Police seize $54M according to a report posted today at The Miami Herald. The article says officials in Italy seized €40 million -- 54 million U.S. dollars -- in a bank probe ordered as part of an "investigation into embattled bank Monte dei Paschi di Sienna."
Former managers of the bank had been questioned recently by prosecutors in Siena over claims the bank had overpaid for the Italian bank Antonveneta, which was bought from the Spanish bank Santander in 2007 for €9.3 billion.
Sources say the bank, known informally as Montepaschi, is also being investigated for three trades which are expected to cost it hundreds of millions of euros. Its board met for six hours Wednesday but ended the session without releasing a statement.
Monte dei Paschi di Sienna was established in 1492, and is the worlds oldest running financial institution.
What are your thoughts on the court ordered seize of $54M, €40 million, from Montepaschi, in Siena?