The body responsible for regulating the banking sector would have directly challenged the previous management but also the leaders still in office. The report was quoted as saying, "number of findings concerning mechanisms for managing derivative positions are likely to contravene the regulations." Regulators cite "in 2007 and until 2008, the disclosure of Dexia Credit Local has remained evasive about the increasing risks, including the CEO and directors were aware. She ignored the violations of regulations and monitoring liquidity risk. "And the report says "the information to the public was not accurate, precise and sincere."

These omissions or falsehoods for the purchase of a portfolio of bonds and speculative securities amounting to 100 billion euros, an "illogical financing local government, the report quoted by Liberation payday advance lenders. Regulators also suggest a failure on the part of the Dexia value of this portfolio of assets, both at the time of purchase as to resale. Worse, the leadership in place deliberately magnified the value of assets. The "overvaluation is estimated at at least 2 billion euros." Auditors such as Deloitte and Mazars have closed their eyes, the report said.

Loans to shareholders to purchase securities

The management team in place is also not spared.In a letter dated September 4, 2009, the report stresses that "the director of the institution has provided an underestimation of the volume of transactions."

Meanwhile, the Financial Timesaffirme that Dexia has paid 1.5 billion euros in its first two institutional shareholders before 2008 so that they carry out acquisitions of securities of the Franco-Belgian bank. But Dexia would, at the time, not breaking the law then in effect. The question is whether the court will examine the case Dexia.

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According to the survey (1) conducted by the consulting firm in human resources, business plan for most occupational categories increased by 3% (median) budget increase (collective and individual), against 2.5 % in 2011. The exceptions are the workers (+2.8%) and senior (2.9%). But in any case, it would exceed the average inflation of 1.7% in 2012 by the government.

End of the wage freeze

Two major trends. On the one hand an almost complete disappearance of the wage freeze, a measure widely implemented at the height of the crisis.However, 4% of companies plan to freeze the workers and managers.

In addition, the company forecasts reflected the "sacrosanct" rate increase of 3%, which was applied during the years before the crisis erupted instant payday loan.

In addition, both groups seem to be emerging. First, the majority, has given the 3% salary increase. A second, more prudent, considering between 2.1% and 2.5%.

The survey was conducted between March and mid-July, ie before the great economic and financial events of the summer (crisis in the euro area, downward revision in growth for 2011 and 2012, falling stock markets …), Mercer, again, questioned 142 of the 329 companies in its original sample.

"Eight out of ten believe that these events will bring them to scale back their budgets for salary review.This reduction could be 0.5 point fall. In contrast, companies planning to date, a wage freeze, are still a small minority, said Bruno Rocquemont. In this context, we have to closely follow the mandatory annual negotiations (NAO), which launched just been given in some societies and that will continue into March. "

(1) survey of 329 companies, mostly French subsidiaries of multinational corporations.

The director of the institution states that "the weak growth and fragile balance sheets, those States, financial institutions and households, reinforce one another, fueling the crisis of confidence and slow demand, investment and job creation. " For Christine Lagarde, "there is too much debt in the system.The uncertainties in the States in all advanced economies, the banks in Europe and on households in the United States. "

To "common front"

Since this vicious circle "is gaining momentum," the IMF said that "the time is not the withdrawal, to halftone or palliative No teletrack payday loans." One solution can work: the "common front". More alarming than ever, Christine Lagarde warned that "if the developed countries fall into recession, emerging markets will not be spared. In fact nobody will. "

Wednesday already, Christine Lagarde called for the establishment of a "collective action, immediate and bold." She asked especially to countries that have the fiscal space to support growth. "My role is to ensure that this call to action is heard. I can not believe that governments do not share my opinion, "she explained.He added that "countries have an incentive to act collectively in the interest of the economy."

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LE FIGARO. – The bidding on licenses 4G is attacked. Will you give up?

