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Article: Wall Street investment banks under regulators' scrutiny in big, new corporate scandal
- Article from:
- AP Worldstream
- Article date:
- January 7, 2004
- Author:
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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MARCY GORDON, AP Business Writer
AP Worldstream
01-07-2004
Dateline: WASHINGTON
Wall Street's big investment banks are under renewed government scrutiny in the multibillion-dollar Parmalat fraud case as investigators examine the banks' role in helping the Italian dairy giant sell bonds and questioning whether they turned a blind eye to irregularities in company books.
Following a stunning bankruptcy, the expanding case is being dubbed Europe's Enron. And the regulators' focus on Wall Street banks behind big-money deals recalls the Enron aftermath.
For the banks, "it's still a really competitive business where they're under a lot of pressure to be creative. And sometimes creative turns into ...
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