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A lost decade for stocks in Paris. In the past ten years, the CAC 40 has gone through five years of crisis. The toll was heavy: while September 4, 2000, the benchmark index of the Paris stock touched its record high, rating it at 6944.77 points at the meeting, boosted by a phenomenal Internet bubble, he moves painfully about the 3600 points TODAY 'hui.

If the current situation is rather gloomy, the atmosphere, in the late 1990s, was euphoric to say the least. The tech bubble that began in 1995 with the IPO of Netscape – sensational – escalated beyond reason with the explosive growth of telecommunications (France Telecom was by far the largest accumulation of ACC 40) and the phenomenon of start-ups. The world has welcomed the Internet as a revolution that would change the world, characterized by prosperity, easy money and speculation.The shares were outbid unconnected with the reality of companies' accounts.

When the time has come to the realization, the descent into hell has begun. On March 13, 2000 in New York, the Nasdaq index of technology stocks at the time (eBay, Yahoo, AOL …) suddenly picks up and puts an end to five years of consecutive increase. The European market will suffer a few months later and will suffer the same mass layoffs.

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The firms play the game of real recovery? Their profits are excellent on both sides of the Atlantic in the second quarter. At the same time, growth remains too low to reduce unemployment and the specter of a double dip recession. Economists blame the companies responsible for this widening gap between profits and growth.

"The companies have not shared enough of their profits with their employees, and this could dampen the recovery," says Aneta Markowska, economist at Societe Generale CIB. In the U.S., the share of corporate revenues redistributed to employees has dropped from 59.8% in the second quarter, its lowest level since the Second World War.

Recruitment at half

Paradoxically, "the companies that have entered the crisis with little debt and thus did not need to rebalance their balance sheets, accumulate cash and threaten the recovery," says Aneta Markowska. Their cash is now nearly 6% of their assets, against less than 4.5% before the crisis. A level not seen since the 50s, according to figures from Societe Generale CIB. The most obvious translation of this strategy, they block the hiring.

Natixis, the head of economic research, Patrick Artus, made the same observation. In a classical revival, the increase in profits resulting from investment, thus creating jobs, which in turn produce growth. But this time it's different.'Distortion of revenue sharing to the detriment of employees led to the weakening of wage and salary income, thus accentuating the weakness of domestic demand, "says Patrick Artus in a note. In the U.S., it will need more time to households in debt up to his neck to clean up their finances before eating again.

Uncertainty

If companies are ants and jealously guard their cash flow, because a great uncertainty surrounding the economic outlook. Because of fears of fallout in recession, "they do not know what will be their future profits and (in the U.S., Ed) they have difficulty in measuring what the impact of tax measures on the viability of their projects investment ", according to Societe Generale economist IPC.

Growth at half-profits on the rise, "he will have to get used to the difference," said Patrick Artus, who believes this is a trend. First, large groups are investing in emerging markets with high potential, which boosts their results. Then the credit market freeze that followed the bankruptcy of Lehman Brothers has scalded. They now want to finance their own investments and not to depend on external funding.

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Boiron For the first six months of the year have been complicated. The homeopathic laboratory issued after market one dégringolage 62.4% of its net income Group share, 5.129 million euros over the period. "As announced at the publication of 2009 results, the group continued on the first half of 2010, his efforts to lay the foundations for its future development: further promotion and research, increased development investment and productivity ", justifies the group in a statement.

The half-yearly sales were flat at 221.5 million euros. A cons-performance is explained by "a context of pathology winter low.Boiron, which markets the drug against Oscillococcinum flu symptoms or treatment against cough Stodal, rose only 0.3% of its sales in France Guaranteed payday loans. Internationally, they fell by 2.7%. Operating profit fell by 55.1% to 9.186 million euros.

These results Boiron push to revise downward its objectives for the entire year. While it expects a "maintenance" of its business last March, the group now believes that "the turnover should be back from 2009. The group's profitability will depend on the level of activity of the second half and should in any event be less than 2009. "

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The group Safran has denied being in the process of preparing a bid for the aerospace supplier Zodiac, in a statement released Monday. "The group is not in the process of preparing a bid on Zodiac," Safran wrote. However, the group said it "remains convinced of the strategic industrial and an approximation for all stakeholders."

