Il caso dei derivati del Comune di Milano e la crisi del sistema economico finanziario: il modello di deterrenza del D.Lgs n.231/01 riletto alla prova della realtà

Aim of this brief article is to analyze the reasons that appear as the main responsible of the probably most important market regulation failure after the ’29. This analysis will be done using incentives structure and information mechanisms as trigger issues. First the origins of USA economic crisis will be compared with the Italian case of Milan municipality derivatives that brought to judgement n. 13976 made in december 2012. Second contents and structure of D.lgs n. 231/01, applied in the judgment disposal, will be described highlighting their elements of innovation in a law and economic perspective. Finally it will be shown how the causes of the American economic crisis have influenced the Milan judiciary system which focused its action on the poor efficacy of regulation mechanisms in curbing individual and company toxic behaviors that have been able to create a financial shock of such unpredictable value. An brief evaluation of the efficacy of crime legal instrument such as D.lgs n. 231/01 to control financial market failure concludes.