By Mike Monnelly & Camilla Palladino
The bizarre tale of Parmalat’s finances started as a comedy. The family-controlled Italian dairy producer might have had a bizarre financial structure, a penchant for raising money, and an ability to invest it in strange places but at least it looked fundamentally profitable. Now the comedy has turned sour. The group has made disclosures that raise questions about its profitability, its accounting practices, and ultimately the soundness of its finances.
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