Because when things affecting families, the file is always a bit more complicated. Saffron, which has shown since the July interest in the Zodiac Aerospace supplier, faces several shareholder and indecisive. And in a certain direction: when the merger proposal was made to Zodiac, its supervisory board, chaired by Olivier Zarrouati decided dryly "unanimously that there was no need to implement this proposal.

Saffron démord however.If the group led by Jean-Paul Herteman always excludes any hostile takeover Zodiac Aerospace, it should go in the coming days the decision to launch or not a bid, according to La Tribune on Monday. Saffron remains convinced of the relevance of such a rapprochement.

The stock market also seems to be convinced, as evidenced by the soaring shares in early July Zodiac: +25% in two weeks. The government, which holds 30% of the Zodiac, too, vote for it.Already, because Saffron has a good experience in mergers and acquisitions, but because this new entity would achieve industrial and technological progress and better respond to major clients such as Airbus and Boeing, who want to work with limited number of suppliers.

A Family Affair

The best way to Saffron convaicre recalcitrant shareholders Zodiac lies ultimately in the financial conditions of the proposal. It takes a high price, especially to put in his camp Domange family, which owns more than 10.5% of the capital. According to La Tribune e, the Peugeot family, she would agree.

The Tribune understands that Safran would be able to offer a significant premium of 30-40% compared to the current share price, which is 43.4 euros. The amount per share would be increased from 56.5 to 60 euros. Let her best historical levels.Saffron is also trying to explain to those shareholders that the merger could be accomplished through stock swaps to maintain the fiscal pact that exists at the Zodiac, which they are attached, as it allows for more than 6 million euros in savings in taxes on capital.

As soon as the bell rang at the Paris Stock Exchange on Monday morning, trading Zodiac Aerospace has been suspended for several minutes before the title is displayed up 13.65% to 49.28 euros, while the SBF 120 index rose 0.38%. A sign that the markets believe in this marriage.

Saffron is willing and able

The figures put forward by the business daily are considered credible by observers."The price mentioned by The Tribune is a surprise to anyone," Judge Pierre and Boucheny, Kepler Capital Markets.

Saffron could finance "no problem" such an offer, even cash, for a price that would reach "four billion euros, including debt redemption," said another analyst.

Saffron, merged in 2005 the engine manufacturer Snecma and Sagem, has also acquired other projects. He could well wrap the forthcoming resumption of the French public group SNPE in the propulsion of rockets and missiles.

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LE FIGARO. – After the World Cup, the hearing TF1 declined. You released the effort?

Lawrence STORCH. – The reality is that during the summer months 20% of French are on vacation. Their responsiveness to programs is not the same and we tailor our offering to this seasonality. But we have not lowered our guard during the summer. We have proposed programs that the public was pleased to see again as The Visitors and Research Section and the new season of Secret Story for 36% audience share on Women procurement officials. In addition we have continued to test new programs and whether "Welcome to my tribe" has not found its audience, instead "The 12 strokes of noon" and "First Love" are real achievements.

You have launched "MasterChef" August 19. There are more back?

The back is a formalism that now of less interest to the public.The Internet has profoundly changed the media programs. Information flow from the first "pilot" and spread through social networks. The concept of chronology has totally changed. Now we're on the air programs when they are ready. Thus we present two to three new releases per month, including in August. This corresponds to the expectations of the public. It is also the trend in the U.S. where the chains have broken the traditional rendezvous of February and November. Regarding "MasterChef" August 19 was a great opportunity. The first captivated the female audience. I have no doubt that the program will ramp up and settle on the semester.

The hearings TF1 Can halt their decline?

Today, we are in a transition period which complicates analysis for broadcasters and producers.We must make the balance right between what is mechanical, ie related to the increase of DTT, and what is the editorial or artistic touches and quality programs, we are the guarantors. I look forward to the whole of France switches to all digital in late 2011 and that competition takes place on stabilized bases. Remember that the only channel TF1 is able to muster more than 10 million viewers for its programs and that prime time has increased in the first semester!

Last year you Pariya on nostalgia. What are the major future trends?

