Parmalat: Milking the System

Stewart Hamilton and Alicia Micklethwait

Chapter Chapter 9 in Greed And Corporate Failure, 2006, pp 153-172 from Palgrave Macmillan

Abstract: Abstract The spectacular downfall of Parmalat caused a shockwave throughout Italy and indeed the rest of the European Union. There quickly unfolded a tale of excessive ambition, fraud, incompetent auditing, gullible or greedy bankers, and inept regulatory supervision. Once again, the rating agencies had been caught flat-footed. It soon emerged that the story was, in many ways, not unlike that of Enron, with the same problems of rapid overseas expansion, extravagant borrowing, a compliant board and inadequate analysis by outside observers.

Keywords: Balance Sheet; Minority Shareholder; Audit Firm; Bond Issue; Bank Debt (search for similar items in EconPapers)
Date: 2006
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DOI: 10.1007/978-0-230-50275-8_9

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