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Italian Cops Seize 19 Hidden Masterpieces

Founder of bankrupt dairy conglomerate stashed them away

(Newser) - Italian tax police seized works by Van Gogh, Picasso, Cezanne, and other giants of art in a crackdown on assets hidden by the disgraced founder of the collapsed dairy company Parmalat. Authorities estimated the 19 masterpieces stashed away in attics and basements were valued at $150 million. At least one,... More »

International Banks Face Trial in Italian Court

Morgan Stanley, others indicted in wake of Parmalat bankruptcy

(Newser) - Four gold-plated investment banks have been ordered to stand trial for alleged market manipulation for their roles in advising Italian dairy giant Parmalat, which declared bankruptcy in 2003. Italian prosecutors say Morgan Stanley, Deutsche Bank, UBS, and Citigroup allowed Parmalat to manipulate its finances, helping it to defraud investors even... More »

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