00 €. Endorsing it would be closed (thanks to the efforts of shareholders) accounts at other banks Unicredit and the same would have eliminated the loan in yen. Small note to all: the purchase of a financial instrument rather convenient "or it could be irrelevant, or make money. A bet. A bet on the euro-dollar exchange.
My father, several times, and I with him, wondering what I could hit the dollar with a company that was operating in an urban context. The answer was more or less the following: "Today, even mid-sized businesses face, in parallel to their activities, the financial market. There are further opportunities for growth. "
said than done, same card, same speed.
Now I know what you mean by financial product "rather cheap" means the signing of a derivative, a product out on the euro-dollar exchange (useful, and not always, to companies that work with different currencies to hedge against the risk of exchange, not a market for almost a citizen). A bet on upward or downward of money in the next two years of the current value. Upward or downward, but not infinite enclosed in a delta (in our case I think it was 1.32-1,17). Based on the performance of the two coins bet and can lose or gain. What you can not imagine the disaster is that hits you when you exit out of that damn delta.
Many people in my state (small entrepreneurs and craftsmen) could explain it better than me, I can say is that you can really lose a lot of money, more than they can earn in a lifetime of work, all focused on the derivative. Yes, because when you subscribe derived contextually, subscribe to (often unconsciously) the loan to go to receiver, the party called the "nominal" (in my case € 500,000.00)
E 'own bizarre this credit system, if you ask for more mandated to develop your business you are denied, justifying it all with problems arising from your reting But if you ask for a loan to play Russian roulette the transfer of funds is immediate! The period had been concluded
particular. My father and I that we used to spend our time in production, in our showroom at the side of the business in the homes of clients to observe the work commissionatoci at that time (six months), we spent a fifth of that time every day to discuss with the bank to avoid the crash for no reason. Appeared as something finished, but in reality, as they say, was the beginning of the end.
Exactly six months later, one morning, I was called into my office in the accounts: Unicredit had to "jump" to the receipts of various Banking suppliers amounting to approximately € 75,000.00. I called immediately the usual internal branch of Unicredit and the surprise was that, on the other hand, the voice was not the same as always, the person had changed, we had a new manager. A new person to plead.
It 'important to this fact. Because if I or my father had given our word to the customers (beyond the signed contract) on any future act, the moment when, after the period, the promise was not kept, the customer would come as a fury in the company reminding us, with more or less gentle ways, his word. We could not make false promises. But if we had the knowledge that our position all’interno dell’azienda, sarebbe stata costantemente occupata, ogni due per tre, da altre persone, avremmo dovuto usare la stessa serietà nel promettere?
Per farla breve erano passati sei mesi ed il prestito era scaduto quindi, l’Unicredit aveva ripreso il proprio denaro in un'unica soluzione (75.000,00 euro). Per quanto concerneva l’eventuale rinnovo del prestito, non vi era alcuna clausola che menzionasse tale possibilità.
Si avvicinava la fine dell’anno le tredicesime erano alle porte e la fiducia degli storici fornitori iniziava a vacillare. Le ricevute bancarie attive (quelle relative ai nostri clienti) non venivano più accettate dalla banca perché il rischio di insolvenza era valutato too high. Interest expense increased from quarter to quarter. We were denied their checkbooks and credit lines to eliminate the threat became exhausting. We got about two calls a day.
The decision was to deny us the salary (choice we have maintained until the end), to reduce staff costs and, inevitably, the turnover, but this did not seem enough.
When the resignation was to become despair, "the hand of the Lord" was heard. Our problems could still be resolved. A solver knocked on our door. Our new manager Unicredit.
I have often wondered why they did not do much over the first. Why let us live that agony, why continue to believe in something that no longer wanted to finance. Then I understood. They did not believe at all, but, then, the guarantees do not yet cover all expectations.
The "resolver" explained that short of overrunning the concessions would terminate (€ 120,000.00). It became crucial to take advantage of a medium to long term.
To do this it was necessary to involve a "syndicate". Unicredit would sell its part, the derivatives market, product purchased the year before. We tried the blessed
underwriting syndicate, other than his benevolence towards us, but we found nothing. People seemed we were doomed.
Again, in times of need, "the solver" turned up. Guaranteed to introduce ourselves that the consortium could do the job, so everything would be solved positively. The only small, imperceptible contribution would be, for our part, the purchase of a new, sparkling, derivative (this time nominally equal to 1,000,000.00 euro!).
