Alitalia - now you don't see it ,now you see it.

In a masterly stroke of financial genius - Intesa SanPaolo has come up with the answer to what to do with Alitalia.

So here is how it works.

Alitalia buys Air One but not its debt. Alitalia then issues new shares as a new company including shares to AirOne's owners.

Say WHAT?

This is what was reported by Reuters.

http://uk.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUKL140020420080731

I rest my case. The Italian government and Intesa Sanpaolo are certifiable.