Italy's Top Banker Resigns Over Trading Scandal

Law360, New York (December 19, 2005, 12:00 AM EST) -- The Bank of Italy’s chief resigned amid intense pressure Monday, after growing accusations of market rigging and insider trading prompted Italy’s government to pen legislation that could have ousted him.

Antonio Fazio, the governor of the nation’s central bank since 1993, was accused of tarnishing the bank’s image while handling a bid between two rival banks to manage Banca Antonveneta.

Milan prosecutors turned the allegations into legal trouble this week by formally starting an investigation into Fazio’s dealings.

Fazio, who enjoyed close ties with the Vatican,...
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