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Word: tanzi (lookup in dictionary) (lookup stats)
Dates: during 2000-2009
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...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. "Instead, he said, 'Eight billion...

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

...total Parmalat exposure at $540 million. Where did the rest of the lost billions go? According to Bondi, $8.5 billion went to pay interest, dividends and fees--with $3.6 billion of that going to the banks. Magistrates allege that about $1.7 billion was siphoned out of the company by Tanzi and his family, and much of the rest was used to cover operating losses that management was desperate to hide...

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

...understand how the foreign financial institutions got so deeply involved with Parmalat, it's important to appreciate the hype surrounding the company a decade ago. During the 1990s, it was one of the hottest firms in Italy. Tanzi, 66, was a legendary figure, revered for building a world-class company from scratch through hard work and innovation. Soon after founding Parmalat as a dairy company in 1961, he embraced a new pasteurization technology that allowed milk to stay fresh for months without refrigeration. He discovered the power of sports marketing and plastered the Parmalat name on events ranging from World...

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

...closely. "We want to be sure that in this case, like in others, U.S. companies are receiving fair and equal treatment," he said. As for Parmalat's own management, while many executives have acknowledged to magistrates that they played a role in the fraud, most point the finger at Tanzi as the mastermind. Tanzi, however, blames others, particularly Tonna. If found guilty, both men could face jail sentences of five years or more. While some of the Parmalat executives were jailed during the initial investigation, all have since been released pending trial. Ferraris is in trouble primarily because of that...

Author: /time Magazine | Title: How It All Went So Sour | 11/21/2004 | See Source »

...became the first big bank analyst to issue a "sell" recommendation on Parmalat stock; she found the accounts incomprehensible. Despite such misgivings, however, business continued as usual. Six months before the collapse, Kenneth Lewis, the chief executive of Bank of America, flew to Parma to pay a call on Tanzi. Ferraris recalls that the June 2003 meeting with Lewis was cordial. If the American had any concerns, he didn't raise them. "It was a marketing call," Ferraris recalls. "Lewis was saying, 'We'd love to do more business with you guys.'" The bank describes the visit as "a courtesy...

Author: /time Magazine | Title: How It All Went So Sour | 11/21/2004 | See Source »

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