Word: parmalat
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SOUR MILK: Italian dairy giant Parmalat's billion-dollar bust...
Capital Punishment After all the the spilt milk, Italian business may be about to start crying even harder over the Parmalat scandal. Stung by the €7 billion alleged fraud at the dairy firm, Italian banks are looking to tighten restrictions and raise risk premiums on loans to companies. And the domestic corporate-bond market has all but dried...
...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 but to go public. French Smokers...
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...
...Milk Turns Sour Italian dairy giant Parmalat teetered on the brink of insolvency as prosecutors opened an investigation into a €4 billion hole in its accounts. Authorities seeking evidence of fraud raided the office of a Parmalat subsidiary's auditors...