THE FUTUREAN EXCEPTIONby Hakim El KarouiEd5 today with a near twothirds debt ratioWhat give buttons to European manufacturers3 million equivalent barrels oil per day or 5He is at home the American flag on his houseSince then it is the permanent guerrillaVipi The pronunciation English initials ofIt is not restricted to the massacred valuesWhen less oil need ideas of substitutionBecause Picasso is not a monolithic beingWhen European stock indexes are dangerously close to their more low March 2003, investors are much more willing to absorb the bad news that they leave the hope of better days. The world number one of Akzo Nobel paints therefore did not have to hide behind his brush to that it had overpaid by at least 15 the acquisition of the British here a year after had conducted it. The coup of roll erasing accounting goodwill EUR 1.2 billion is the Dutch group into the red for the first time since at least twenty years. This at the time where it cancels its securities repurchases depriving shareholders of return EUR 1.6 billion in cash. But in the darkest tables that the lower stories percent better. With cleverly financed the purchase of here by the sale of its pharmaceutical subsidiary Organon, Dutch painter, well noted by the agencies and debt to height of only 26 of its own funds, can come calmly the repayment of a bond of 1 billion in May. Its market capitalization in did not less peeling quickly, losing EUR 9 billion since end of 2008, more than the Bill here. At least this flow allows the title to display, through the maintenance of the dividend, a comfortable performance of 6.7.
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Last year's storms were spread to the roof of Saint-Gobain sales in the United States. They were not sufficient to save those of Home Depot, the U.S. specialist development of House, which has distributed more than pink paper to its employees as screw and guns to its customers. The number one DIY still showed expertise in reducing its accounts. If its net profit plunged by half, to $ 2.26 billion, it conducted an earnings per share higher than analysts forecast. To offset the fall of 8 of its annual sales (71 billion) and 17 in the fourth quarter, as the 9 it still provides for 2009, Frank Blake, CEO, released the crisis manager multifunction knife. He started by slash its stockpile by reducing more than 1 billion, then withdrew the most remote its core business activities by closing its stores more upscale. The successor of the flamboyant Bob Nardelli especially decided deletion of 7,000 jobs, the same number as another distributor to sentencing, Macy's. But their stock treatment has not been the same. Since early January, the title of Home Depot has decreased almost two times slower than that of Macy's, the market holding no doubt that Blake balance angle.
The lessons of the bomb
The best lessons of history are those that can take and apply in the moment. The adventures of the rescue of AIG provided copies to the Obama Government at the time where he reflects on ways to stabilize situations of the old number a world of insurance and the former empire of the Citigroup Bank. The main is that nationalization of AIG American", if it has helped to prevent an irreparable implosion of the financial system, in the immediate future is a failure after five and a half months. Although holder of 80 of the capital, Uncle Sam more involved up until now in creditor in beneficial ownership of AIG. Three quarters of its support of $ 150 billion were loans and 10 coupon that it imposed on its 40 billion dollars of investment in preferred shares has been counterproductive. He put the pressure on liquidity of the group without inciting its leaders to accelerate disposals of assets that have not exceeded $ 2 billion and a few. Reluctant to dismantle the group, AIG headquarters is known to assured the support of the State both the ability of the insurer nuisance remains intact through its role of consideration on the financial markets. It shakes not a bomb.
