Word: mustier
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...Société Générale's head of corporate and investment banking Jean-Pierre Mustier admitted to reporters on Sunday that their forced sell-off had probably furthered last week's market slump. "I cannot deny that if we had not been selling the market would have fallen less," he said, though he said he thought its effect had been "minimal." With the markets in turmoil, the dark-haired, slim trader slipped out of sight, surrendering to financial police only on Saturday afternoon. Kerviel remains in custody in Paris but so far faces no criminal charges...
...Outside, the hard questioning of bank executives has already begun. Hammered by reporters on a conference call on Sunday, Mustier said Kerviel had outwitted the bank's internal control department for nearly a year, partly by changing the financial instruments he traded - thus triggering attention from departments that knew nothing of his trading history. Kerviel learned the intricacies of the bank's controls during his time working in middle-office jobs, before moving to the trading floor in 2005. "He chose very specific operations which were not involving any cash movements," Mustier said. "He managed to place transactions which...
Bank executives said they finally realized their mammoth problem last weekend. Société Générale chief executive of corporate and investment banking Jean-Pierre Mustier told reporters that he was "convinced [Kerviel] acted alone." Kerviel confessed to the elaborate fraud during a six-hour grilling by bank officials on Saturday night, according to the Daily Telegraph, which posted a photograph online of a slender, dark-haired man. Despite the weekend revelations, three days lapsed before executives suspended trading of Société Générale shares. They declined to tell reporters...
...backlash of sentiment for the President, New American Library has already dropped plans for a paperback edition of the cartoon anthology L.B.J. Lampooned, will retitle Larry L. King's My Hero L.B.J. and Other Dirty Stories. Simon and Schuster's Quotations from Chairman L.B.J. is suddenly mustier than Mao, and Macmillan's Sam Johnson's Boy, an unflattering account of Lyndon as a Texas politico, due in June, now seems hardly momentous. Though continued reader interest in Johnson may help rescue many of the books scheduled before his-or their-withdrawal, publishers all at once seem...
Divorce-Italian Style. Director Pietro Germi and Actor Marcello Mastroianni, in the year's most hilarious comedy of bad manners, slyly rattle one of the mustier skeletons in their country's closet-the antiquated Italian divorce...
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