Undeniably, the key words are close, emotion and humor. It is very clear that television lifts his foot on violence.For example, the American series, which tended to be hypersegmentées are now a wider audience, with female heroines, which corresponds to the TF1. We already had a taste with The Mentalist. Finally, reality TV, as a mode of writing, is in the process of infusing all types such as magazines, fiction and entertainment. And unlike reality TV programs will evolve. To attract the public, they will offer a strong and ongoing challenges.

What are the strengths of TF1 in the grid the next few months?

French fiction has found its stride on TF1 with two major events on Monday and Thursday, respectively devoted to comedy and lighter procedural series, such as Doc Martin Thierry Lhermitte, The Ripoux anonymous and Pascal Laurent Gamelon Légitimus or Brassed Off.We also develop detective series very square with male heroes. We work with producers to try to accelerate production of the series to arrive in seasons of 16 episodes, where we are now delivered instead of six. Furthermore, TF1 has created a frame of solid games with "The twelve strokes of noon" and "Wheel of Fortune" or "The fair price. To renew our offer to address the shortage of international formats, we have launched many drivers original creations. It is the same for varieties. I do not doubt that there is an original format in the future. Finally, our prime time entertainment will learn from soirees. We resend the live performances of the biggest headliners such as Florence Foresti and Franck Dubosc. We offer the shows made exclusively by artists for TF1.We begin with Laurent Gerra and have a project with Muriel Robin

TF1 has TMC. Do you foresee cooperation between the two?

I am in charge of programs TF1. Each channel has its own editorial team. Moreover, we can not move any type of programs from one channel to another, because this would lead to blur the identity of the channels. The group has made commitments in this regard. Our strategy will not weaken or a string to support the other, or to convert a string to catch-up TV service improved. It is necessary that each antenna has its own identity and it is as strong as possible.

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The CAC 40, which again closed lower Wednesday on a net, trying to back up the hill on Thursday. At the opening, the leading index in Paris climbed 1.17% to 3490.75 points and then took a further 0.64% to 3472.25 points in mid-session. Elsewhere, the same movement: the Footsie in London is 0.85% at 5152.68 points while in Frankfurt the Dax was up 0.54% at 5931.34 points.

European markets based on the surge on Wall Street Wednesday, but also on purchases cheaply. The NYSE has erased its losses late in the session to close up 0.2%. A technical rebound which was conducted in a context of bad macro news (sales of new homes in July after falling sales in the former, smaller increase than expected orders for durable goods).The Paris markets will also be comforted by Asia which has borrowed the same road this morning as Wall Street.

After consecutive declines (which have seen the ACC lost 2% since Monday), European investors are making purchases on the cheap pending the release of weekly unemployment registration in the United States earlier this afternoon.

Side currencies, the euro remains strong against the dollar. In morning trade, one euro is worth 1.2710 dollars (0.31%) and 1.2712 in mid-session.

The Paris markets react to the small decline in unemployment in France in July, fell after the market closes Wednesday.More importantly, they welcomed the battery results fell before the opening.

Accor flies, Gemalto tumbles

For the first time in years, the industrial take over ads on macroeconomic indicators:

After his former branch of service Edenred, Accor issued this morning. The group announced a net loss for the first half of 64 million euros against a loss of 236 million a year earlier. Despite very conservative outlook, the stock market welcomed the performance: Accor shares are leading the ACC with an increase of 4.68% to 24.6 euros.

Credit Agricole has reported a net profit of 379 million euros in the second quarter, well above the 280 million expected by the markets. Net revenue reached 5.469 billion euros and the cost of risk fell by 13%.Again, the stock appreciates: the titles are among the highest increases with a jump of 3.28% to 10.225 euros.

Bureau Veritas (4.30% to 47.34 euros) announced adjusted net income Group share up 8.9% to 149.5 million euros in the first half. Turnover was up 1.5% to 1.349 billion euros. The group aims to increase its sales in the second half of the order of 10% and expects a "slight increase" in operating margin over the full year 2010 on the current scope.

Gemalto has reported net earnings fell to 63 million euros in the first half and sales of 840 million euros, up 5%. The group said banking on accelerated growth in the second half, with a turnover of over one billion euros over the period.The title gives 2.63% to 28.67 euros.

