What to allow the French to restore the current

Can we be and have been After completing one of the least bad of the CAC 40 in 2008, the action of GDF Suez suffered the most severe decline in the Parisian index since the beginning of the year. She who had surrendered only 11 in 2008, has already lost one third of its value in 2009, even if its 52 billion euros still give him the fourth capitalization of ACC, twenty times that of Air France. He must go back over five years to find the electrician in the green to the ninth rank of only 9 still receiving values over this period. Gérard Mestrallet group financial star has to be hydrated Schizophrenia of the markets marked by the warm welcome they have done to its 10 billion euros in loans to doubtful. That investors refuse him with one hand, they in fact were not stingy on the other. It is this financial capacity, that investors themselves have helped to acquire, which should be the breeding ground of a revival of the title. Comfortably installed on a debt less than half of its cash flow, GDF Suez will not practice the disposals of assets, which will have to move its European competitors to restore their treasuries. However, these operations may in times of crisis to be at high risk. What to allow the French to restore the current.

"Capital machine".

To keep everything as before, everything changes. It is as though Goldman Sachs meditating the favourite sentence of the "Cheetah", Prince of Lampedusa. Epitome of the aristocracy of Wall Street, the Investment Bank has hésité step a second to convert to bank holding company status and thus access the liquidity of the Fed. If Morgan Stanley has done the same, two differences in size since then separating these two great survivors of the former regime of credit: not only Goldman Sachs leaders say they are just eager to revolutionize their economic model by going hunting for deposits but they are already preparing to raise capital to be allowed to repay the money lent by Uncle Sam. The "cash machine" plays the "capital machine" to save what may be its corporate culture. It is playable as analysts expect first-quarter profit against a loss in Morgan Stanley and stock market just exceed the price of $ 123 for the capital increase of last September. The lifting of a new Fund in the non-coté décoté also shows its ability to stay in the air of the time. That said, the economic downturn will complicate the conservation of the former regime of profits.

The heart and reason

In the first of the class the jeers his challenger indulgence. The distribution of roles between Exxon, the first world benefits encashing, and the second American Chevron, is no exception to the rule. Exxon, who in 2008 won the highest profit ($45 billion) ever made by a company, the Americans say that it would be not able to find oil in a gas station but boasting the agility of Chevron, its way to attack the unknown lands. The heart of investors bat seems at the same rate as the vox populi. The market values rise American has since a month received 4 times more to one than the other, Exxon not having gained only 3 and 12 Chevron. The warning that it has launched on profits is accompanied by an increase in its production showing that pioneering spirit continues to animate it. While Exxon has a superior to his own twice as capitalization (345 billion against 138), it invests but barely more than his challenger: 26 billion against 23. Chevron spends in fact 68 of its cash flow for investment against 44 for his elder. However, with 35 billion, Exxon, in 2008, spent more in redemptions of shares in investment. This should have a priori to tie market. This is to forget that also prepares it the future.