November 10, 2024
Dear director, Ferruzzi: the moment of truth has arrived. I was there, and I saw with my own eyes the arrogance with which Mediobanca destroyed the Ferruzzi empire, shaping the industrial landscape of the time to suit its convenience. An arrogance that persists undisturbed, still evident today in the Generali affair, the crossroads of a thousand power games in Italy. A truth which, after thirty years of suffering, Arturo Ferruzzi, the son of the founder Serafino, a gentleman with a mild temperament, always smiling and with a kind word for everyone, who passed away suddenly yesterday at the age of 84, will not be able to enjoy. Ferruzzi, a dynasty marked by tragedies and deaths that Carlo Sama and his wife Alessandra, Arturo’s youngest sister, finally recount in first person with meticulous details – meetings, acts and appointments – in the book «The Fall of an Empire – 1993 Montedison Ferruzzi Enimont», Rizzoli publisher. On every single page of the book you think: “What is, is not what it seemed.” Paraphrasing a phrase taken from “Vanity Fair” by William Makepeace Thackeray, a novel that is well suited to this story, where vanity reigns supreme. The vanity of Raul Gardini, of the Mani Pulite prosecutors, and of Mediobanca, led by a cynical Enrico Cuccia, who effectively expropriated the Ferruzzi Group, the only true Italian multinational of the time, present at the highest levels in Europe in sectors that they ranged from sugar, to starches, from soy proteins to feed, from cement to concrete to name just a few.
Alessandra and Carlo have finally decided to re-establish that level of truth betrayed by the media and politics. They knew how to wait patiently while maintaining a quiet elegance, a rare commodity in a world where everyone shouts. This is a courageous book, which can be read in one go like a detective novel, and reveals a crucial piece of Italy’s history. Sama writes: «Ultimately, even just a little of the commitment made by Fiat (editor’s note, as it is today) would have been enough to secure the Ferruzzi Group. But the reality is that Mediobanca did not intend to “save” the Ferruzzi Group, but rather to take it away from its legitimate owners and then squander it.” Alessandra Ferruzzi adds a disconcerting comparison: «We were the Lehman Brothers of Mani Pulite. In 2008, in America, all the banks and insurance companies were practically ruined, but only one of them officially failed, as in our case, and the others were saved with public debt, at the expense of taxpayers. However, there is a non-negligible difference. In Italy, Mediobanca and Mani Pulite decided to make an industrially solid company like ours go bankrupt, not by chance, but for a specific reason. In fact, the other major Italian industrial and financial groups, then almost dying, belonged to their untouchable historical circle of friends and friends of friends.”
More than ten years ago, in the book «The man who whispers to the powerful» I found myself answering a question from Paolo Madron: «Arturo Ferruzzi and his family were forced to sign an unconditional surrender. I was among the few to oppose it, pushing for the Goldman solution, knowing that Claudio Costamagna had already received the green light from the international banking system, which considered the Ferruzzis the only true Italian multinational. But now the fate was sealed.” Today Sama painfully reiterates this truth, enriching it with dramatic yet sometimes hilarious personal details such as Ca’ Dario’s adventure in Venice. He also talks about his extraordinary relationship with Gardini who, in the delirium of his ego, boldly uttered the famous phrase: “chemistry is me”. It was Gardini, with his genius and his “pirate” spirit, who decreed the end of the Ferruzzi dynasty, with the desire to replace it with the Gardinis. Ambitious, megalomaniac and reckless, he exploited the treasure left by his father-in-law Serafino, going on to the point of ruin. Even after his death, despite great intuitions, his figure was almost beatified. With this book, Alessandra and Carlo break the thirty-year silence that they had imposed on themselves, so as to restore to the history of Italy a truth that many have tried to bury and to their grandchildren a legacy of dignity and family pride. . Mediobanca, as if nothing had happened, continues to expand its “longa manu” in finance, thanks, moreover, to a president Renato Pagliaro, who after 14 years, with Consob and the Bank of Italy silent, should have lost his requisite of “independence”.