Eric Besson. – The State Council will vote Wednesday. Expect. But thanks to this call for nominations, France will be part of the forefront of the mobile broadband Internet. The government is selling rare frequency of the highest quality, which all countries say they are strategic. We do this with the twin goals of coverage and stimulating competition, the benefit of consumers. Traders feared that a monopoly or duopoly is not recreated.But this call for applications is the first to include criteria as pro-competitive: the creation of four lots so that all current operators can expect to find their place, creating a criterion favoring offers to host virtual operators. We have gone as far as possible to encourage competition. But we also need strong operators, able to achieve very significant investment for years to come, both for the deployment of mobile broadband as that of the optical fiber.

How will you deal with interference of DTT by 4G?

As has always been the case in all countries of the world, a trader who buys frequencies is liable for any interference that they can generate. We assess that risk to less than 2% of households.To facilitate the processing of any such interference, the government will establish a single telephone number, with a small call center, so that individuals can report any such interference on their TV and get the linkage with operator responsible. This device will be funded by all operators at a rate of 2 million euros per year for five years.

You advocate for changing the standard of TNT. Chains bonus going to be frozen, and consumers will they have to buy a TV?

I am not campaigning for anything, and there will be no change in standard of TNT in the coming years. The French continue to receive 19 free channels and 10 pay channels of TNT, with no changes.What we're talking about is the next step, and new services to be launched in the coming years: new TV channels, personal mobile TV, 3D TV … The question is whether these new services will use the older DVB-T or the new DVB-T2 which allows to get 70% extra services. Chains on bonus, not the government that calls into question, but the European Commission, which initiated proceedings no teletrack payday loans. It would be irresponsible to issue permits for them to be canceled two years later, and that the state is then ordered to pay $ 800 million to 1 billion euros in compensation.Let the president of the CSA put its proposal and the prime minister officiate.

Packages Unlimited Internet at home are at risk?

The unlimited plans are at the heart of the development of the digital economy and are not threatened, quite the contrary. New unlimited call plans appear almost every week. Some operators have started to consider to better segment their offer, which does by no means the end of the unlimited. With the development of very high speed, there will be even more unlimited in the months and years to come.

How do you protect consumers?

We have set up with the social tariff Frédéric Lefebvre mobile phone, which allows 40 minutes to communicate and send 40 SMS for less than 10 euros per month.We will implement in the coming days the social tariff of the Internet, or 20 euros per month for telephone and broadband Internet, plus 3 euros per month for a box. We will sign an initial agreement on September 13. The order that I issued on August 26 also includes important measures as the establishment of an impartial mediator to each operator, the requirement to obtain consent from consumers for the automatic sending of commercial messages or for the establishment of witnesses navigation.

What are the issues you organize inter-ministerial seminar on October 21?

This is progress in the implementation of the declaration of Deauville.Networks (both funding and security), protection of personal data and the fight against the digital divide will be on the agenda.

What do you think of socialist proposals on digital?

The project of the PS is archaic. It is based on a tax Internet access, known as "socially progressive". Internet access will be paid based on their income! The PS also wants to abolish Hadopi and create a global license. This proposal has been accepted anywhere in the world. This would be the end of copyright in the land of the cultural exception! The PS also provides for the creation of a single public operator for the deployment of high-speed fixed and mobile. He still has not understood that the introduction of competition was the key factor in broadband deployment and growth of the digital economy.

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The Frankfurt Stock Exchange also closed up sharply Monday after meeting exceeded the 3%: the DAX index of thirty blue chips gained 2.39% to 5670.07 points, also carried by the speech of Friday Federal Reserve Chairman Ben Bernanke, who was reassuring on growth.

Friday, after a negative early trading, Wall Street has indeed ended the session on gains of 1.2% for the Dow and the Nasdaq 2.5%, investors focusing on positive ads during the next meeting Federal Reserve in September, Ben Bernanke hinted at the conference of Jackson Hole.The anticipation of a further intervention by the Fed puts the dollar under pressure against a basket of currencies: the dollar is trading at 1.4507 dollar per euro to 17 hours. On Monday, the U.S. indices still show green, reinforced by the recovery in consumption of U.S. households in July.

