6 billion on 17 February in addition to the already insured 17We begin to talk even with the RepublicansA serve with fungi and the whites of leeksAnd many service activities are now the industryMost of them refuse to speak on the subjectWhat give ideas to the giants of the garmentHe was in Toulouse Saturday salle Nougaro 05Today it is the level of education that is determinativeIn Spain the shadow is a cultural phenomenonThe interest is double to the British authoritiesPatience is the key to the issue but she spares not necessarily suffering. After seven years of painfully in Allianz, Dresdner Bank completed in apotheosis his tenure at the insurer. Prior to joining the fold of Commerzbank, the Bank subsidiary has nearly doubled the invoice of the financial crisis on the last quarter of 2008 compared to the previous nine months. Its 6.8 billion euros of writedowns on exercise have plunged the first European insurer in the red for the first time in six years. Despite historic loss of 2.44 billion euros, the history not stutters so far. Unlike the troughs of 2002-2003 it was forced to lift 4.5 billion euros, Allianz is not today the same emergency. Lightened of its banking boulet, its solvency ratio has not budged in a year when one of AXA, more sensitive to the financial markets because of the weight of life, has fallen by 17, which fear a call to the market. The Eagle of Munich can offer to its shareholders the luxury of a dividend decreased by 36 when the Gallic Rooster chose to divide his own by three to preserve capital. It was not needed to widen the gap between their two stock market capitalization, which takes the cap of EUR 10 billion.
The American shovel
Jean Chrétien, former Prime Minister, liked to recall that there is nothing more nervous than a $ 1 million. Obviously, beyond the billion, the stress is place for apathy if we think that Wall Street opened higher yesterday after the announcement by General Motors of 31 billion of losses, is 29 dollars per share, a title which is only barely more than two. Apathy, it is also the leadership that, while largely through private company, aircraft have left it almost autopilot. It is only at Bay, pushed by the Government, they begin to consider the household in their marks. The group even did not transform the test in China, resting, is also on its laurels. Last year, for the first time, Toyota is sold more cars than GM. All these errors, the shareholders, the group will have lost 82 billion in four years, the were heavily paid. Their action was worth 90 dollars ten years ago, $ 50 five years, $ 25 a year ago. It is the turn of the taxpayer to finance restructuring that have not been conducted when necessary. After the already débloqués 13.4 billion, constructor in advertising still more than sixteen, brandishing the spectre of a deposit of balance which would, proclaims, yet more expensive for the State. The bankers were not only artificers of the crisis.
The squirrel and the Fox
The squirrel has recently had the feeling that the Elysee had not enough rented the brightness of its coat, the annual net loss of 2 billion euros published yesterday came remind him that it was not the Phoenix of the host in the financial sector. Second HABs banking group born of the merger of the Caisses d'Epargne and Banques Populaires do not more promises to be a cheese as appetizing as that of the fable of La Fontaine, at least in the short term. Even after a consolidated result that turned the Red of EUR 3.2 billion in 2008, the new set is led liabilities inherited from its unfortunate expansion on sophisticated credit markets. Natixis, its subsidiary listed, took a step in the right direction by isolating in a structure identified its riskiest assets portfolio, exceed now EUR 56 billion in face value. The logic would like to now that mothers relieve their daughter of such a burden, which required far 5.6 billion euros of capital injection and applies to the minority shareholders to hold a "penny stock" there where they had invested 19,55 EUR in 2006. François Pérol, former host of the Castle named at the head of a bank undermined by his baronies, is now with this responsibility and it would have any cunning Fox to escape.
