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Veteran gamblers know not to count their money until the dealing is finished, and now the European Central Bank is learning the same lesson. Jean-Claude Trichet, the governor of Banque de France, was expected to take over the E.C.B. when Wim Duisenberg resigns the presidency next July. But the succession was thrown into confusion last week when a French magistrate ordered Trichet to stand trial for his role in the huge losses at Crédit Lyonnais during the 1990s, when it was still state-owned and he headed the French Treasury. Trichet protests his innocence and prosecutors previously...
Messier was forced to resign when French board members joined the biggest North American shareholders--the Bronfman family, led by Vivendi vice chairman Edgar Bronfman Jr.--in concluding that French business honor (not to mention Bronfman billions) could be redeemed only by bringing on a new boss. Jean-Rene Fourtou, a well-respected pharmaceuticals-industry veteran, is now in charge...
There was no shortage of irony as Bronfman helped wrest Vivendi away from chief executive Jean-Marie Messier. After all, like Messier, Bronfman always came across as a bit of a dilettante and star-struck CEO. At Universal he once sent a memo to studio executives saying he expected to have double-digit earnings growth every quarter, a virtual impossibility in such a hit-driven industry...
...Decide it would be easier to win Nobel Peace Prize than Jean Hersholt Humanitarian Award. I go to Baghdad, negotiate arms-inspection deal with Saddam, Gulfstream out of Iraqi air space before he reads the fine print and realizes he's screwed. Mike's back, big time...
...mail Jean at moneytalk@moneymail.com