And always in the context of the general economic meeting in Jackson Hole's new Executive Director of the IMF, Christine Lagarde, has urged this weekend to recapitalize banks. She said that the European institutions "need of urgent recapitalization." The former Minister of Economy and Finance believes that these measures are the "key to cut the chain of contagion." So new fears for the banking industry, already largely weakened during the summer.

Pending on the details of the background of aid to Greece In Greece, aid modalities are not yet fastened.Negotiations were slowed by the requirements of Finland and the new challenges of Athens, whose stock rebounded strongly on Monday, however, and accounted for up to 9% increase on mid-term, on the bottom of the side of mergers expected Greek banks, in the early afternoon.

In addition, investors seemed to adhere to about Laurence Parisot. And referring to the financial crisis, the president of the employers' association (MEDEF) estimates for its part, that "if Europe were attacked, not because it is weak but because it is strong, and if it is envied, because it is enviable, "In an interview with Le Figaro, the boss of the bosses denounced a U.S. plot against the euro area.

Irene reduced cost

Other news of the weekend: the passage of Hurricane Irene passed through New York without drama. He also was demoted to a tropical depression.U.S. markets should open smoothly and Monday. Hurricane Irene would have between 500 million and one billion dollars in damage in the Caribbean and the United States, according to catastrophe modeling firm EQECAT. A figure below the most pessimistic forecasts considered before the hurricane.

The price of Brent was down, refineries and oil terminals on the East Coast of the United States seem not to have suffered major damage, easing fears of a supply disruption. In addition, Libya resumes oil exports within a month, according to the spokesman of the Arabian Gulf Oil Company (Agoco), controlled by the rebels. Crude oil production will resume in mid-September on two deposits in the country.A barrel of "light sweet crude" for delivery in October takes the field, to 85.46 dollars per barrel of Brent North Sea crude for October delivery stabilizes at 110 make quick cash.8 dollars.

Among the statistics expected Monday in Wall Street, the surprise came from consumer spending. The Americans have in fact spent more than expected in July. Up 0.8% on month, consumer spending across the Atlantic more than 0.3 percentage points the level expected by analysts. The promise of home sales have, they, down 1.3% in July compared to June, as the market expected, according to figures released by the National Association of Realtors. They increased by 2.4% in JuneOver one year are up 14.4%.

The bank bounce despite the warning Lagarde

As for values, on the eve of the biannual publication of trucks from the coast (Bo uygues, Carrefour, L'Oreal, Vinci …) at the end, only two cuts were regrettable among the 40 largest capitalization on Paris: the Danone (-0.35% to 45.57 euros) and Essilor (-0.68% to 52.61 euros).

In addition, about Christine Lagarde did not prevent banking stocks to rebound.A technical rebound is sustainable, while the sector was the most attacked in recent weeks: Société Générale (3.61% to 22.10%), Natixis (3.72% to 2.78 euros) Crédit Agricole (3.37% to 6.63 euros) and Axa (2.30% to 10.47 euros) and BNP Paribas up the rear with a more moderate increase (2.49 % to 34.39 euros).

In addition, Ingenico (2.49% to 27.55 euros) announced that it had repurchased TNET, an Italian company specializing in payment terminals, for an amount that was not disclosed. According to Ingenico, TNET manages an installed base of 45,000 terminals in Italy.

APRR (0.13% to 52.32 euros) will observe the re-opening until September 9 of the OPR launched by Eiffage (2.22% to 31.36 euros) and Macquarie.The toll road was also noted Friday that the evolution of traffic early in the second half was mixed for light vehicles, but remained well oriented for heavy vehicles.

Capgemini (3.96% to 27.95 euros) announced it has signed a five-year contract with the company's payment service EnterCard Scandinavian. The group of consulting and information services will pocket 30 million euros as part of this agreement.

In addition, ING has lowered its board to maintain, against purchase, the title Arkema (1.39% to 50.62 euros) and reduced its price target on the value to 55 euros (as against 85 euros).

