Ethics Article Analysis

        The member that I chose to exercise for this assignment is called Parma splat, (Jan 15th 2004, From the Economist, socio-economic class edition, retrieved May 13, 2005) The article concerns the Parmalat adjoin to which was found to have been fabrication on their financial statements, claiming at that place was more income than debt. They also were up to(p) to frig around the Bank of Italy (a grapheme of Bank of America) to provide a forged and false letter confirming that Bonlat, a Parmalat subjugate word found in the Cayman Islands, had deposits of close to 4 one jillion million million (5.5 Billion) with the bank. The chief financial officer, ten other good deal (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)          tour 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 kindred problems as Enron and Worldcom when it came to managing finances. The Chairman and old geezer administrator Officer (CEO) of Parmalat was the uniform 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 a couple of(prenominal) people that were independent of both. It seems to me that this would wooing a conflict of saki when making sure shareholders were handle fairly.          tally to the article: Until 1999, yielding Thornton, an international network of score firms, was Parmalats main auditor. But Italys rules on the mandatory rotation of... If you need to get a climb essay, order it on our website: Ordercustompaper.com

If you want to get a full essay, wisit our page: write my paper