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...mixture of fictitious transactions and aggressive acquisition; starting in 1992, the group began snapping 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 to grow. But in Parmalat's case, "they had to grow to hide the debt." The core of the fraud was a system of double billing to Italian supermarkets and other retail customers. Simply put, by billing twice for the same shipment of merchandise, Parmalat could create the impression that its accounts receivable...

Author: /time Magazine | Title: How It All Went So Sour | 11/21/2004 | See Source »

...Parmalat assigns the credits and the liabilities of this offshore firm to another offshore entity that isn't consolidated in its accounts, thus making it appear that the loans are assets and the debt has been repaid. Step 9 As the amounts transferred offshore and off the books grow ever larger, Parmalat executives invent fictitious milk powder sales to justify them...

Author: /time Magazine | Title: Disguising The Debt | 11/21/2004 | See Source »

Indeed it appears that what it means to grow up fast is to be ignored by mainstream American society if one is a teen mother. According to filmmaker Joanna Lipper ’93, “the body of a pregnant teenager represents an unequivocal reality that conveys issues on economic and social levels that people would rather not confront...

Author: By Mary CATHERINE Brouder, CONTRIBUTING WRITER | Title: Alumna Explores Teen Pregnancy in Book, Film | 11/19/2004 | See Source »

They conjecture that the ability to run long distances helped early humans acquire protein-rich food that allowed us to grow larger brains...

Author: By Adam M. Guren, CONTRIBUTING WRITER | Title: Scientist: Early Humans Ran Wild | 11/19/2004 | See Source »

...They want nice houses and cars and to be rock stars. They usually don’t care that you heard of them first. Personally I like to see talent rewarded with radio play and airtime on music networks. I’d rather America’s youth grow up on organic stuff like the White Stripes than the next shrink-wrapped commodity the labels anoint for pop stardom. And it’s good to see bands make it on the quality of their songwriting, not the brand of cigarette they smoke. The Postal Service is doing something...

Author: By William B. Higgins and Chris A. Kukstis, CRIMSON STAFF WRITERSS | Title: Two Indie Advocates Sort Out the Postal Service Copyright Saga | 11/19/2004 | See Source »

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