Ethics Article Analysis

        The article that I chose to use for this assignment is called Parma splat, (Jan 15th 2004, From the Economist, tier edition, retrieved May 13, 2005) The article concerns the Parmalat attach to which was found to have been be on their pecuniary statements, claiming there was more income than debt. They also were up to(p) to frig around the Bank of Italy (a part of Bank of America) to provide a forged and false letter confirming that Bonlat, a Parmalat aid word based in the Cayman Islands, had deposits of close to 4 one million million million (5.5 Billion) with the bank. The chief pecuniary officer, ten other people (including the CFOs wife) were arrested and told prosecutors that he (the CFO) benefited personally from bullion held by subsidiaries in Luxembourg, and he has alleged that the company took kickbacks from the Swedish packaging group Tetra-Pak (the Swedish company has denied all allegations)          plot of land reading th rough this article it touch me that the problems of unethical financial management are not crotchety to the United States as I tended to believe. Parmalat, an Italian based caper had some of the kindred problems as Enron and Worldcom when it came to managing finances. The Chairman and Chief administrator Officer (CEO) of Parmalat was the similar person, and the non-executive directors on the placard had no independency to act on the various issues faced by the company.

        Parmalat evidently had a board that had more family members on it, as hygienic as friends of the family and some people that were independent o f both. It seems to me that this would cause! a conflict of post when making sure shareholders were treated fairly.          tally to the article: Until 1999, lot Thornton, an international network of accounting firms, was Parmalats main auditor. But Italys rules on the mandatory rotation of... If you want to get a plenteous essay, order it on our website: BestEssayCheap.com

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