Wednesday, January 14, 2004
Sour Milk of Parmalat When the giants fall, they really make a racket. Parmalat lost $8.5-$12 billion in assets -- how? Over a 15 year period, managers cooked the books to offset as much as $16 billion in liabilities. And how, how may you ask, they got away with it for so long? Well, there was this little accounting firm by the name of Deloitte Touche Tohmatsu ... and so the tale goes. Read the rest at BusinessWeek Online.
Posted by Andy Dabydeen at 1/14/2004 11:02:00 PM