Clearstream and muddy waters

IT HAS been a bad year for Clearstream International, one of Europe's biggest clearers and settlers of securities trades. First, it was found to have overstated the assets it held in custody by euro1.7 trillion ($1.5 trillion), the result, it said, of mistaken reporting by clients. Then, a book alleged that Clearstream had been laundering money. The company denies any wrongdoing and is suing the authors and editor for libel. All the same, prosecutors in Luxembourg, Clearstream's base, are investigating. And on May 16th the chief executive, André Lussi, and two other executives “stepped aside temporarily”, pending the outcome of the inquiry.