Table: Credit Lyonnais' Tangled Tale
California takes over bankrupt insurer Executive Life.
Lyonnais unit Altus buys Executive Life's junk-bond portfolio for $3.25 billion. U.S. law blocks banks from owning insurers, so Lyonnais organizes investor group purchase of Executive Life's insurance interests.
French tycoon Francois Pinault buys most of the junk bonds for $2 billion. Lyonnais finances 100%.
Jean Peyrelevade named chairman to stem growing losses at bank.
Anonymous French whistle-blower alleges to California Insurance Dept. that Credit Lyonnais was real buyer of Executive Life.
Peyrelevade claims he first learns of terms of Executive Life deal. Informs U.S. Federal Reserve.
Credit Lyonnais is privatized.
California Insurance Dept. files suit against Lyonnais and others. Fed and U.S. Justice Dept. investigate.
Pinault and his holding company, Artemis, added to California lawsuit.
French government tries diplomatic pressure to halt U.S. probe of Credit Lyonnais.