Word: sheets
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Dates: during 2000-2009
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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...
...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...
...Cubans really needed $1.3 billion worth of milk powder--enough to supply everyone on the island with 60 gallons a year--and why the powder was being shipped from Singapore, of all places. And nobody challenged a key discrepancy: the amount of debt disclosed on the firm's balance sheet was at odds, by as much as $2.6 billion, with the corporate data on file at the Italian central bank. In a submission to the Parma bankruptcy court on Nov. 1, Citigroup said it "did not know of Parmalat's real financial condition from the Bank of Italy Risk Register...
Early skeptics, from principals to PTA moms, are coming around to Combs' point of view, but it hasn't been painless. Richardson High School, north of Dallas, had to shut down its profitable Eagle Emporium, which sold candy that paid for VCRs in every room as well as sheet music for the choir. "As sad as I was to lose the money," says former PTA head Pat Epstein, "we don't need to be stuffing our kids with bad food." At Haggar Elementary School in nearby Plano, principal Vicki Aldridge mourned the loss of the Donuts for Dads events...
...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...