Word: milan
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...From Milan boardrooms to Parma dairy farms, Calisto Tanzi was long viewed as a model Italian entrepreneur--modest, hardworking and, above all, generous. Over four decades, as he built Parmalat, the food company he founded in Parma in 1961, into a worldwide giant with annual sales of $9.6 billion, he showered the town with his philanthropy. A pious Catholic, Tanzi helped pay for a major restoration of Parma's 11th century basilica. He poured cash into the local pro-soccer team, restored the theater and financed programs for the poor, AIDS patients and drug addicts. "He has got that impulse...
...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...
Shortly before his arrest, Tanzi and his wife visited Fatima, the Portuguese town to which Catholics make pilgrimages seeking miraculous interventions. His trip symbolized the pious Tanzi that Parma natives know. Indeed, upon his arrival at San Vittore prison in Milan, one of the first things Tanzi did was attend a prison Mass. He had better keep praying, because he may need a miracle to extricate himself and his company from the mess they are in. --With reporting by Jeff Israely/Parma
...understand what's going on," vows a top credit officer at one big Italian bank. But small and mid-sized firms will be hit too. "For family firms that need more capital to grow, this will be an important problem," worries Guido Corbetta, a professor at Bocconi University in Milan. Prosecutors probing the now-bankrupt Parmalat are increasingly focusing on the roles Italian and U.S. banks may have played in the affair. One potential winner: the Italian stock market. Family businesses have traditionally shunned it, but Corbetta believes firms with ambitious growth plans may now have little choice...
...From Milan boardrooms to Parma dairy farms, Calisto Tanzi has long been viewed as the model Italian entrepreneur: hardworking, successful, modest, pious and, above all, generous. Over the past four decades, as he built dairy company Parmalat into a worldwide giant with annual sales of €7.6 billion, he showered his hometown of Parma with his philanthropy. Tanzi helped pay for a major restoration of Parma's theater and 11th century basilica. He poured cash into the local soccer team, making it one of Europe's best, and financed programs for the poor, aids patients and drug addicts. Last February...