Channel (1.29% to 4.406 euros) could push his plans for the IPO. While the ACC has lost nearly 20% of its value during the summer, analysts are skeptical of an imminent public offerings of media group, reports Les Echos.The listing of the 20% held by Lagardère has already been de-programmed, it could eventually sell its stake in Vivendi, the majority shareholder.

For its part Orange (France Telecom 2.08%, to 13.01 euros) would be in conflict with the American Cogent. The U.S. operator has, according to La Tribune, filed a complaint against his French counterpart to the competition authority for "abuse of dominant position." Orange is accused of preventing users from accessing the site MegaUpload. The conflict dates back to January so that Orange had decided to grant the account drop traffic from Cogent.

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The famous vision of the convergence of content and pipes dear to Jean-Marie Messier is totally outdated. Today, a group that controls a movie studio and a telecom operator has only his eyes to cry.The new Web giants like Google and Apple do not control any of this. They just developed a huge platform of exchange on the Internet on which they aggregate to music, movies, television series, electronic books, newspapers, video games and entertaining thousands of small applications. The challenge for them is to distribute such content on devices (mobile phones, tablets, PCs, TVs connected) and to levy a tithe in the process. But to control the distribution, they need three pieces of the puzzle: the platform, the terminal and finally the software that connects the platform and the terminal.

This is Steve Jobs, the genius head of Apple, who developed the concept cash advance. His platform called iTunes and Apple Store. Its terminals are called iPod, iPhone and iPad. Finally, the software that links is called IOS.Engineering is to develop an easy to use and so user friendly that consumers choose to voluntarily shut themselves in a world of Apple and even give him the credit card number! A dream!

Next step: the network

In this strategy, Google has a delay time. But in the world of technology, the positions are turning very quickly. The platform called Google and now Google + YouTube, social networking competitor Facebook, which has already gathered more than 25 million users. Google has also developed its software: Android. Used by 150 million mobile phones and hundreds of thousands of tablets, Android than Apple the IOS.

However, Google has never succeeded in producing a terminal. His first mobile, the Nexus One, was a failure.Its case for Google TV connected TV is not taking off and there is still no tablet Google. A huge hole in the strategy. Larry Page, Google CEO, knows that to win against Apple, it needs to control the terminals. Motorola is a strong brand and its laboratories are full of excellent telecom engineers. Specifically, the next battleground may be the control of telecom networks. In 2007, Google was a candidate for the purchase of mobile frequencies in the United States. Without success. But this is only a postponement.

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Of the places in China, Hong Kong the Hang Seng 1.45% yield while the composite index of Shanghai Stock Exchange rose 0.68% to 1134.65 points. In Seoul, the Kospi index is left in the green, up 0.71% to 1819.14 points after plunging by 4% in early trade. The Stock Exchange of Sydney, in turn, close to equilibrium after a session spent in the red.

Investors remain concerned, however, fearing another recession in the United States and a spillover of the crisis of debt in the eurozone one hour payday loan.The gold and reached new records, crossing first the maximum 1800 dollars. It was worth 1814.50 dollars in the morning before going down to 1785 dollars. Another safe haven, the yen appreciates, and is worth 76.63 dollars, against 76.83 the previous day.

Oil also set off again down in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

.

The same day, Indonesia has also persuaded her."Personally I support France," said Minister of Finance of Indonesia, Agus Martowardojo the sidelines of an economic conference in Jakarta, highlighting the professionalism and competence of the French minister "in the interaction between organizations, and that his "high integrity and expertise small personal loans."

Operation successful seduction

In his world tour, Christine Lagarde said his vision for a reformed IMF to give more weight to emerging countries. Remains in the race to succeed Dominique Strauss-Kahn, the final choice remains in the hands of large economic powers, which have not yet formalized their decision. Among them, the United States and Japan. The Japanese archipelago has only 6% of votes in the IMF. The United States, themselves, hold the largest share.