Now in the end of the year, organized the meeting and, with it, the implementation of the new operation.
I find it funny even the use of such groups: you get money to the bank that knows you for years, which presents you third party (for which you are a complete stranger) who, under a reasonable fee, provides for you (A little 'what often happens in commercial activities in southern Italy and others).
Funding (in sixty months) was € 200,000.00 of which shall be deducted from all the various expenses, is approximately 170,000.00, secured by the consortium for 80% and our signatures for the remaining 20% \u200b\u200b(although this figure then there was not mentioned).
The result was as follows: the overdraft facility granted a year earlier was fully offset by the financing (the amount of € 120,000.00), discovered the cash (€ 30000.00) was eliminated and in place of the old SBF was granted advance invoices (for € 100,000.00). By the accounts of the servant of the increased liquidity provided from year to year, after all that suffering was of 20.000,00 euro.
2006 will be remembered forever, from my whole family as the year of the coup de grace.
We could not understand even more how many and what were the costs of interest and bank charges. The feeling I felt was that of having to fill a bottle of water while someone forandola, pursues the opposite goal, the fact is that, over time, you realize that you have to fill an eyedropper, while the other party has created a hole diameter of the bottom of the bottle.
nothing helped incominciare, tutti i giorni, alle 6.00 del mattino e finire alle 10.00 di sera. Non serviva a niente dare fondo ai piccoli risparmi messi da parete. Non serviva a niente essere presente tutti i giorni anche se si era passata la notte abbracciati al Water. Non serviva a niente perché l’ultimo atto sarebbe comunque andato in scena con o senza il nostro volere.
Ad Aprile l’Unicredit ci ha richiesto ulteriori garanzie che potevano, contestualmente, dare la possibilità di aumentare l’affidamento concesso: un mutuo ipotecario sulla casa di proprietà. La casa di proprietà, una piccola serenità conquistata con decenni di lavoro.
Non avremmo mai accettato, ma la disperazione di quel periodo è quasi indescrivibile: was blocked any form of payment, the suppliers had stopped delivering the goods, our personal safety was at high risk for the anger of customers who do not receive the goods, the number of employees reduced by half, the few gains accounted for the many bad penalty interest expense and our personal strengths to zero. I do not know what the
150,000.00 € arising from the mortgage, they could change things but there has not been possible to verify this.
A month after the operation of the mortgage, Unicredit has requested the return on the advance of credit bills, bringing the cash back to zero.
In those moments, to curb the violence seems impossible, we asked formally introduce our banking situation: number of accounts (we had 4 accounts, of whom only knew the existence of two), derivatives, accounts for the advance bills and more.
The result of our strong stand was a pilgrimage of furious customers for recommendations sent to them by our subsidiary UniCredit.
We discovered to our cost that the famous advance invoices presented to us as a cash advance with recourse, in the recommendations was described as a credit given for all purposes.
We had no alternative to prevent the lynching, we have used the euro, received through the loan to cover the position. The result
was again no increase liquidity for the company and the full warranty on the entire position for Unicredit.
I requested several times to sell the derivative that more than a year, we subtracted money with interest payable from vertigo but has always been slumbering.
One of the last morning, while I was in the company, now more of a sense of duty to the future, the operator has entered the show-room and, turning to me, in front of a dozen clients, he said these words: "The payment! You have to make the payment .... I tell you clearly: if you still have the hope of saving this fucking company, see to make a payment within the 16 "wanted
payment because it was a "person of 5,000.00 reached a check for €" issued five days earlier against the availability on the c / a surplus of € 20,000.00, but no funds for priceless results that day. All this because the day before had passed the skills and interests of the popular derivative, never sold.
prologue of the day was a call from my father to 17.00 with which I stated that that night would not be returned to the company. The next day the check was protested.
Evil stronger you feel inside is not losing everything, the stronger you feel bad and know that all those who were part of your world see you as a coward, as a fugitive, a criminal. Unfortunately can not know the truth, because the truth is hidden.
I brought alone (at least that I have tried to avoid my father) books in court a few days later. That day will never forget. After exiting the bankruptcy section of the court, I looked at the newspaper in my hand: the title of the art in the first page cited: "Near the agreement Unicredit-Capitalia will create a group of 100 billion." I slid the paper in the trash in front of me, I do not have time to read, now I have to find a job quickly in order to live.
