Italy Hot coals

Italy is not known for the vigour of its watchdogs. And that’s putting it mildly. Indeed, sometimes it seems like no-one ever gets held to account at all. So it is comforting to see regulators and reportedly magistrates are investigating Ifil, the Agnelli family holding company and Fiat’s main shareholder, for allegedly manipulating the market over last year’s «equity swap» deal. It isn’t clear whether there was anything technically wrong with the transaction. And Ifil says it will defend itsel...