Financial Accounting Blog

Monday, June 21, 2004

Vivendi Arrested. AP reports that former CEO of Vivendi Universal has turned himself into Paris police.
Authorities are probing a massive share buyback in which Vivendi allegedly spent over $1.2 billion to prop up its own share price in the weeks following the Sept. 11 terror attacks. Messier and his top team are suspected of buying back Vivendi shares well above the authorized volumes even while the company was presenting its financial results --a practice strictly forbidden by stock market rules.