Gian Maria Gros-Pietro, chairman of Intesa Sanpaolo, discusses the Italian government’s backtrack from plans to levy a one-off 40% windfall tax on banks.
Intesa chair says communication from Italy’s government over windfall tax ‘has not been good’
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If “communication” was better, the bank would be valued more? No. Investors aren’t stupid nor children. Also, managers are paid by shareholders and should represent them. Managers talking as politicians justyifing public interest are a disgrace. American CEOs would complain about taxes and explain investors what they’re gonna do. European ones are condescending and speak as statesmen. I thought we were a capitalist society, but we’re not.