Bongrain (+0.19%), Lagardere (0.41%), Stallergenes (1.34%) and Etam (1.56%) will release after the market closes.

Wednesday, L'Oreal (5.77% to 80.14 euros) announced an operating profit up sharply in the first half and higher expectations. This performance allows the number one global cosmetics find a level of operating margin similar to the record first half of 2008.

L'Oreal and Total (0.24%), major shareholders of Sanofi-Aventis (-0.81%) would otherwise be reserved for the proposed acquisition by Genzyme, fearing that the French pharmaceutical group pays its target too expensive , said Wednesday the banking sources told Reuters.

BioAlliance Pharma (5.03%) received European agencies agreed in principle on the filing in mid-2011 the registration dossier of the drug against herpes labialis.The laboratory recorded a strong increase in its turnover in the first half and a net positive.

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Already cooled by the poor performance of U.S. markets and Asian, European markets were moving down sharply on Tuesday. But the coup de bamboo fell to 16 hours, when the number of highly-anticipated sales of existing homes in the United States has been published.

They fell in July from 27.2% to 3.83 million annualized units, their lowest level in more than 15 years. The fall is twice stronger than expected. A nasty surprise while growing doubts about the strength of the U.S. recovery, and while the labor market overseas and yet still shows signs of weakness.

Emblematic of Wall Street widened its losses and European stock markets suffer the consequences. The Dax drops 2.19% to 5879 points, the London FTSE coward 2.24% to 5117 points.In Spain, the Ibex lost 2.57%, the Belgian BEL 20, 1.63% and the FTSE Eb Italian, 1.68%.

In addition, industrial orders in the eurozone rose slightly more than expected in June, according to statistics released Tuesday by Eurostat. The control inputs in the sector rose 2.5% from May and 22.6% compared to June 2009. Economists and analysts on average expected for June increased 1.5% from May and up 22.9% over one year.

Values follow

Accor announced Monday the signing of a Memorandum of Understanding regarding the sale of walls 48 of its hotels in Europe for $ 367 million, Predica, insurance subsidiary of Credit Agricole (-2.03% 9.95 euros) and the Land Walls, a subsidiary of Land regions (-0.68% to 71.50 euros).Titles leapt 1.54% to 23.72 euros this morning and remained alone in the green mid-session, up 0.21% to 23.410 euros.

Danone (-0.37% to 41.34 euros) Immédia acquired the company, number three French juice mixed with fruit (smoothies), whose turnover is around four million euros, reports the Tribune.

The Ministry of Sustainable Development and Bercy warned on Monday evening Regulatory Commission of Energy (CRE) and the Higher Council of the energy of their intention to decline by 12% the purchase price by EDF (-0 , 02% to 31.795 euros) of photovoltaic electricity.

The bank Societe Generale (-1.88%) and BNP Paribas (-1.80%) are among the largest declines.

Lafarge unscrews 3.08% to 36.95 euros.Bank of America-Merrill Lynch downgraded its opinion on the title of "neutral" to "underperform" and lowered its target price of 53-42 euros.

The euro was down 0.32% against the greenback at 1.2618 dollar. The European currency reached its lowest level since 8 years against the yen. The dollar is worse than 15-year low against the yen.

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The countdown has begun for the preparation of budget 2011. Everything must be completed within one month, Baroin to present the draft budget law (PLF) in the Council of Ministers in late September, a priori, 29. The expenditure side has already been adjudicated in July. On the menu: flat spending on no-load state pension and debt, elimination of 100,000 jobs in the public in three years and freezing of the index of civil servants in 2011. It remains to decide on the issue "revenue". It is the most politically sensitive because it touches on taxes. Brégançon Friday's meeting set the framework: the savings in tax and social niches will reach 10 billion euros. Previously, Baroin spoke of an effort from 8.5 to 10 billion. But the revision of 2.5% to 2% growth forecast for 2011 requires finding 3-3500000000 to hold the budget.Hence the decision to cut more in the niches. Bercy has also reap additional revenue in 2010, including 2 billion through the resumption of employment, as announced by the Minister to Le Figaro. What started 2011 on a better footing. Finally, the department does not rule to revise the margin some expenses. Baroin defends the crucial lines of force.

