Word: parmalat
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Dates: during 2000-2009
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...hard-charging executive like Alberto Ferraris, being named chief financial officer of a €7.6 billion company was a career-making moment - and he wasn't going to let a few nagging doubts stand in his way. Since the company was Parmalat, the Italian dairy-and-food conglomerate the U.S. Securities and Exchange Commission has charged with perpetrating "one of the largest and most brazen corporate financial frauds in history," and since Ferraris now faces charges of market rigging and issuing false information, he may wish he had heeded those doubts. But back in March 2003, he says, he knew...
...people have been charged in Milan; more are expected to be charged in coming weeks by magistrates in Parma. Parmalat's losses are now officially put at €12 billion and its investors have lost another €14 billion - though the company's 33,000 employees have emerged relatively unscathed, as the firm continues to operate while in bankruptcy. Most of the money that moved in, around and out of the company has since been traced, although the final destination of some of it is still unknown. Tanzi has admitted transferring some €500 million to family firms, but investigators...
...hide its insolvency, [Parmalat] entangled itself in grandiose operations that were ever more costly
...ponders a Commission official. Boeing employs 150,000 people in the U.S., and protecting those jobs is one issue on which Democrats and Republicans can agree to agree. Cleaning Up The Mess Preliminary hearings for the 29 individuals and three firms accused in connection with the December meltdown of Parmalat began in Milan. Two former Grant Thornton auditors were ordered to stand trial in 2005. Parmalat's administrator filed a $10-billion suit in the U.S. against Bank of America, alleging it helped mask the state of the Italian dairy firm's finances...
...earlier plans to sell their own shares immediately. But Google's success is an exception: in the past month, Claria, PlanetOut and Nanosys, all based in Silicon Valley, have canceled or postponed their IPOs. Round Two Of The Blame Game First the banks, then the auditors. Enrico Bondi, Parmalat's bankruptcy commissioner, filed a $10 billion suit against Deloitte Touche Tohmatsu and Grant Thornton International, the firms that audited the books of the disgraced Italian food and dairy company. The suit follows others filed against Citigroup, UBS and Deutsche Bank (TIME, Aug. 23), as well as Credit Suisse First Boston...