Were There Blind Spots In Nomura's Oversight?

Max C. Chapman Jr. and Edward A. Cerullo, who are close pals, have a lot more in common these days than being former senior executives at Kidder, Peabody & Co. Cerullo, Kidder's fixed-income chief and Chapman's protege during the 1980s, resigned under pressure on July 22 in the wake of Kidder's trading scandal. Chapman, chief executive of Nomura Securities International Inc., is also under growing pressure from his firm's Japanese owners (BW--May 30).

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