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Consumer Corner: Foreclosure settlement no magic bullet for economy
PARMA, Italy, Dec. 31 (UPI) -- As more arrests were made Wednesday in the investigation of Italian dairy firm Parmalat, a lawyer for its former CEO described his client as "a broken man."
The attorney, Fabio Belloni, said former company chief Calisto Tanzi -- being held in jail -- believed "Parmalat should and must be saved."
Another eight people suspected of involvement in the widening Parmalat financial scandal were arrested and are being held, the Italian Judiciary Police Department told CNN Wednesday.
Belloni said Tanzi, who has admitted diverting $625 million, did not engage in fraud to enrich himself but to save the companies he founded. Tanzi has admitted falsifying accounts.
Italian prosecutors said $8.75 billion is missing from Parmalat's books, but they think the figure could go as high as $16.25 billion. That would make it the largest corporate fraud ever.
The eight arrested Wednesday are suspected of false accounting and fraudulent bankruptcy.
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SYDNEY, Feb. 13 (UPI) --
Researchers in Australia are developing a solar roof system that uses wasted energy to warm air and water.
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WASGHINGTON, D.C., Feb. 13 (UPI) --
Defense industries are weighing the potential impact of proposed defense cuts running into tens of billions of dollars over the next 10 years.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
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