MONACO'S PRINCE ALBERT: AN EMPEROR WITH NO CLOTHES

The Conclusion of Le Monde's Special Investigation

Le Monde:

By 2009, rumors were circulating about the accountant [Claude Palmero] and his illegal activities, accusing him of taking a percentage of certain projects. Convinced that he was upsetting powerful interests, Palmero took a cautious approach. He delayed an application for Monegasque citizenship submitted by Claudio Marzocco, founder of the group that bears his name. This, he wrote in his notebooks, would "give the impression of an additional gift." But then, much to the chagrin of their rivals, the Marzocco family was chosen to build their first building, the sumptuous Odeon Tower: 49 stories high, with the world's most expensive penthouse at €300 million.

Such rumors were the result of my reporting in the Santa Barbara News-Press and my blog, which way back then exposed Claude Palmero’s rampant corruption.  

Unfortunately, Palmero’s dirty dealings prevailed for another 14 years.

One true item that the thoroughly disgraced Palmero wrote in his notebook: He would like the prince to procrastinate a little less, to take drastic decisions.

Unfortunately, procrastination is the Prince’s normal mode of operation, which partly explains why he put up with Palmero’s deceitful antics for way too long.

But for once—even though it took him 17 years—Albert took the right drastic decision: He ousted Claude Palmero from the Palace and initiated a criminal investigation into the corrupt accountant’s dirty deals.

After reading the fourth and final installment of Le Monde’s special investigation, I feel only sadness for Prince Albert, a spineless man way out of his depth who entrusted his finances and sordid personal life to a scoundrel.

Extract from Le Monde:

Albert II has undoubtedly opened Pandora's box and risked exposing certain financial and tax maneuvers. Revelations about the Principality's hidden side could soon have unfortunate consequences for the microstate.

Adds the New York Post: “The crises threaten the prince’s future, as well as the Grimaldi family’s near-eight centuries of rule over the world’s second-smallest state.”

To paraphrase 19th century British constitutionalist Walter Bagehot: When a monarchy loses its mystique it ceases to properly function.

As I’ve been saying and writing since 2009, Monaco was Albert’s to lose.

Certainly, the Prince has lost the respect of everyone, everywhere.

And, without any doubt, Albert has proven himself to be an emperor with no clothes.