And although light to support recovery of 1

The survivors of major natural disasters know that in addition to their own sense of guilt of surviving, they will face one day accusatory exterior looks. Until recently, glamour of the glory of having avoided the deadliest pitfalls of "sub-prime", Goldman Sachs arrived at this point where investors it would almost be the last still standing Wall Street Bank with Morgan Stanley. It is more enough to the market that the firm is one of very few investment banks in the world, with BNP Paribas, never falling into the Red since the beginning of the crisis, or that its impairment, even after the billion and a few of dollars extra for the third quarter, remain almost less than half those of the Credit Agricole. The former Lord of Wall Street must also show on the stock exchange that its businesses still have a future, and that their profits compensate adequately the risks they create. However, in the new financial era which opens, a profitability of own funds amounting to 8.8 in the third quarter a quarter of their level of a year ago is too low to justify the perils of a leverage effect still monumental (25 times) despite a reduction of 13 in one year. And although light to support recovery of 1.3 times the accounting assets.

The immolation of the golden calf

There is more cows sacred on Wall Street. If the "golden calf" of Damien Hirst just found licensee for $ 20 million, in London, insurer AIG, which was worth 180 billion a year ago, is more valued than 6 billion. An unimaginable debacle for a leader who was once worth as much as the European champions Allianz, AXA and Generali together. Even after the 13 billion of losses in two quarters, end of March, investors were pounced on the issue of own funds launched by the giant to consolidate its bases. They brought 20 billion 12.5 billion expected. But the leaders of the group, too eager to make easy profits in the short term, had forgotten the essential rules of caution appropriate to all financial and particularly to the insurers. 441 Billion on sophisticated financial products related to real estate investing, AIG has exceeded the bounds. Degraded at the worst of the storm by rating agencies Pontius Pilate who had not seen coming, the Colossus of clay court desperately after tens of billions of dollars. Having sinned by greed, it is normal that the American authorities leave to the private financial care solution, otherwise it will be sold at the auction. A rummage sale could be very expensive to all insurers and bankers who hold the same products, they might have interest in the gesture which is not the taxpayer.

Left or double

Compared to two years set by Suez and GDF to unite, the takeover by Hewlett-Packard computer service EDS has all of the "Blitzkrieg". Announced in may, this $ 13 billion acquisition is effective since August 26 and Mark Hurd, the boss of the group, guard the foot to the floor. Anxious not to repeat the mistakes of his predecessor, Carly Fiorina, now Advisor of John McCain and former stuck in the integration of Compaq, he did not wait 15 days to announce the bulk of his plan. 24.600 jobs, or 7 of its workforce will be removed in three years, primarily in the United States, while in the same period, new jobs will be recreated in low-cost countries. It was clear that this was that it would iron. With EDS, Hewlett-Packard Advanced, of course, the fifth to second in the world of computer services, the highest branch of the sector. But if EDS, remained too American, brings a high volume of business, his margin of 5 is poor for this type of activity; It is even less than half that of HP. For the correct, Hurd employs big means and he knows that the magnitude of this movement should not detract from its speed as it should help to increase the earnings per share from 2010.