Ethics Article Analysis

        The article that I chose to use for this assignment is called Parma splat, (Jan 15th 2004, From the Economist, fall guy edition, retrieved May 13, 2005) The article concerns the Parmalat attach to which was found to have been guile on their financial 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 grade word based in the Cayman Islands, had deposits of close to 4 one million million million (5.5 Billion) with the bank. The chief financial officer, ten other people (including the CFOs wife) were arrested and told prosecutors that he (the CFO) benefited personally from pecuniary resource 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)          go reading through 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 identical(p) problems as Enron and Worldcom when it came to managing finances. The Chairman and Chief administrator Officer (CEO) of Parmalat was the same person, and the non-executive directors on the get along with 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 famil y and a few(prenominal) people that were in! dependent of both. It seems to me that this would cause a conflict of lodge in when making sure shareholders were treated fairly.          tally to the article: Until 1999, confess 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 large essay, order it on our website: BestEssayCheap.com

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