Word: enronizing
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Dates: during 2000-2009
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...offshore financial markets out of the reach of national regulators. The International Monetary Fund estimates that as much as $7 trillion in financial assets of various kinds are now held offshore. Concerns about money laundering and revelations about the role of tax havens in corporate scandals like Parmalat and Enron - both of which used a complex web of holding companies in places such as the Cayman Islands and, yes, Delaware - are turning up the regulatory heat on territories associated with flighty finance. Last week tax officials from the U.S., Germany, France and four other Western countries met in London with...
PLEADED GUILTY. ANDREW FASTOW, 42, former chief financial officer of Enron; to two felony counts of participating in crimes that contributed to the company's bankruptcy; in Houston. The plea deal requires him to pay more than $23 million in civil and criminal penalties and serve a probable 10-year sentence...
Will Parmalat become Italy's Enron, a crisis that leads to business reform? Don't bet on it. Yes, the government of Prime Minister Silvio Berlusconi amended Italy's antiquated bankruptcy rules to protect Parmalat from creditors, and the government plans to merge a plethora of regulators into a single agency with real teeth. But the credibility of these efforts is being undermined by Berlusconi himself, Italy's richest man. For instance, last year the government reduced the penalties for false accounting, an offense for which Berlusconi was indicted in 1999. Also, to avoid bribery charges, he pushed through...
...INDICATORS Number Crunching Richard Causey, former chief accountant at Enron, denied multiple charges of securities fraud after surrendering to U.S. authorities. Prosecutors allege Causey was "a principal architect" in manipulating the failed energy firm's financial results...
...Tanzi was arrested, and he is confined in a Milan jail while Italian prosecutors, joined by the U.S. Securities and Exchange Commission, probe his role in an alleged $8.8 billion fraud that could implicate Parmalat in Europe's biggest corporate scandal ever, easily on a par with those of Enron and WorldCom in the U.S. Parmalat has filed for bankruptcy, and corporate-turnaround expert Enrico Bondi is trying to salvage what he can of the firm, which has 36,000 employees in 30 countries, including 7,300 in North America. Among its holdings is Archway Cookies, now on the block...