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Unlike many other cultures, U.S. companies are not concerned about sharing information with the public. This is a result of us being a low power distance society.
8. What triggered the Parmalat financial crisis? Parmalat defaulted on a $185 million bond payment in 2003. That prompted auditors and banks to scrutinize company accounts. Some 38% of Parmalat's assets were supposedly held in a $4.9 billion Bank of America account of a Parmalat subsidiary in the Cayman Islands. But on Dec. 19, Bank of America reported that no such account existed. In the ensuing investigation, Italian prosecutors say they've discovered that managers simply invented assets to offset as much as $16...
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