True, French bankers are masters of the disdainful frown, delivered with great poise and bitterness even when breaking the news that the client's entire fortune was, in fact, invested with Bernie Madoff. But even among these captains of the curmudgeon, occasionally a standout emerges. In the case of the SocGen insider trading probe, we are introduced to the art's newest grandmaster: Jean-Pierre Mustier, and behind-the-scenes side-kick, Robert Day.
The proceedings against the two men come after an investigation by the regulator, the Autorite des Marches Financiers, or AMF, into SocGen's financial information and the trading of its shares. The investigation began in January 2008.
Mr. Mustier was in charge of SocGen's corporate and investment bank at the time of a €4.9 billion trading scandal that rocked the bank in January 2008. After the scandal the bank made him head of the asset management and investment services division.
We are certain Mr. Mustier's legal representatives will try to encourage him to adopt a somewhat brighter appearance, but who can blame him? If you were being investigated by a national chain of bowling centers, you'd look a bit sour too.
SocGen Executive Mustier Leaves Amid Trading Probe [The Wall Street Journal]