So, is Parmalat news around here or what?

[aerocontrols]

link (http://news.bbc.co.uk/1/hi/business/3345735.stm)

Italian food company Parmalat has filed for bankruptcy protection under new fast-track administration rules unveiled by the government.

The firm, which has revealed a multi-billion euro hole in its accounts, is being dubbed "Europe's Enron".

Two teams of investigators are now ready to probe the firm's books, to see how it based its business on an allegedly fake financial statement.

Some 20 people could face charges including former boss Calisto Tanzi.

There are lots of Europeans who post here... what do you guys think about this story?

[Grammatron]

Originally posted by aerocontrols
link (http://news.bbc.co.uk/1/hi/business/3345735.stm)



There are lots of Europeans who post here... what do you guys think about this story?

That's pretty crazy, but with the PM Italy has right now I'm surprised it's not more widespread.

[aerocontrols]

Originally posted by Grammatron


That's pretty crazy, but with the PM Italy has right now I'm surprised it's not more widespread.

Partisans often try to blame a sitting administration for financial scandals. I don't see how responsibility for this can be laid at Berlusconi's feet.

Investigators looking into massive alleged fraud at Parmalat SpA believe the Italian dairy giant falsified accounts for at least 15 years, according to people familiar with the matter. Officials have uncovered several other cases of falsified documents purporting to confirm details of Parmalat's business with companies around the world, these people say.

Source (http://money.cnn.com/2003/12/26/news/international/parmalat_may.dj)

[Grammatron]

Originally posted by aerocontrols


Partisans often try to blame a sitting administration for financial scandals. I don't see how responsibility for this can be laid at Berlusconi's feet.



Source (http://money.cnn.com/2003/12/26/news/international/parmalat_may.dj)

Well the reason I said that is the courts and investigators are somewhat busy with investigation Belusconi but I'm not saying it's ALL his fault. It's just not often one of the wealthiest people in the country with huge control of the media becomes a PM who is then being constantly investigated for fraud.

[Soapy Sam]

There are only two organised bodies in Italy- The Vatican and The Mafia. All else is chaos.

The Italians like it that way and who are we to say they are wrong?
If your choices are from; organised crime, chaotic government, or a bunch of loonies in fancy dress; which would you choose to invest in?

[a_unique_person]

It's like that saying, there's always more than one cockroach in the kitchen. First Enron and others, now parmalat, expect some more.

[aerocontrols]

Originally posted by a_unique_person
It's like that saying, there's always more than one cockroach in the kitchen. First Enron and others, now parmalat, expect some more.

But surely there are political implications...

There already are others... Credit Lyonnais, Elf...

[a_unique_person]

I have to agree with Soapy. When you can have a country run by the local version of Rupert Murdoch, expect anything. When honest judges can be routinely shot, don't expect too much of a fallout.