From BusinessWeek magazine, the continuing saga of Parmalat's downfall -- there were enough suspicsions, yet no one asked the questions while $13 billion in assets simply disappeared. It's the biggest fraud case in Europe, and Parmalat's executives are spilling the milk, as it were, behind prison walls. So, how did they manage to get away with it for so long? Why didn't bankers question the company that wanted to borrow more money, even though it appeared to be rolling in cash? And why didn't D&T catch they in the act?
Saturday, January 24, 2004
Spilling Parmalat
From BusinessWeek magazine, the continuing saga of Parmalat's downfall -- there were enough suspicsions, yet no one asked the questions while $13 billion in assets simply disappeared. It's the biggest fraud case in Europe, and Parmalat's executives are spilling the milk, as it were, behind prison walls. So, how did they manage to get away with it for so long? Why didn't bankers question the company that wanted to borrow more money, even though it appeared to be rolling in cash? And why didn't D&T catch they in the act?
From BusinessWeek magazine, the continuing saga of Parmalat's downfall -- there were enough suspicsions, yet no one asked the questions while $13 billion in assets simply disappeared. It's the biggest fraud case in Europe, and Parmalat's executives are spilling the milk, as it were, behind prison walls. So, how did they manage to get away with it for so long? Why didn't bankers question the company that wanted to borrow more money, even though it appeared to be rolling in cash? And why didn't D&T catch they in the act?
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