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In Jail – No Bail The watchdog world has a new and somewhat surprising hero, the Italian government. When Paramalat, a large Italian food products corporation, collapsed as a result of massive fraud, the response of the Italian government was to throw the company founder into jail, where he remains, along with other top officials, his lawyer and two of company's outside auditors. Although the decisive response by the Italian government may seem harsh by American standards were corporate crooks go unpunished for extended periods while the legal process grinds on, it is also refreshing. Winston was particularly pleased that the quick arrests included the outside auditors, who apparently assisted perpetuating the fraud, as well as senior legal and financial officials. Although Winston respects the importance of due process, he suggests that American authorities may want to consider the Italian model when addressing this country's mutual funds scandals. |
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