In the recent events of Tim, the Milanese merchant has played several roles in the comedy: from advisor for the sale of the network to KKR, to the management of so-called “independent” candidates for the board of directors, who are often not unwelcome. At the forefront of their recruitment, working hard, are influential executives such as Emilio Franco, CEO of Mediobanca SGR, and Massimo Menchini, the director of institutional affairs for over 15 years as Assogestioni’s deus ex machina with a passion for overseas professionals preferably left. And they are also doing the same with Generali in view of the renewal of the board of directors scheduled for next spring, where to face the minority of Caltagirone and Del Vecchio the usual Menchini, the man with the bow tie, seems to be looking for independent candidates that Alberto might like Nagel, the CEO who over time reduced Mediobanca to a small Milanese merchant unlike its rivals Rothschild and Lazard to name two whose international scope prevents comparisons. But Giorgia Meloni and Alfredo Mantovano, the powerful undersecretary to the Presidency of the Council who on 8 November participated in the conference organized by Mediobanca in Milan on the theme of Golden power (perhaps perhaps thanks for the endorsement that Nagel gave last August to the government), have nothing to say?
#Bisignani #lesson #Gardini #Cuccia #Italy #change #Tempo
**Interview with Carlo Sama: Unveiling the Truth Behind the Ferruzzi Empire’s Fall**
**Editor:** Thank you for joining us today, Carlo. You and Alessandra have recently published “The Fall of an Empire,” shedding light on the collapse of the Ferruzzi Group. What motivated you to tell this story now, after so many years?
**Carlo Sama:** Thank you for having me. After three decades of silence, we felt it was essential to reclaim our family’s narrative and share the truth that has often been obscured by media and political agendas. Arturo Ferruzzi, my late friend and Alessandra’s brother, deserved to have his story told authentically, especially given the tragedies our family has faced throughout the years.
**Editor:** Your book draws some striking comparisons, including with Lehman Brothers. Can you elaborate on that?
**Carlo Sama:** Yes, it’s an important comparison. While Lehman Brothers collapsed in a context where banks and financial institutions were bailed out, our story is different. Mediobanca and the Mani Pulite movement intentionally targeted the Ferruzzi Group, despite its industrial strength. Their actions led to our downfall, and instead of support, we faced systemic undermining because we were outside their exclusive circle of influence.
**Editor:** What were some of the personal insights you included in the book?
**Carlo Sama:** The book is rich with personal anecdotes, including my experiences and interactions with key figures, particularly Raul Gardini. His ambition and ego played significant roles in our demise, and his infamous declaration, “chemistry is me,” illustrates the hubris that contributed to the downfall of the Ferruzzi dynasty. I wanted to merge the emotional aspects of our family history with the broader industrial narrative.
**Editor:** How do you feel the portrayal of Mediobanca in your book will resonate with readers, especially in light of its continued prominence in finance?
**Carlo Sama:** I hope it serves as a wake-up call. Mediobanca’s unchecked power, coupled with a lack of accountability, has real consequences. By highlighting our family’s story, we invite readers to reconsider the history of corporate power in Italy and its effect on individuals and industries.
**Editor:** what legacy do you wish to leave for future generations with the publication of this book?
**Carlo Sama:** Our primary goal is to restore dignity and pride in our family’s legacy. We want our grandchildren and future generations to understand the value of honesty and resilience, especially when faced with adversity. It’s about reclaiming our narrative and ensuring that this chapter of Italy’s industrial history is not forgotten.
**Editor:** Thank you, Carlo, for sharing your insights and the profound story of the Ferruzzi legacy. Your book is sure to spark important conversations about corporate responsibility and historical truth.
**Carlo Sama:** Thank you for the opportunity to discuss our work. I hope it resonates with many.
