Banca Italease has taken a serious hit from its derivatives business - see the linked Risk News article for details. Ironically, it looks as though the bank has been selling the products to widows and orphans - relatively unsophisticated small businesses - but it's the bank, not the widows, which is suffering now. Not only that, but there may have been dirty work - the bank was raided by the police earlier this week, reportedly as part of an investigation into hindering supervision. I wonder, too, if there's been any compulsion involved - as there was in the case of SMBC last year?