Sour milk
What’s worse, someone stealing a purse, or someone stealing billions from hundreds of thousands of investors?
Parmalat’s jailed founder, Calisto Tanzi, has admitted to prosecutors that he shifted euro500 million ? roughly $620-million (U.S.) ? from Parmalat’s coffers to loss-making travel businesses controlled by his family.
Are they sure his name isn’t Ponzi?
The SEC, which has alleged Parmalat engaged “in one of the largest and most brazen corporate financial frauds in history,” is seeking civil penalties and repayment of any ill-gotten gains with interest for U.S. investors, who hold some $1.5-billion in its bonds and notes.
Parmalat’s auditor needs to at the very least lose their credentials. As for me, I’ll be switching milk brands.
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