December 31, 2003

Finding Big Holes

1. This hole is fun to visit and easy to spot.

2. You can't see these holes directly, but we can sure see their effects.

3. But accounting holes are the hardest to find

The money quote:

Tanzi told Parmalat's new chief executive officer Enrico Bondi that he would find a ``hole'' of about 8 billion euros ($10 billion) in Parmalat's accounts, according to court documents. The collapse of Parmalat, Italy's largest bankruptcy, is described by magistrates as one of the ``biggest financial holes ever'' in Italian history.
This worried me more though

Parmalat, the maker of Archway cookies, Pomi pasta sauces and Sunnydale Farms milk, was declared insolvent on Saturday
I hope we can still get those oatmeal cookies. They're good.