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Written by:
Ingrid L
Date added:
November 27, 2014
Level:
University
Grade:
A
No of pages / words:
3 / 562
Was viewed:
6233 times
Rating of current essay:
Essay content:
Tanzi’s status only compounded the shock when the giant food company filed for bankruptcy in December of 2003. To date, this was the largest bankruptcy filing in European and American history. The Parmalat scandal exposed the dirty sub-structure of the global financial system, with unforeseeable financial as well as political consequences (Celani, 2004)...
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Revelations surfaced regarding monies in excess of $8-12 billion being unaccounted for or presumed missing. Parmalat then further created suspicion after rumors began to swirl that it would be unable to repay bond issues that were outstanding $187 million (Capital Confirmation, 2008). What were the reason for and when did the financial misconduct begin?
Response to Issue
The story began in 1997, when Parmalat decided to become a "global player" and started a campaign of international acquisitions, especially in North and South America, financed through debt...
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