Though the U.S. Securities and Exchange Commission wants some American firms to disclose more than they do about themselves, U.S. business is an open book by European standards. In Europe corporate secrecy is not only a way of life but a game of wits aimed at confounding competitors, confusing authorities and keeping the public uninformed. With few exceptions, European companies report neither their total sales nor their true profits, and go to lengths to conceal their actual assets and holdings in subsidiaries.
Six Lines. Most European businesses began in family secrecy, and as...
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