Another international whoopsee.........

5 Years max ? Does this stink, or what....screw a few billion off the top and get 5 years ?


Last week, Morgan Stanley became the first international bank to settle with Parmalat, agreeing to pay $187 million in claims and damages.

Bondi has launched suits or recovery actions for billions of dollars against banks including international giants Citigroup Inc., UBS AG, Deutsche Bank AG, Credit Suisse First Boston, and Bank of America Corp., as well as Parmalat's former auditors.

The indictments stem from the Milan investigation into Parmalat's demise; a separate investigation is under way in Parma, where the dairy giant is headquartered. Last month, Parma prosecutors placed more than 70 people under investigation, including Tanzi, his lawyers, friends and company officials stretching back for more than a decade.

No date has been set for any possible indictments or trial in the Parma probe.

In May, Tanzi had sought a reduced jail sentence of 2 1/2 years on the market-rigging charges as part of a plea-bargain request, but was rebuffed, his lawyer said. Giampiero Biancolella, one of the lawyers representing Tanzi, has said that under Italian law the plea deal could be reconsidered once trial begins.

The maximum prison sentence for market rigging according to laws in effect at the time was five years. The maximum penalty was raised to six years this spring, Biancolella said.


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