Pigs at the trough. European division
Europe’s Enron. Parmalat admits $4.9bn black hole.
Parmalat, one of Europe’s biggest food firms, is facing possible bankruptcy after admitting to an enormous black hole in its accounts. Parmalat said that its bank had declared company documents certifying 4bn euros in assets to be false.
Hey Fred, where the Hell did we put that 4.9 billion? Petty cash? The pizza fund??
Analysts at Commerzbank said Parmalat’s announcement had “dropped a bombshell.” “To say that something smells fishy would be the understatement of the year,” they wrote.
Sounds like someone just plain looted the company, eh?