LE FIGARO. – Are you not preparing a tight budget?

Francis BAROIN. – When developing a budget, there must be serious and make sense. Our meeting last Friday about the president and prime minister had intended to make choices to reduce public spending in order to achieve the 6% deficit in late 2011. It is the cornerstone of our policy.Everything must work towards this goal: we have an obligation to return as quickly to deficit levels before the crisis. This is a critical issue for our economic growth. The debt and deficits are the major topics of concern of the French, and we must demonstrate our ability to reduce, which will restore their confidence in the future and encourage them to consume and invest in return.

Why have revised down growth for 2011, while the activity was better than expected in recent months?

Economic activity in the first half of 2010 was in line with our expectations, and we should finish the year with growth of 1.4% or even above. For 2011, we forecast a proactive and realistic.Aim for 2% growth, consistent with the OECD projection is proactive because it's better than 2010, but is also realistic because we must not forget that a recession ever went there and that all countries that have suffered will take time to erase the traces.

Are you worried about the credit ratings of France?

No. Over the past two years, it was vital to sustain economic activity by injecting public spending. The revival in France, was very well calculated, and I see that despite large deficits our country continues to borrow at historically low levels on the markets. This indicates that investors have confidence in us.They know we have great resources at our disposal such as a savings among the highest in Europe.

If growth is higher than expected this year, can we expect increased revenue for the State and Social Security?

The good news critical of the first term is the creation of 60,000 jobs. The recovery of the labor market is expected to generate about 2 billion of additional social security contributions. In mid-September, we'll do the exact point on this revenue to build the draft law on financing of Social Security in 2011 on a solid and sincere.

And for the state?

Tax revenues are in line with our expectations. This is particularly the case of corporation tax, which is a very positive signal. The crisis resulted in 2009 by a collapse of social security contributions and tax revenue. We go out.Any additional revenues from the economic forecasting will be fully allocated to deficit reduction.

Nicolas Sarkozy announced Friday a cut of 10 billion in tax and social niches. Is not that a tax increase in disguise?

Absolutely not. No one is forced to use a niche tax to reduce his tax: it is a personal decision. In contrast, a general increase in taxation would penalize everyone. There is no question of doing so. We will not increase taxes, whether VAT, income tax or corporation tax. It is a very political choice, which corresponds to the commitment made by Nicolas Sarkozy during the presidential campaign. To reduce deficits, we have decided to act primarily on the expenditure, including that which passes through structural reforms.In a country where public expenditure accounts for over half of national wealth, is where are the flexibilities consistent.

All the niches are not "chosen". Some tax cuts meet family responsibilities, to situations of handicap, disability, age. Will they be trimmed as well?

Similarly we have not touched the RSA and social minimum, the vulnerable population will be spared by the plane or the removal of niches. Family policy will also be preserved. But it is true that the reduction of niches is an exercise in subtle and difficult. Found 10 billion in savings over 75 billion tax and spending 45 billion on social niches represents a substantial effort. But necessary. For years, the niches have been the choice of the facility.Sometimes washed sand.

The movement of the plane there will be enough to keep your goal?

First, I note that we have actually a little less than 2 billion to find the niches. For decisions taken in the context of pension reform and the level of those to be on the Cades (Sinking Fund of the social debt) will yield a total of over 7 billion. And, of course, we will also with a plane that will reduce by 10% the tax advantage of a number of devices. But this is not the only tool used. Some niches will be deleted. Other tax cuts would be concentrated or have their revised calculation method. The idea is to share the effort between businesses and households. We make our decisions be final in mid-September.

Investors fear being heavily utilized.Are they right?

One of the successes of the French economy is the savings of its households. We will be very careful not to destabilize it. In general, we want to protect the purchasing power of the French.

How to pay off the debt that Social Security has widened during the crisis?

