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...give him free access to the accounts. So over the summer, Ferraris asked two members of his staff to investigate discreetly. They came back several weeks later with a total debt estimate of ?14 billion, or $18.2 billion--more than double the amount shown on the balance sheet. Ferraris went to see Calisto Tanzi, the Parmalat founder and chief executive, whom he viewed as "an excellent person, a real entrepreneur," a charismatic but steady leader who was so proficient at mathematics that he spotted calculation errors in presentations. "I expected him to say, 'Your numbers are wrong,'" Ferraris recalls...

Author: /time Magazine | Title: How It Went Sour | 12/17/2004 | See Source »

...exchange and followed up with a big capital increase. That enabled Parmalat to go public in 1990 and plug some of the gaps in its accounts. As early as 1993, according to evidence given to magistrates in Parma, Parmalat allegedly began to play fast and loose with its balance sheet. Starting in 1992, the group began buying up dairy and other companies in Italy, Brazil, Argentina, Hungary and the U.S. "It was a reversal of logic," says Vito Zincani, the chief investigating magistrate in Parma. Usually, companies take on debt in order to grow. But in Parmalat's case, "they...

Author: /time Magazine | Title: How It Went Sour | 12/17/2004 | See Source »

...have the modest and lovely Utzon Room, which reveals his original vaulted ceiling, the bare bones of his genius. The room has also been designed to be viewed from outside, and at night Utzon's 14-m tapestry, inspired by Bach's Hamburg Symphonies, reads like a bejewelled sheet of music. It might not be the climax audiences were after; for this, they must wait for Utzon's upcoming plans for the Opera Theatre. But there's harmony at last...

Author: /time Magazine | Title: Behind the Shells | 12/14/2004 | See Source »

Both the defense and the prosecution used an HIID Overseas Assignment time sheet filled out and signed by Shleifer as evidence to bolster their arguments...

Author: By May Habib, CRIMSON STAFF WRITER | Title: Shleifer Verdict Expected Today | 12/9/2004 | See Source »

Visualizations were projected on a white sheet by the second laptop and featured mostly pastels along with some strange meta/avant-garde text snippets and occasional movies. It would have been interesting if RPL had sampled in/performed some Jim Morrison-esque poetry or spoken word over their samples to create a new musical and lyrical dimension but unfortunately we were left with the visualizations and oft-repeated clips. I think that the main problem with the RPL was that there was really nothing to hang onto in their songs: melodic hooks were completely absent and general tonality was sporadic at best...

Author: By Nathaniel Naddaff-hafrey, CONTRIBUTING WRITER | Title: Quincy Cage Serves Eclectic Tastes | 12/6/2004 | See Source »

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