Depreciation experience the least possible profits

No doubt, the preparation of gas of France and Suez Merger may be justified in the future by its industrial merits: the establishment of a second French giant of energy to the dimensions of Europe. The first is, of course, EDF, engaged who would have thought it the wonders for its shareholders. Technically this operation, if it occurs, take the form of a takeover bid of the currently still public (70 of the capital in the hands of the State) on the private group. In the immediate future, it will result to dramatically strengthen stock market capitalism in France.

The coincidences of the calendar will therefore intended that the great impetus given to financial markets, Paris in mind, by the sounds of grand style on the gas and steel OPA occur in full national drama on the precariousness of employment. The opposition is too easily between a France which plays its part in globalization and another, if sympathetic or pathetic that its representatives, down the streets to shout slogans which lead nowhere. Would this ritual be only the mark of a frozen society For better awareness of what it is, obvious condition is required: that be abstraction of the idea that are the protagonists of their own action and their own merit.

For students and trade unions that, by opportunism, clung to them, this prior operation of detachment is self-evident. What they seek for real hope and even expect that they will eventually realize, is totally in contradiction with the poor anti-liberal rhetoric in which they continue wading. They aspire to the establishment in France of a labour market worthy of the name, where the rules are the same for everyone! And their insistence to denounce the precarious is not as far from this goal that some would have us believe. After all, the chronic instability of employment is also disadvantageous for the enterprise and the employee aware of its interests! Why employers does virtually never refer to this aspect of things, to reconcile the points of view Was it because he found his account on wages

Another encouraging: it is found in the ranks of students a few personalities in grass, determined to go down a notch the delirium of the brailleurs of empty slogans of the content. I met with a. "The world" 24 March had devoted a page. Aged nineteen, Karim Jivraj is Canadian English, of Indian origin. His opponents carefully listen his embarrassing words. Method: Returns the prejudice against those who profess them and suffer: "where is coming from those who enter in a CAF feel immediately devalued." The absence of any selection... "Muslim, he will tell me that the religion he professes is to him as"a discreet and personal belief.

To the France which will forward and restructures high-speed with or without the assistance of the State kicked of operations mounted on the stock market on a background of misunderstanding of the public, a practitioner of the market, connoisseur, his duties, our large and smaller listed companies, is that judgment to the cookie-cutter: "En France".the financial logic of the new capitalism applies with extraordinary brutality more consistently everywhere, including in the United States. "This adds a movement very hard, pushing companies to enter in the stock market, and at the same time to convert to the same creed. In addition to the heavyweights in the CAC 40, the France in about a thousand that are independent. Overall, the companies "who are on the market" destroy jobs. On the contrary, those who are not part of the rating, medium-sized, small or very small, are creative net jobs. Can we assign these divergent attitudes to specific causes

How the stock market is shaped by the operations of mergers and acquisitions, a characteristic of the balance sheets of the companies that are part is eloquent testimony. On average, "intangible" form in some areas more than half of the assets. These exempt assets (is it still active) are the "goodwill", referred to as more technical way in French: "goodwill". When a company absorbs another, by construction, it will pay more than the value of its net assets. Why Under hope expected that the new set formed by the acquiring company and the company absorbed will be more cost-effective than if they were remained separate. Through "synergies" that is or wants to see between the two entities. By the force of things, the management of the new company will tend to appear as a justification post-clearance verification of the validity of the M & A transaction ("merger and acquisition").

To ensure that be it well, the French administration had, in its time, is a beautiful gift to champions or champions candidates of national capitalism: goodwill amortissaient for a very long period: forty years instead of 20 in the United States. Depreciation experience the least possible profits. The new accounting standards adopted in Europe go further: the "goodwill" are more depreciable. Their amount is intended to accumulate. But they are subject to periodic, so-called "impairment", "tests" at the end of which their amount may be reduced, or even reduced to zero. Hence a great incentive for management to retain, among its projects of investments, as the most cost-effective in the short term. Employment will suffer.

The dominant financial capitalism is equipped with a powerful relay. In the wide breeding ground of non-listed companies, LBO operations multiply. Once purchasers will have repaid their debts, often on the back of the target, it is optionally available to be listed.

Great way for investment banks to recall the imperative of profit: in decrease of the title of the company borrowing below a certain threshold, the loan becomes immediately payable!