Founded in 1472, Banca Monte dei Paschi di Siena (MPS) is the world's oldest surviving bank. Established by Siena's Magistrates to combat usury, the bank provided loans to the city's poorest residents and distributed its profit to fund civic institutions, earning it the affectionate nickname “Daddy Monte.” During the Great Depression, MPS extended its role beyond Siena, rescuing struggling banks in other parts of Italy. Following the liberalisation of Italy’s banking sector in the 1990s, MPS was privatised, with the creation of Fondazione MPS as the bank’s anchor shareholder. The arrangement appeared as the perfect marriage of purpose and profit, but political interference got in the way. The Sienese government, wanting MPS to expand rapidly but without diluting the foundation’s ownership, blocked several merger proposals, instead pushing the bank to take on enormous financial risks. During the Global Financial Crisis, a combination of risky investments and stretched balance sheet led MPS to the brink of collapse. The rescue package required the bank to issue new shares, diluting the foundation’s ownership to a negligible amount. Although MPS recovered, Siena now must fund its future without the generous support of “Daddy Monte.”