Bank of America, she said, played no role in disguising Parmalat's true condition and did not arrange improper transactions.

He asked: "Where were these professionals" when "clearly improper transactions were being consummated?

"We wouldn't wish to participate in any improper transaction, but I can't confirm whether these transactions were improper or not," he said.

As a cornerstone of her defense, Ms. Dean asserted that all of the improper transactions had been approved by her boss.

Mr. Skilling defended himself against suggestions that he tolerated or encouraged improper financial transactions at Enron.

Virginia regulators say they have uncovered improper transactions between General Re and Reciprocal dating back to 1990.

In the process of taping, Ramsey also captured the improper transactions.

Two former executives were fined by the commission and, separately, charged by a United States attorney with improper transactions.

There are no allegations of improper transactions, as there have been at some ailing savings and loan associations.

The affidavit listed 86 of what it called improper transactions, totaling $8,448.27, from July 1986 to February 1990.