Banker accused of fraud

Trichet charged with falsifying accounts of Credit Lyonnais

Jean-Claude Trichet, head of the French central bank and the man believed to be next in line to top the European Central Bank, was charged last week with fraud, based on claims he falsified the accounts of publicly owned French bank Credit Lyonnais during the early 1990s when he was at its helm.

Trichet and other French officials allegedly downplayed the scope of the bank’s extensive and catastrophic investments, notably its ill-advised purchase of MGM from Kirk Kerkorian.

Credit Lyonnais, the country’s sixth-largest bank, eventually had to be bailed out by the French government after incurring losses exceeding $20 billion.

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