Word: milked
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...with the case filled with cash. By now Parmalat's true debts were too big to hide. The beginning of the end 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...
...issuing false information, he may wish he had heeded those doubts. But back in March 2003, he says, he knew the company had some financial problems but had no idea how bad things were about to get. Parmalat was trying to style itself as the "Coca-Cola of milk," and Ferraris, 46, a former Milan-based corporate banker for Citigroup, had spent six years building its operations in Canada and Australia. But in late February the company stock had nosedived when the firm's irascible CFO, Fausto Tonna, announced an unexpected new bond issue - a fresh increase in corporate debt...
...Until Parmalat collapsed, the 66-year-old founder was an almost legendary figure in Italy, viewed as a classic entrepreneur who built a world-class company from scratch. Soon after founding Parmalat as a dairy company in 1961, he was quick to embrace a new pasteurization technology that allowed milk to stay fresh for months without refrigeration. Parmalat's distinctive cartons soon became a fixture in stores across Italy, and ultimately conquered Europe and much of the world. Tanzi also discovered the power of sports marketing, and plastered the Parmalat name on events from World Cup skiing to Formula...
...Cambridge, pastries by an in-house dessert chef and New York cheesecake bought in daily from Brooklyn. The highlight, however, is the Banana Split, which serves two or more. This isn’t your typical HUDS Sunday sundae: here, the banana is dipped in milk and white chocolate, and comes with an array of toppings ranging from cookie to coconut shreds to make-your-own moment of the sublime...
Carey graduated from Radcliffe in 1964, back when milk and cookies was the consolation prize for young women who hadn’t been asked to dinner in Eliot House. She returned to Harvard in the early 1970s to earn her Ph.D. in psychology, and in the course of her studies became friends with the head of the department...