• Parmalat Bankers Subject To Italian Style Justice

    By • Jun 13th, 2007 • Category: Pure Content


    Italy isn’t waiting for no stinkin’ US Supreme Court

    Deloitte already settled to get this boot out of their behind…

    Parmalat Banks Including Citigroup, UBS Face Trial

    “Morgan Stanley, Deutsche Bank AG, UBS AG and Citigroup Inc. will stand trial for allegedly concealing Parmalat SpA’s deteriorating financial condition while raising money for the Italian dairy company before it went bankrupt in 2003.

    Judge Cesare Tacconi scheduled the trial for the four lenders and nine of their current and former executives for Jan. 22, Milan magistrates said today. The banks and individuals, all of whom deny wrongdoing, are accused of market manipulation

    Milan magistrates allege that the banks disguised the real terms of Parmalat bond sales and other financing from investors, helping the company mask its financial situation. Each charge of market manipulation can carry a prison term of as long as five years, while the banks may face fines of as much as 1 million euros for each count. Tacconi didn’t release the document identifying the individuals who are being indicted. “

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