Word: invented
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...came in 1999, when Parmalat executives transferred the activities of the three shell companies to Bonlat, the Cayman Islands firm at the center of the fake Cuban milk scheme. By 2002, Bonlat's fictitious assets had grown so enormous - up to $8 billion - that the company had to invent a Cayman Islands-based investment fund called Epicurum to take over some of its fictitious credits. Epicurum soon attracted the attention of auditors and Italy's stock market regulator in November 2003. Within a month, the whole scam imploded. A LEGAL MORASS Today there are multiple legal skirmishes between what...
...firm then raised about €150 million from outside investors. That enabled Parmalat to go public in 1990, and 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...
From Fitch, spurred to invent the steamboat by a mortal need for speed, to Turner, driven by the thrill of risk and winning, American inventors and innovators during the U.S.'s march to economic dominance in the past two centuries have thrived in difficult--even deadly--conditions. In They Made America (Little, Brown; 496 pages), author, journalist and immigrant Harold Evans celebrates the near mythic lives of 70 unique thinkers who beat long odds to realize a dream and, in their day, to improve life for the masses...
After Harvard invented the Internet, the obvious next move was to invent a Network Agreement. Yes, the Network Agreement. If, hypothetically, this lengthy document had a little marriage proposal tucked in between clauses, then the entire school would be unwittingly engaged. Not only does no one read this pages-long manifesto, no one knows the history of the document. FM took a moment to examine some of the Agreement’s rules and their causes. Interesting to note: the word “misconduct” is used 5 times. The word “communication?...
...harrowing safari across interdimensional borders into a bizarro version of his hometown, mid-century Newark, N.J., where we encounter Roth's own family and Roth himself as a child, living under the Lindbergh Administration. "My little rubric that I would recite to myself," Roth says, "was 'Don't invent it, remember...