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Parmalat
The Italian dairy goods producer, employing over 35,000 people in 30 countries, had admitted to corrupt accounting practices causing billions of dollars to be misappropriated. It was first revealed when the company admitted that it had forged documents from Bank of America stating that the bank held $5 billion in Parmalat assets. This launched an investigation that has implicated a slew of other firms, including Italian banks, in a scandal that could cost investors tens of billions of dollars.
The Scandal
FOCUS: Banking involvement in market-rigging
FOCUS: Parmalat Founder Calisto Tanzi
FOCUS: Bank of America's involvement
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