Banks would not have lent money to Parmalat if they thought it was in
trouble, lawyers argued yesterday on the first day of the trial of four
investment banks over their role in the milk company’s collapse.
‘Neither Citigroup nor its employees did anything wrong… Why would the bank
have lent $500 million to Parmalat if it thought it was in trouble?’ asked Nerio
Dioda, the lawyer for the bank, on the first day of the trial in Milan,
Citigroup, Deutsche Bank, UBS and Morgan Stanley have all been sent to trial,
on charges that they manipulated the market by withholding information about
The company collapsed in 2003 after disclosing a huge accounting black hole.
The charges of market manipulation carry a potential sentence of up to 12
years, and fines for the banks of up to €1m for each count.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements