Word: fraud
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...Italian food-and-dairy conglomerate Parmalat was desperate for money. Officially, it had j3.95 billion in cash on its books; in reality, it had debts of j14 billion and no cash at all. Unless the firm could raise new money fast, it would collapse and the most spectacular alleged fraud in European corporate history would be exposed. At that point, two of Europe's biggest banks - Switzerland's UBS and Germany's Deutsche Bank - stepped in. Both injected fresh funds into Parmalat - but at a huge cost to the fast-sinking company. Deutsche Bank kept it afloat by buying Parmalat...
...Catholic seminary in the city a six-month suspended jail sentence for possessing child pornography. A day earlier, a papal envoy investigating wider allegations of sexual impropriety shut down the college. In the Frame ROMANIA Prosecutors indicted Bucharest Mayor Traian Basescu and 79 other officials on charges of fraud in relation to the sale of state-owned ships in the early 1990s, at an alleged loss of €275 million. Basescu, Transport Minister at the time of the sale, said the charges were politically motivated. He is co-leader of the opposition Truth and Justice Alliance, which is nudging ahead...
...DIED. ARTURO TOLENTINO, 94, vice-presidential running mate to late dictator Ferdinand Marcos during the Philippines' fraud-riddled 1986 snap elections; in Quezon City, Philippines. The vote led to the famous "people power" revolt against the Marcos regime and eventually to the dictator's ouster and exile. Months afterward, Tolentino declared himself President, and soldiers loyal to him took over the Manila Hotel. The Tolentino regime lasted only two days...
...conspiring to defraud the government while they ran the project, which was administered by the now-defunct Harvard Institute for International Development. Harvard was found liable for breach of contract because of Shleifer and Hay’s conduct, but the University was absolved of the charge of fraud in the case...
...term abortion policy. More text messages confirm the story on Indonesian terrorism is on its way. But a call from New Zealand correspondent Claire Harvey changes everything: Helen Clark's government has announced it's cutting ties with Israel following the jailing of two alleged Mossad spies for passport fraud. Whittaker's thrilled: "I think we've got a story that will get us out of trouble." Harvey rings back to confirm the sentence involves a donation to charity. "This has got it all," Whittaker tells her. "We have to go gang-busters on this." Within minutes a local reporter...