Word: parmalat
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...referring to my actual birth. In 1987, with bells and whistles, the Ministry of Economy announced the sorpasso: Italy’s GDP had overtaken Britain’s.Since then, however, it has all been downhill. Italian financial scandals, such as the implosion of the dairy colossus Parmalat have made Enron and WorldCom look like sound companies. Whilst American CEOs appear with aplomb in front of a myriad of courts, dubious Italian executives choose instead to run for office thanks to Berlusconi’s help. Not only did the Prime Minister push a law forcing voters to cast ballots...
...some extent, this public hostility is well deserved. The bankruptcies of Enron in the U.S. and Parmalat in Italy?and last week, the gyrations of Japan's stock market following news of alleged financial wrongdoing by Internet company Livedoor?have focused attention on corporate misdeeds on three continents. Revelations about how the Washington lobbyist Jack Abramoff allegedly bought influence in the U.S. Congress have made a mockery of claims for clean government. The U.N. is struggling to recover from its own high-level corruption scandal relating to the oil-for-food program in prewar Iraq. And, at a time when...
...some extent, that public hostility is well deserved. The bankruptcies of Enron and WorldCom in the U.S. and Parmalat in Italy have focused attention on corporate sleaze on both sides of the Atlantic. Revelations about how Washington lobbyist Jack Abramoff allegedly bought influence in Congress have made a mockery of claims to clean government. The U.N. is struggling to recover from its own high-level corruption scandal relating to the oil-for-food program in prewar Iraq...
...wielded every ounce of his notable clout. His stated goal is for Italian banks to be at the service of Italian businesses. In practice, this has meant keeping foreign firms out. It's a shortsighted view and dangerous: some blame the insulated Italian banking industry for the $9.6 billion Parmalat scandal of 2003, as the mega-leveraged dairy giant was able to create new debt wherever it turned...
Just how aggressively the Italian investigations will pursue the international financial institutions for their role in the Parmalat collapse--or, conversely, whether the foreign firms will get back any of the money they say they lost--is unclear. As for Ferraris, who is awaiting trial for market manipulation, he is "flabbergasted" by the whole affair. "I believed so much in Tanzi as an entrepreneur that I have a hard time seeing him as anything else," he says. "For 13 years I think he's a genius, and then I find out he's a crook." If Ferraris wishes...