Word: citigroup
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...November 2003. Within a month, the whole scam imploded. A LEGAL MORASS Today there are multiple legal skirmishes between what is left of Parmalat and its onetime financial partners. Magistrate Francesco Greco's criminal probe has already widened beyond individuals: last month, he broadened his investigation to include Citigroup, UBS, Deutsche Bank, Morgan Stanley and Italian fund-management firm Nextra Investment Management; Bank of America and the two auditors, Deloitte and Grant Thornton, were put under investigation earlier in the year. Bondi has filed civil suits in Italy and the U.S. against many of the same firms, alleging that they...
...doubts. But back in March 2003, he says, he knew the company had some financial problems but had no idea how bad things were about to get. Parmalat was trying to style itself as the "Coca-Cola of milk," and Ferraris, 46, a former Milan-based corporate banker for Citigroup, had spent six years building its operations in Canada and Australia. But in late February the company stock had nosedived when the firm's irascible CFO, Fausto Tonna, announced an unexpected new bond issue - a fresh increase in corporate debt - that came on the heels of several other big capital...
...warped finances global. By the time of the collapse eight years later, it owed its investors €14 billion. Bank of America alone, beginning in 1997, arranged $1.7 billion in financing through bonds and private placements for U.S. investors, and received more than $30 million in fees and commissions. Citigroup systematically packaged and resold the firm's receivables, even installing its own software at Parmalat headquarters to help track them; between 1999 and 2003, it earned $35 million. Grant Thornton and Deloitte & Touche signed off on its increasingly surreal accounts and booked millions of dollars in fees for doing...
...Parmalat expanded globally in the '90s, so did its network of bankers and financial advisers. Ferraris was one of them. Before joining Parmalat in 1997 as an executive in Canada and Australia, he worked for seven years at Citigroup in Milan - and made regular sales calls on Tonna. "There was big competition" for Parmalat business, Ferraris says. At the time, U.S., British and other European investment banks were piling into Italy trying to grab local business, and Tonna played hard to get. "You needed to come up with a product that really interested them," Ferraris recalls. For Citigroup, Ferraris scored...
...real business or just another tech flash in the pan? Moreover insists it's making money by offering RSS news services to subscribing corporate clients like Citigroup, Hill & Knowlton and the U.S. Department of Energy. Moreover mines the Web for the subjects requested by the customer, and then develops RSS news feeds with the desired content. Hill & Knowlton, for example, could use Moreover to track information published about its many clients...