Word: ren
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...history of art has Pablo Picasso to thank for René Magritte. "You see, like many young painters in the 1920s I wanted to live in Paris," Magritte once told a pair of journalists visiting his picket-fence cottage in suburban Brussels. "And in Paris, there was this wild Catalan who was doing all there was to be done with technique. I could tell there wasn't going to be any technique left for the rest of us to invent. So that's when I decided I was going to paint ideas...
Even Jean-René Fourtou, Vivendi's new CEO, seems puzzled. "We can continue to build an international media and communications company," he wrote to investors last week, but "with what strategy?" There may be order behind his confusion - Vivendi's last CEO, Jean-Marie Messier, was criticized for depressing the price of assets he planned to sell by broadcasting his intentions. As Fourtou sells j10 billion in assets to service Vivendi's debt, that's not a mistake he can repeat. Yet he must also be genuinely perplexed by his options. "My sense is that they would like...
...million engines annually. Spanking The Banks U.S. Senate investigators testified that Citicorp, the top U.S. bank, and J.P. Morgan Chase helped Enron hide more than $8.5 billion in debt. Canal Plus (Or Minus) In his first move to reduce Vivendi's ?19 billion debt, new CEO Jean-René Fourtou will separate Canal Plus into a new company and sell the rest of its pay-TV unit. INDICATORS A Family Affair Think your family reunions are stressful? John Rigas, founder of Adelphia Communications, was arrested in New York City with his two sons and two other former executives for allegedly...
...Monod - a former official at Vivendi's French rival Suez. Their view that Messier would bankrupt his corporate creation - discrediting the entire Paris Bourse in the process - was pressed upon Chirac allies on Vivendi's board, and down went Messier. Replacing him is Jean-René Fourtou, the non-executive vice chairman of Franco-German pharmaceutical giant Aventis and respected baron of French business. Staid, solid and focused on getting Vivendi past its liquidity crunch, Fourtou will also likely sell off some Vivendi assets and establish a tighter, slimmer industrial strategy. That's not exactly the "think big" spirit that...
...common with many other abuse cases, the church seemed unwilling to take action against one of its own. However, in a landmark case in France last year, Father Pierre Pican, Bishop of Bayeux-Lisieux, received a three-month suspended sentence for failing to inform the police after Father René Bissey confessed to him that he was sexually abusing children. Bissey was jailed for 18 years in 2000 for raping one boy repeatedly and abusing 10 others betwen 1989 and 1996. Pican's defense claimed that the bishop had been motivated by his priestly obligation to keep Bissey's remarks...