Luis Álvarez Renta appointment as part of his retirement, in order to effect positive change for the country by helping it negotiate a Free Trade Agreement with the European Union. However, after Governor José Lois Malkún of the Central Bank of the Dominican Republic’s announcement that Álvarez Renta was involved in the Baninter debacle, Álvarez Renta resigned the post in order to avoid a dispute between President Mejia and his advisors. In response to the announcement, Álvarez Renta took out full-page advertisements in the press, in which he declared he was innocent of all the charges made by the Central Bank. He also
Oscar de la Renta join Antonio del Castillo as a couture assistant at Lanvin in Paris. In 1963, de la Renta turned to Diana Vreeland, the editor-in-chief of "Vogue" for advice, saying that what he really wanted was to "get into ready to wear, because that's where the money is". Vreeland replied, "Then go to Arden because you will make your reputation faster. She is not a designer, so she will promote you. At the other place, you will always be eclipsed by the name of Dior." De la Renta proceeded to work for Arden for two years in New York City before he