(Source: The Guardian) Parmalat's new chairman, Enrico Bondi, was last night holding an emergency meeting with other board members amid fears of a "European Enron".

 

The global food group earlier revealed a 4bn (£2.8bn) hole in its accounts - four times as much as was involved in the scandal that rocked the Dutch retailer Ahold earlier this year. link

(Source: CBS) When a forest fire shut down a major transmission line into California, cutting power supplies and raising prices, Enron energy traders celebrated, CBS News Correspondent Vince Gonzales reports. "Burn, baby, burn. That's a beautiful thing," a trader sang about the massive fire.

Four years after California's disastrous experiment with energy deregulation, Enron energy traders can be heard on audiotapes obtained by CBS News gloating and praising each other as they helped bring on, and cash-in on, the Western power crisis. link

(Source: NYTimes) The main banks of Parmalat Finanziaria, the bankrupt Italian dairy company, allowed it to hide the true state of its finances for more than a decade, according to a report ordered by Milan prosecutors to investigate the company's collapse. A 445-page report outlines about 14 billion euros ($17.2 billion) of bond sales, private placements and loans made to Parmalat, a dairy company founded by the Tanzi family in Parma, Italy. link

(Source: Forbes/Reuters, Jan 15, 04) Ken Lay's lawyer offered a wide-ranging defense of the former Enron chairman on Thursday, laying blame for the financial scandal that brought down the energy giant on former financial mastermind Andrew Fastow.

 

Lay's lawyer, Michael Ramsey, told reporters that Lay had asked him "to express to the public at large the sense of betrayal that he feels relative to what occurred yesterday."

 

Fastow, Enron Corp.'s former chief financial officer, pleaded guilty on Wednesday to two charges of conspiracy to commit wire and securities fraud that will send to him to prison for up to 10 years. He will also pay nearly $24 million in restitution. article

I just now heard on the radio (swr3), that the account 8660001841 exists. If it really contains possibly up to $7 billion in assets, then I wonder what law suits will happen after Bank of America saying said account does not exist and ultimately caused the Parmalat disaster. A quick look on Google news did not yet confirm the news.

 

Update (20:18 GMT+1): Link to tagesschau.de story (Citigroup and Bank of America involved) link

Dilbert rocks (as always).

 

"May I borrow your chair for a meeting?"

 

"Okay, but leave your wallet, keys, company id and one shoe with me."

 

"I'm your chief financial officer."

 

"Then I also need your PDA and one sock."

 

Enjoy it