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MEDIA
Vivendi up as Messier seen out
Embattled CEO and Chairman Jean-Marie Messier reportedly quit the debt-laden French-U.S. media and utility giant. Jean-Rene Fortou, vice chairman of French drug maker Aventis, is seen as his successor. Vivendi's U.S. shares rose 4% on the news. Late Monday, Moody's cut Vivendi's debt to junk.
SEC: Merrill kept careful records
SEC Chairman Harvey Pitt said his past experience is that Merrill Lynch kept careful records on orders. Home decorating diva Martha Stewart claims she told her broker, Peter Bacanovic, to sell some shares of ImClone if the price dropped below 60. But investigators looking into insider trading charges reportedly have found no such evidence. Merrill has suspended Bacanovic and his assistant.
FINANCE
State pensions demand reforms