The CEOs of Parmelat spent their New Year doing the perp walk, and that's in crime-infested Italy. Ken Lay probably spent his skiing in Aspen, which tells you where the US stands in its ability to police corporate crime.*****************************************************
A Milan prosecutor today said that there was "clear" evidence of "false accounting" at Parmalat, the crisis-ridden Italian food giant.
In a case that has drawn parallels with the Enron scandal in the US, prosecutor Angelo Curto told Reuters that the situation "is pretty clear ... the cases of false accounting are obvious".
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The announcement over the missing billions of euros confirmed fears that the company, which nearly defaulted on a €150m bond payment last week, was in worse financial condition than it had disclosed. The €3.9bn black hole also fuelled accusations by ratings agency Standard & Poor's that Parmalat had misled investors.
Parmalat, with annual sales of around €7.5bn, produces and sells milk, yoghurt, juice and other food products in Europe, the US and around the world. The company employs around 30,000 people.
http://www.guardian.co.uk/international/story/0,3604,1111912,00.html