Scandal Outrages Europeans; Solutions May Be Patchwork.

Looks at the collapse of Italy's dairy giant, Parmalat, and wonders if it will lead to corporate housecleaning just as the collapse of Enron did in the United States. Company which sought protection from creditors after reportedly inventing $11 billion in assets over ten years; European outrage that auditors failed to detect the scam for ten years; How the patchwork of laws in European countries contributes to confusion; Move by the European Union to harmonize standards on financial reporting and auditing by 2005; Other European corporate scandals; Belief in Europe that corporate fraud was an American problem.