News reports state that Italy has one of the strongest investors rights legislation. This has become apparent in the prosecution of the executives of the now bankrupt dairy giant Parmalat.
Earnings were mis-stated, excess funds that were supposedly offshore.......were not there and thousands of small investors lost their shirts.
The two now on trial are so-called indpendent auditors. It will be interesting to see what comes from the trials of these two.
It is not just the executives of this company, or for that matter the executives of other North-American companies that went belly-up who are to be held accountable, but also these so called independent auditors who seem to give credibility to the schemes of the people who hire them.
For example, the same yardstick of accountability could be applied to "independent home inspectors" who are hired by real estate agents or for that matter, the trustees of unions.
Accountability ought to be a buzzword, to ensure that the little guy, the shareholder, the investor, the dues payer get what he/she pays for.
Accountability........and accountability now!!
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