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Parmalat: Milking the System

In: Greed And Corporate Failure

Author

Listed:
  • Stewart Hamilton
  • Alicia Micklethwait

Abstract

The spectacular downfall of Parmalat caused a shockwave throughout Italy and indeed the rest of the European Union. There quickly unfolded a tale of excessive ambition, fraud, incompetent auditing, gullible or greedy bankers, and inept regulatory supervision. Once again, the rating agencies had been caught flat-footed. It soon emerged that the story was, in many ways, not unlike that of Enron, with the same problems of rapid overseas expansion, extravagant borrowing, a compliant board and inadequate analysis by outside observers.

Suggested Citation

  • Stewart Hamilton & Alicia Micklethwait, 2006. "Parmalat: Milking the System," Palgrave Macmillan Books, in: Greed And Corporate Failure, chapter 0, pages 153-172, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50275-8_9
    DOI: 10.1007/978-0-230-50275-8_9
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