Along with bills of state finances and Social Security, this fall, I will defend an organic bill to Parliament which will define the terms of repayment of 35 billion debt to Social Security that we will transfer to Cades . This organic law proposes to extend the four-year life of Cades, which is currently scheduled for late 2021. We also will allocate 3.2 billion euros of additional resources each year to Cades to be learned from the reduction or elimination of certain niches.Finally, Cades benefit from the recovery of the pension reserve fund which it will draw some resources.

You will increase the margin tax on certain investments of life insurance or income from movable capital (bonds, shares …) to finance the Cades?

It is a trail to the study among others.

Some members of the majority will once again seek an increase in the DRES …

We expect this debate during the fall, which is legitimate. But by offering 10 billion euros in savings on tax and social niches, we will show members that we have the means to finance the Cades without having to raise the CRDS.

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For Baroin growth could exceed 1.4% in 2010

"France has never been so close to losing its AAA rating

Monday, Remy Pflimlin found on its new office in a state of France Televisions group's finances. Surprise, excess advertising revenue will reach 70 million euros at 31 October 2010 and should exceed 80 million euros at the end of 2010.

In all the advertising for France Televisions would reap 390 million euros in revenues in 2010, against 311 million budgeted. Consequently, the group's finances could be awarded in 2010 while the business plan projected a deficit of 44 million.

Unless of course that the state decides to take some of that pot as he did in 2009.Indeed, last year on $ 110 million surplus advertising, the state had taken 30 million.

If the state decides to take over all or part of the pot, it will reduce the budget of 450 million euros it pays for each compenserl'arrêt advertising after 20 hours. The state would be more tempted to reduce the budgetary resource that taxes on private broadcasters and telecom it had put in place to finance this package are much lower than expected.

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U.S. markets blow. At the close on Wednesday, the Dow Jones gained 0.41% to 10,680 points, the Nasdaq is 0.88% to 2304 points while the S & P grants itself 0.60% to 1127 points.

After the series of bad statistics released Tuesday as investors welcomed with relief the figures of private sector employment. The monthly survey from consulting firm ADP showed that the U.S. has created 42,000 jobs in July, when economists and analysts on average expected 40 000 new posts. The June figure was also revised upward and now shows 19,000 new jobs, 13,000 cons first announced.

These figures augur well before the official statistics of the U.S. labor market that will be published Friday. Economists and analysts on average had forecast an index down to 53.

Moreover, the ISM services has accelerated unexpectedly in July. It stood at 54.3 last month, against 53.8 in June

On the currency front, the dollar resumed on Wednesday it some color, but remains near its lowest level since 1995 against the yen and a low of three months against the euro. Indeed, this Wednesday, the euro continues to evolve over $ 1.32, while the dollar plunged against the yen at 85.42 yen 85.80 yen against Tuesday night.

Anadarko bounded

Time Warner (+0.40% to $ 32.49) has published a quarterly profit above Wall Street expectations after posting the largest increase in sales for two years.

Anadarko (4.29% to 55.01 dollars) oil group, owns 25% of wells BP, Tuesday reported a net loss of 8 cents per share less than 48 cents per share loss a year previously.Excluding items, earnings came in at 49 cents, while the consensus gave 35 cents.

EA (7.42% to 17.38 dollars) announced on Tuesday quarterly results better than expected and confirmed its forecast of annual and that could still give breath to the title Wednesday.

The Federal Trade Commission (FTC), U.S. competition authority, said Tuesday it had reached an agreement with industry giant Intel microprocessors (+0.08% to 20.73 dollars), against which she had complained in December for anticompetitive practices. AMD remains unmoved at 7.51 dollars.

The Canadian RIM (-3.85% to 53.39 dollars) presented Tuesday in New York, his new BlackberryTorch 9800, which will go on sale August 12 and will compete directly with Apple's iPhone 4 (+ 0.40% to 268.98 dollars), but his disappointment Arab continuing.Saudi Arabia has in effect suspended the BlackBerry service, according to the UAE, the Gulf countries demanding to watch multimedia phones from the Canadian manufacturer, which replicates grant any waiver of its encryption system, particularly safe.

Investment bank Lazard Franco-American (stable at U.S. $ 31.42) said Tuesday that the heirs of the deceased CEO Bruce Wasserstein, and other current and former executives of the bank, were put on the market some 7.4 million shares, or nearly 7% stake.