Every word is weighed each taking soupesée positionSomething has changed in the country of financeInformation immediately contradicted by the BankWhy not but it is really not the purpose of the debateEspecially lately among investment banksHis pen was soaked in a liquid waterproofThe project focuses on the following pointsBut perhaps this is precisely the problemThe spirit of adventure is available he saidThis comes somewhat reduce the total volumeOnce well shaken thermometers can again perform their office. Severely mauled by his excessive exposure to the finance, General Electric, the conglomerate intended to give one hundred thirteen years the temperature of the "blue chips" American had lost Northern. The debunked Idol lost of the same shot the notation AAA that she had earned for fifty years and more than 60 of its stock market value, a slump twice faster than the Dow in one year. The publication of its latest quarterly results could change the equation. First, she recalled the strength of his spine, his domestic energy, "green" focus also predisposes to collect the most beautiful fruits of the Obama plan. In finance, investors seem to be almost willing to believe that it is "safe" and will be no need of a capital increase. The recovery will not be so relaxing. Fifty-three years, Jeff Immelt must expect to be monitored closely. Market the won't certainly not embark on a major acquisition that amincirait its capital cushion. Similarly, fault of buyers, it will have difficulty to proceed to the sales that he envisioned. In condemning the group to the immobility, the situation can therefore not revitalize the title, previously favorite fathers.
Back to the real
If he had to invent a Moore law technology values, it also likely that, instead of double in power every eighteen months as for computer chips, new dominant economic model is called to last four times less time than its predecessor. It took about seventy years after its rating on the stock market to IBM to be challenged in its supremacy, fifteen years to Microsoft for the erosion of his empire and only five years to Google to see the shortness of the monoculture of the click. Less than the cause, the crisis is the catalyst. If he continues to tinker advertising revenues at the expense of other media, the online search engine is now subject to capricious cycles depending on versatile consumers and advertisers keen pricing pressure. This dynamic yet allows a revenue growth of year on the other, but, for the first time in eleven years of existence, not one quarter to another. The improvement of margins and a flawless machine generating free cash flow equivalent to 3 of the market capitalization in six months have certainly nothing virtual paradise. But they prevent more Google to disconnect from the rhythm of the seasons of the advertising. And what is not good news for the firm of Redmond is a much more bad for Yahoo!
Disorders of the Hummer
Try to ride an elephant in a Hummer rather than in a convertible does not fundamentally change the equation data. Even if the unions of General Motors agreed to reduce by half employee health coverage and if lenders bond of the automaker agreed to reduce their debt by two-thirds before converted into capital, these liabilities would continue to represent 17 times its capital stock, and even 29 times if the 13.4 billion borrowed from Uncle Sam. The former icon of Detroit wheelchair with the needle of the own funds in the Crimson red for three years already, these debts could now just reimburse the value of the estate of GM. Whether if its CEO, Fritz Henderson, will support or not on the button of the chapter 11 is therefore more than the NIT legal, since the group is already more than virtually bankrupt. If loss of analysts forecasts confirmed for 2009 and 2010 (about 27 billion dollars in total), erase the slate and return on equity to zero would cost more than a hundred of billions of dollars. What get the bankers to excellent managers.
