Despite the criticism that we hear from many sources about the cost and the work required, we still need to keep the pressure up to ensure that all participate in the necessary new behaviour. Also, certain countries still have a long way to go and the authorities in some countries have still not taken on board the necessary moves.
Onésimo Alvarez-Moro
See article:
Parmalat shareholders will tomorrow elect a new board of directors, signalling the revival of the Italian maker of milk, yoghurts and fruit juices less than two years after its collapse in Europe's biggest corporate fraud. The ripple effect, however, is likely to be felt for years as regulators, banks, auditors and politicians grapple with an uncomfortable question: has enough action been taken to prevent another Parmalat?
Parmalat shows all that is good and bad about Italy. What is particularly worrying is that the fraud went undetected for the 13 years that the company was publicly traded on the Milan stock exchange - 1990 to 2003 - even though the profit and loss statement was fictitious throughout that period and the balance sheet for 2003 understated debt by almost €12bn (£8bn).
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