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...plug some of the gaps in its accounts. As early as 1993, according to evidence given to magistrates in Parma, Parmalat allegedly began to play fast and loose with its balance sheet. Starting in 1992, the group began buying up dairy and other companies in Italy, Brazil, Argentina, Hungary and the U.S. "It was a reversal of logic," says Vito Zincani, the chief investigating magistrate in Parma. Usually, companies take on debt in order to grow. But in Parmalat's case, "they had to grow to hide the debt," Zincani says...

Author: /time Magazine | Title: How It Went Sour | 12/17/2004 | See Source »

...Kuomintang-led opposition, which favors eventual reunification with China, retained a slim majority, winning 114 seats in the 225-member parliament. Chen was elected President in March by a wafer-thin majority; his legislative agenda is now likely to remain stalled. Latin Union PERU Twelve South American countries - including Brazil and Argentina, the continent's largest nations - signed a declaration creating the South American Community of Nations, an economic and political bloc that its leaders hope will one day mirror the E.U. Justices Found Wanting ECUADOR A new Supreme Court took office a day after Congress voted to replace...

Author: /time Magazine | Title: Worldwatch | 12/12/2004 | See Source »

...Jets to Brazil and Handsome veteran Jeremy Chatelain in his newest venture, Cub Country, which he describes as a chance to feature his own songs. With Great American in one of their last shows, The Blind King, and Iowa 80. Tickets available through Ticketmaster or The Middle East Box Office, $9. 18+. 9 p.m. Upstairs at the Middle East...

Author: NO WRITER ATTRIBUTED | Title: Happening | 12/10/2004 | See Source »

...This election proves what most of the world has known for a while: the U.S. has become a country of uneducated, fundamentalist-Christian fools who choose to be misled and driven into debt by a crazy cowboy. The U.S. has lost any legitimacy to be the sole world power. Brazil, China, Europe, Japan and Russia should join together to make sure that this irresponsible President does not get away with ruining our planet any more than he and his Administration already have. Even though we are not allowed to vote for the best candidate for the U.S. President...

Author: /time Magazine | Title: Letters | 12/6/2004 | See Source »

...world has known for a while: the U.S. has become a country of uneducated, fundamentalist Christian fools who choose to be misled and driven into debt by a crazy cowboy. The U.S. has lost any legitimacy to be the sole world power. Russia, Europe, Japan, China and Brazil should join together to make sure that this irresponsible President does not get away with ruining our planet any more than he and his Administration already have. Even though we are not allowed to vote for the best candidate for President, we can exercise some power by letting our money...

Author: /time Magazine | Title: Letters | 12/5/2004 | See Source »

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