Word: bondies
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...million from U.S. investors to acquire a stake in Parmalat's Brazilian group. News of the transaction sent Parmalat stock soaring 17% in a single day, as investors were cheered by the idea that Americans were buying into the company. The transaction is now a central element of Bondi's case against the bank; he says it made a loan look like an equity infusion, a charge the bank denies. The refinancing was even more controversial: Sala admitted to skimming off a "commission" via the offshore company he'd set up to handle it. Bank of America says it didn...
...keep buying its stocks and bonds. According to one study, 75% of the analysts covering Parmalat had a "buy" or "neutral" rating on the stock three months before it collapsed. Were these financial stalwarts victims of Parmalat's deceptions? Or, as the failed company's bankruptcy administrator Enrico Bondi alleges, were they more like well-paid enablers, looking the other way while helping Parmalat hobble toward ruin? That question will come to a head this week as Giuseppe Coscioni, the Parma judge overseeing the bankruptcy, must decide whether foreign banks claiming they are owed hundreds of millions will be included...
...ENRICO BONDI, bankruptcy administrator
...Swiss subsidiary of Parmalat that then distributed the money to other Parmalat companies. Buconero received a guaranteed return of almost 6%, plus a total of about $7 million in fees for Citigroup. In his lawsuit against Citigroup, which seeks a whopping $10 billion in damages, bankruptcy administrator Bondi alleges that Buconero was used to dress up debt as an equity infusion, and says the bank must have known about Parmalat's true financial situation. Citigroup denies it, saying Parmalat was making use of a perfectly legal type of low-cost financing scheme employed by many other Italian companies. What...
Like the dreamy teen of her debut feature Somersault, who makes a scrapbook collage of Mt. Fuji above a forest of girlie-magazine nudes, Cate Shortland has an eye for kooky detail. At her local caf? in Sydney's Bondi, a bowl of green marinated pears first captures her imagination, then a seaplane that seems to skim the nearby headland. "It's so low - it's amazing," the 36-year-old says with girlish wonder. "Must be going to land on the harbor." Then the firm hand of the director takes over. "I was wondering if we should move...