Word: morass
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Dates: during 2000-2009
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This was the first revelation in the scandal that turned Parmalat into Europe's Enron, a morass of fraud and financial failure made all the more dramatic by the fact that the company had established itself as a recognized global brand. In the past year three teams of forensic accountants have combed through the company's books, and dozens of executives have made detailed confessions to magistrates in Parma and Milan. Using documents obtained by TIME, it's possible to piece together the inside story of how the company that wanted to be the Coca-Cola of milk went sour...
...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 is left of Parmalat and its onetime financial partners. Magistrate Francesco Greco's criminal probe has already widened beyond individuals: last month, he broadened his investigation to include Citigroup, UBS, Deutsche Bank, Morgan Stanley and Italian fund-management firm Nextra Investment Management; Bank...
...corporate scam in European history was exposed when Parmalat confirmed that an account it had claimed to have at Bank of America with €3.95 billion in cash simply did not exist. That was merely the first revelation in the scandal that turned Parmalat into Europe's Enron, a morass of fraud and financial failure made all the more dramatic by the fact that the company was Italy's eighth largest and had established itself as a global consumer brand. In the past year, the story of Parmalat has emerged in fits and starts, as three teams of forensic accountants...
...Hero's creepily authoritarian politics, which seemed to implicitly approve of China's string of ruthless central governments, both past and present? Daggers is a determinedly light-on-its-feet martial-arts romance with plenty of pretty costumes and period-specific peony pavilions. Got lost in Hero's narrative morass? Then skip as quickly as possible to the fightin' and the lovin' of Daggers. The new film is all that it was designed to be: superbly crafted eye candy starring Zhang Ziyi and a pair of hot male stars: Hong Kong pop idol Andy Lau and Taiwan-Japanese pinup...
...initiate a war and kill thousands of innocent people is immoral. Going it alone in the face of opposition from our NATO allies and U.N. member states has undercut our leadership, cost the U.S. billions of dollars and put our people and economy in jeopardy. Iraq is now a morass that makes a democracy there all but impossible. William Hewett East Canton...