The debt in the airWell acquired benefits never

That's worse than a banker A Swiss banker! Kafka asked how much would reach the Helvetia if on the dépliait on a plain. The mountains of impairment losses accumulated in twenty months by its banks, two and a half taller than those on this side of the Alps, in any case sufficient to cover the annual budget of the Confederation or 60 of a year of benefit of the members of the CAC 40. European champion of this banking schuss, UBS has a theory of unworthy records: more than 40 billion euros of value lost on radioactive financial products, an avalanche of losses totaling 16 billion in two years, 150 billion of assets removed by wealthy customers last year half the size of Société Générale Asset Management and 85 EUR billion in market capitalization in smoke. This is not insurmountable if the case of UBS not painfully illustrated the difficulties in the creation of a "bad bank". The Swiss Central Bank will leave one-third of the dangerous portfolio which it was originally the relieve to UBS. And the Bank had to make a valuation haircut of 20 on a first tranche of assets that it has transferred. Swiss banking Paradise really much lost its charms.

Eternal regret

The most beautiful acquisitions are sometimes those are not made. As Barclays welcomes failed acquisition of ABN AMRO which fails to be fatal to her colleague Royal Bank of Scotland, E.ON can thank the premier Spanish, José Luis Rodriguez Zapatero, of having blocked, two years ago, his attempt to raid on its electric champion Endesa. Did eventually resume that positions of number three or four in the electricity and gas in Spain, Italy and France, the German energy company is enough today to wipe off his accounts only goodwill EUR 1.8 billion, or 16 of the paid 11.5 billion in 2007. His misfortune past avoid its shareholders which would probably have been the first loss of the history of the group. Those Italian Enel, the purchaser of 67 of Endesa alongside Acciona, are likely not to have this chance. Always rated the Iberian electrician fellowship course in Madrid has been reduced 42 below the price offered by the tandem. So that the latent depreciation of Enel exceeds 12 billion euros, more than double net profits should register for 2008. If it was content to cleaning of a comparable to E scale.There, he end the year on a profit to low voltage without strengthening equity twice less than its net debt. "Gloria victis!".

The debt in the air

Well acquired benefits never. Maria Elisabeth Schaeffler may today be pondering the proverb even if taken in the vicious cycle of debt, it has not necessarily open. She was able to get their hands on Continental German, his compatriot, number two of the European tyre, taking advantage from the time he had touched the tire adding debt of EUR 9 billion to acquire a subsidiary of Siemens. Bis ASM. In turn, the widow of the billionaire founder of the King of the ball bearing is a victim of his lack of judgement in an offensive launched in the summer while the auto industry already had the foot on the brake, and concluded in the fall at the time when she was at a standstill. Debt, on the other hand, combined with that of Continental, made a great leap forward to 22 billion euros. Schaeffler family borrowed 11 billion to be given in August actions to 75 euros worth in 16 today. It is therefore that Maria Elisabeth swallowing his pride tends his sébile to public authorities. It includes mostly why Ms Merkel is not tempted by the travel air.