Edoardo Barzago is certainly the richest student in Italy. He is just 23 years old and already has an impressive 2.4 billion euros. Of course it’s not cash money, like the dollars in Scrooge McDuck’s vault. They are 110 percent Superbonus credits that the boy, enrolled in the Faculty of Economics at the University of Bergamo, bought – according to what the Official Gazette states – from over 200 desperate entrepreneurs who risk going bankrupt. Barzago will certainly have to be grateful, first of all, to that fantasist of public spending that is Giuseppe Conte. And which, at the helm of a left-wing 5Stelle-Pd-Articolo1 government, continues to have its effects on thousands of Italians even today. Generating, as Cesare Treccarichi rightly called it in his investigation, the market of desperation.

The richest student in Italy thanks to the Superbonus

We know the game well by now. It was about spending as much as I could, with very few limits. And for every 100 euros invoiced to make coats and facades on houses, the State reimbursed 110 through tax credit. In simple words, those who benefited from it will not pay taxes until their credit is covered by the tax authorities. Or, at least until Giorgia Meloni’s government canceled this possibility, it transferred the credit to banks and finance companies. In this chaos of expenses and quibbles, thousands of companies are left in the middle of the ford, having already started the works or anticipated part of the costs. Put all together, they now boast credits towards the State or clients. And a part of these, as they say in financial parlance, remained stranded.

Superbonus scam, a commission of inquiry is needed: sign the uisjournal.com petition

Of the over eight billion at risk, Edoardo Barzago took charge of 2 billion and 400 thousand euros. It doesn’t mean he has already repaid them, otherwise he would be our Elon Musk. Instead, it will have to transform them into securities, through an international network that Cesare Treccarichi will describe in the next few days, to be placed on some European stock exchange. He won’t do it all alone, the good student. Otherwise it would be Robert De Niro with the revolver to his head in the memorable film “The Huntsman”. His parents and some specialists will probably help him. We will see it in the next episodes of the uisjournal.com investigation (at the bottom of the article, sign the petition asking for the establishment of a commission of inquiry into the Superbonus).

Billions in derivative securities to be placed: who buys them?

The proverbial question arises spontaneously: why on earth should a saver from Dublin, or London, or Zurich invest his money by buying securities that serve to repay, through a 23-year-old student, the disaster caused by Giuseppe Conte’s laws? And what would be the rate of return on an abandoned construction site, on bags of cement left in a corner, on apartments occupied by work that has never been completed? We will tell you if Edoardo Barzago answers our questions. Since this is the market of desperation, all doubts are legitimate.

The Gazzetta Ufficiale, the information organ of the Italian Republic, treats the rampant student with its aseptic seriousness. We find it on the Pietra Grezza Spv page, a limited liability vehicle company which declares a share capital of 10 thousand euros of which Francesco Edoardo Barzago, as he signs here, is the sole director. The Official Gazette certifies, in one of the press releases announcing the operation of Pietra Grezza Spv: “By virtue of the assignment contracts, the company purchased without recourse from the assigning companies all the pecuniary credits that were identified in the credit identification document attached… and which are claimed towards the Revenue Agency, already accrued or in the process of accruing, for an amount of €1,533,560,469.86, including the greater credit recognized as equal to 10 percent”.

Problem loans: how to earn 460 million

Spvs or special purpose vehicles are companies whose exclusive object is the “purchase and sale” of credit, i.e. its securitization. But maybe you didn’t notice the detail. A limited company with 10 thousand euros of capital, much less than the value of a Fiat Panda, has promised to pay off a staggering debt on its own. Nothing irregular, because this is what the law requires, if the terms of the contract are respected.

The orders, which companies still have to pay for, are already a business. They can reach 0.4 percent of the contract value. Let’s do the math: this single operation by Edoardo Barzago could yield over 6 million in guaranteed proceeds. Take it or leave it. Then we add the discount on credit, which should be around 30 percent: it would be the amount that stranded entrepreneurs give up in order to save themselves. Out of a billion and a half, there are 460 million which, once collected by the Revenue Agency, could constitute the further revenue of the supply chain that is above the reckless student.

Who profits from Superbonus credits – Exclusive investigation by Cesare Treccarichi

Now we will see in a few months how it will end. If Edoardo Barzago succeeds in the operation, the University should grant him an honorary degree in Economics. Then we could also ask him to take action on the national public debt. If he doesn’t succeed and the many other Barzagos born in recent months don’t succeed, the construction binge that began with the coronavirus pandemic could end in an epidemic of insolvencies, layoffs and bankruptcies. The bursting of the bubble.

Superbonus scam, a commission of inquiry is needed: sign the uisjournal.com petition

The many bonuses on housing are not in question, a very useful tool for supporting the economy and combating tax evasion. The chaos revolves around the idea of ​​Superbonus: the legal madness that forces the State to reimburse more than what has been spent. This is why we believe that Parliament has the duty to investigate this disaster with a commission of inquiry. Over twenty thousand readers have already signed the petition launched by uisjournal.com. If you agree, please sign here too.

Sign the uisjournal.com petition for the Superbonus commission of inquiry