Word: frauded
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...turns out that Tanzi might have had some far less noble impulses too. On Dec. 27, 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...
...opaque subsidiaries (including one called Buconero, which means "black hole") in tax havens such as the Cayman Islands and Luxembourg to hide the declining state of its finances. Tanzi has reportedly admitted shifting some $630 million from the company to other businesses but insists some underlings devised the accounting fraud. Former chief financial officer Fausto Tonna has given prosecutors crucial details about the firm's labyrinthine bookkeeping...
Capital Punishment After all the the spilt milk, Italian business may be about to start crying even harder over the Parmalat scandal. Stung by the €7 billion alleged fraud at the dairy firm, Italian banks are looking to tighten restrictions and raise risk premiums on loans to companies. And the domestic corporate-bond market has all but dried...
...that impulse in him to just say yes," the prelate marvels. Not all of Tanzi's impulses may have been so noble. On Dec. 27, Tanzi was arrested and later charged with fraudulent bankruptcy and false accounting. He is confined to a Milan jail while prosecutors probe an alleged fraud that already totals €7 billion and may turn out to be far larger. Seven other executives were arrested last week, and Tanzi's son Stefano was questioned by prosecutors. The size of the alleged fraud could make Parmalat the biggest corporate scandal ever in Europe, easily...
...GEORGE RYAN, 69, ex-Republican Governor of Illinois who was nominated this year for the Nobel Peace Prize for commuting the sentences of the state's death-row prisoners to life because of his doubts about the death penalty; on 18 criminal counts of racketeering conspiracy, mail and tax fraud and making false statements, in what prosecutors allege was a "pattern of corruption" during 12 years of his political career; in Chicago...