Word: shells
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...retailers. In a scheme that authorities charge was devised and executed by Tanzi, top managers, the firm's outside lawyer, Gian Paolo Zini, and two outside auditors, Maurizio Bianchi and Lorenzo Penca, it would then cook its books some more to make the debt vanish, by transferring it to shell companies based in offshore tax havens. (Zini, Bianchi and Penca deny any wrongdoing.) When the hole grew too large to hide, Tanzi, Tonna and the two auditors allegedly came up with Parmalat's most audacious invention: a bogus milk producer in Singapore that supposedly supplied 300,000 tons of nonexistent...
...billion went to the banks alone. By 1995, Tonna and others have told magistrates, the company was losing more than $300 million annually in Latin America alone. Parmalat decided to move some of its debt off the company's consolidated financial statements. It did so through three shell companies based in the Caribbean. These firms pretended to sell Parmalat products, and Parmalat would send them fake invoices and charge costs and fees to make the "sales" look legitimate. Then Parmalat would write out a credit note for the amount the subsidiaries supposedly owed it, and take that to banks...
...several student organizations support her efforts. Abiola calls for divestment when the Nigerian military junta, which seized the country in 1993 and imprisoned Abiola’s father, hangs 11 activists, including Nobel Peace Prize nominee Ken Saro-Wiwa. Harvard keeps its holdings in Nigeria, including $35 million in Shell Oil, a participant in business with Nigeria’s military junta and a knowing pollutant in many countries in West Africa...
...this year's loss, they may find it hard to snap up the usual big names. The Yankees are saddled with multiyear, multimillion-dollar deals for pitchers Kevin Brown and Javier Vazquez, two goats of the final league-championship game, and for first baseman Jason Giambi, who is a shell of what he once was. Of course, the Yankees' deep-pocketed owner, George Steinbrenner, can budget through those problems. And Houston's Carlos Beltran, the sexiest free agent on the market, could well be in center field for the Yankees come April, a $100 million asking price be damned. "From...
...which Stipe openly invited the crowd to sing along, as if they hadn’t been doing so all along. Surprisingly, Andy Kaufman’s death elegy did little to sap the mood from the night: When the lights came up many in the audience looked completely shell-shocked by the two-hour set’s incessant energy...