Worldwide corporate scandals

Just in case you have been feeling abused because of Enron and Worldcom and various other accounting scandals and figure that they can only happen in the US, I'd like to remind everybody here about Parmalat, the Italian food producer that is in trouble in the EU for false accounting. It seems that they owed about EU14.3B before they went belly-up. An article from the Scotsman points out that at this rate, bond holders will be lucky to see 7% return of their investment. Enron bondholders received about 10% after their lawsuits were done.