The choice of Russia is also expected in the coming days.On 27 May, Prime Minister Vladimir Putin held "quite acceptable" and "very serious" the French minister's candidacy. Decisions of Brazil, China and India, all three visited last week by Christine Lagarde, should be more evenly too wait. The results of the nomination process for this term of 5 years are expected by June 30

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And the government is opposed. Sunday is Frederic Mitterrand, the Minister of Culture and Communication, which is mounted to the plate in an interview with Journal du Dimanche. "The taxation of works of art would mechanically collapse art market," he said.And added that the IRS can not afford to make checks, "the collection is so uncertain that it is not even encrypted by the Ministry of Finance."

Aware that the game is far from won, the Minister of Culture has sent a letter to the elected majority and will meet Tuesday morning. Gilles Carrez also seeks to convince. Some suggest an alternative solution, proposed amendment by Jean-Louis Borloo fall 5% to 19% taxation on capital gains on the sale of works of art. Gilles Carrez, but there is not favorable.

Losers among the highest wealth

More generally, the review this week in the Assembly to reform the taxation of wealth may be an obstacle course Internet Payday loans. Because the amendment on the artworks is just one more … 2000.The Socialists have multiplied the amendments, this reform reduces the ISF and removes the tax shield a political issue.

In its report on the text, Gilles Carrez, however, shows that taxpayers who receive the ISF will lose the shield to the reform, due to the end of the shield. Thus, 1015 households with more than 16.5 million euros of assets and beneficiaries of the shield will pay an average 211,323 euros EWB, against 64,164 euros today. Indirectly, these figures show that the shield divided by more than six bills EWB (429,057 euros before shield, 64,164 euros after). For estates of more than 65 million, the same bill passes 1.6 million to 275,000 euros. Considering that some taxpayers have abused the system by artificially reducing their taxable income (eg life insurance), Gilles Carrez defends removing the shield.However, he worries about the replacement part of the ISF, a tax increase of 11% per year, by inheritance and gift taxes, up 6%. And he notes that the reform leaves a hole of 550 million in 2012.

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LE FIGARO. – What place in the Blackstone private equity?

Stephen Schwarzman.- We are now the biggest investor in the world with $ 150 billion of assets in private equity, real estate, hedge funds, junk bonds, credit … The 67 companies are now owned by Blackstone 129 billion dollars in sales and nearly one million employees. In size, we are the seventh largest U.S. company. Our approach is truly global, which allows me to be pretty confident.

So you're satisfied with the current situation?

Whether in Asia, emerging markets, North America and South America, three quarters of the countries where we show good growth. Only Europe is growing more slowly, is withdrawn, even if there are major differences between Germany, very dynamic, and the countries of Southeast Europe, which are much less.It is a very good time to invest, especially in countries or sectors where we are still in early recovery. Especially as interest rates remain very low.

In what areas do you invest?

In real estate, we are very active in the United States. There are also a lot of opportunities in energy, in natural resources, security of supply, optimization payday lenders.

It accuses the fund to achieve good performances with the lever of bank debt. What is it?

Twenty-five years, we post an average return on investment of 13% over the evolution of the equity indices over the same period. It's a lot, and this performance is due mainly to the originality of our business and our know-how. When we buy a company, we are implementing a strategy for accelerated development.We ensure that management implements this strategy. Alternatively, and unlike listed companies, we do not hesitate to change the management if necessary. Another feature: our managers are not under the pressure of quarterly results. We can have a more long term. Blackstone also has many experts in marketing, finance, information technology … we send to companies to improve performance if necessary. The use of leverage comes after these few key success factors.

The financial crisis did she not question this model?

Contrary to what some have predicted, there was no more bankruptcies among businesses owned by funds from other companies. This has surprised everyone, except the private equity specialists.During this period, Blackstone has recorded no failures in its portfolio.

What is your rate of investment in 2011?

We will probably invest 11 to 12,000,000,000 dollars in private equity, real estate and credit. This amount is considerable. With debt, that's about $ 50 billion investment.

How do you see Blackstone in ten years?

In ten years, I do not know. But for the next five years I hope to be able to double or even triple our size. It is a beautiful period for Blackstone.