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...plug some of the gaps in its accounts; at the time it had a market value of around €300 million. But as early as 1993, Parmalat allegedly began to invent financial transactions to pad its balance sheet. Investigators in Milan and Parma agree: if it hadn't cooked the books, Parmalat would have posted losses every year from 1990 to the end. Instead, it posted profits, masking its problems with a mixture of fictitious transactions and aggressive acquisition; starting in 1992, the group began snapping up dairy and other companies in Italy, Brazil, Argentina, Hungary...

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

...disappointment wouldn't weigh so heavily if the promise of victory hadn't swirled so tantalizingly close. John Kerry's finest days, the period when he looked the most presidential, came during the debates, with the campaign finish line twinkling on the horizon. Throughout October, as the race pulled tighter than Paris Hilton's jeans, Kerry volunteers flooded the purple states to energize their voters--tens of thousands of them newly registered...

Author: /time Magazine | Title: 2004 Election: Buck Up, Liberals: How to Get Over It | 11/15/2004 | See Source »

...times over the course of the day, poll watchers from both parties could enter precincts and scan the lists of voters to see who had turned out and who had not. Then they called their war rooms so volunteers--the Republicans called them flushers--could call the voters who hadn't yet cast a ballot, give a pep talk, offer a ride. In Franklin County the board of elections handed out more than 800 cell phones to the nonpartisan precinct judges there so they could call the board to report any problems or ask questions. In the end "the good...

Author: /time Magazine | Title: Bush's Triumph: 2004 Election: In Victory's Glow | 11/15/2004 | See Source »

...Kerry, he was none too keen when his handlers took him off the road for four precious days so that he could go to "debate camp" in Wisconsin. Hadn't he been training off and on all summer? Hadn't he memorized all those briefing books they kept sending to the plane? Hadn't he spent two whole days in Nantucket, Mass., in August, practicing, practicing, practicing, especially the foreign policy answers...

Author: /time Magazine | Title: 2004 Election: Inside The War Rooms | 11/15/2004 | See Source »

...look defensive, so we worked on picking one, refuting it and then quickly turning to offense," said Hughes. A coming speech on medical liability was shoved aside so that Bush could explain the choices in the race on the economy and terrorism in a way he hadn't in the debate. He would also try to account for his own behavior, hoping a little self-deprecation would even the score. "If you hear all that," he said in the speech, alluding to his opponent's litany of charges during the debate, "you can understand why somebody would make a face...

Author: /time Magazine | Title: 2004 Election: Inside The War Rooms | 11/15/2004 | See Source »

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