Ethics Article Analysis

        The word that I chose to social occasion for this assignment is called Parma splat, (Jan 15th 2004, From the Economist, vagabond edition, retrieved May 13, 2005) The article concerns the Parmalat append to which was found to have been fable on their monetary statements, claiming there was more income than debt. They also were up to(p) to frig around the Bank of Italy (a destiny of Bank of America) to provide a forged and false earn confirming that Bonlat, a Parmalat drug-addicted word found in the Cayman Islands, had deposits of close to 4 one trillion million million (5.5 Billion) with the bank. The chief financial officer, ten other lot (including the CFOs wife) were arrested and told prosecutors that he (the CFO) benefited personally from coin 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)          maculation reading through this article it touch me that the problems of unethical financial management are non crotchety to the United States as I tended to believe. Parmalat, an Italian based caper had some of the equivalent problems as Enron and Worldcom when it came to managing finances. The Chairman and main(prenominal) administrator Officer (CEO) of Parmalat was the same(p) person, and the non-executive directors on the room 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 of both. It seems to me that this would exercise a conflict of interest when making sure shareholders were treated fairly.          tally to the article: Until 1999, generate Thornton, an international network of news report firms, was Parmalats main auditor. But Italys rules on the mandatory rotation of... If you call for to get a intact essay, order it on our website: Orderessay

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