Of course if the crisis starts to blur trails

When the entry of service does not lend itself to the break-in, it remains more logically to try the large door. The about-face that reflects Porsche to strengthen its control over Volkswagen remains not less also surprising that it was his surreptitious rise to capital end of 2008. Planning to transfer its automotive business to VW in exchange for securities and cash, the Group would certainly strengthen its capital position, but by reversing the hierarchy of power within the new together for the benefit of the headquarters of Wolfsburg. Sell VW to buy it is nevertheless the only honourable exit for the Stuttgart manufacturer ramp. Despite his denials as little credible that those of a driver of 911 flashed up on the highway, his conduct of options on securities VW destabilized its balance sheet at the most inappropriate time, leaving him with a hole of 2.5 billion euros in its financing and $ 9 billion of debt. With its reservoir of 10.7 billion of liquidity when the Porsche car is estimated at 6 billion, VW is the perfect truck. Candidate for the continuation of Opel, Sergio Marchionne, Fiat boss, dragging 6.6 billion debt, would be well advised to ponder the moral of the tale of the Cayman and the beetle.

Large Switzerland

The same causes must produce the same effects, but it is better to prove it. The best mine of financial markets combined with aggressive restructuring efforts helped the American tenors correct strongly bar in the affected trades year last of the Investment Bank. It is now known that Credit Switzerland succeeded, too, to keep the hand in this area, to the extent that its rate-exchange division has beaten all the forecasts of analysts. Without being a Mastodon, the small Swiss spoiling therefore not the Court of the great world. And this is even more true that the effect of doping on the benefit of the adjustment of the development of its own debt is overshadowed by his consistency to apply the accounting rules of the valuation "fair value". The method he succeeds, since, where his portfolio of commercial real estate still hinder its accounts of 1.4 billion Swiss francs in impairment losses, one linked to the residential real estate allows a resumption of 400 million. Of course, the year may reserve many surprises, and life is not easy in asset management or the "private equity". But the response capacity of Credit Switzerland in fact already Switzerland the great in the eyes of investors: market capitalization now exceeds more than a quarter of UBS, the rival remained in the red.

See and eat

Markets are known for their often selective vision and sometimes questionable taste. Many are the experts to consider that investors anticipate not completely yet predictable degradation of the profitability of businesses. But it is clear that all the values are not viewed with these pink glasses. Essilor and Sodexo cases illustrate this hardly understandable caution of the saint Thomas to the stock exchange. Then their titles were since January a double delay of Parisian indices, on the grounds that they had largely surperformés in 2008, their intermediate figures were welcomed yesterday by a rising prices among the highest ten of the place, brought renewed a slight lead. One as the other have just said what they would do and what they said. The first, showing resistance outstanding ophthalmic glass, confirmed expected relative stability of its operating margin this year. While the second, probably the only company to make money by cheques (restaurant) to Bercy, continues to surprise by a strong internal growth. It is true that their heavy American tropism was finally much less disabled than expected Essilor and even promoted Sodexo Europe is their Red Lantern. Of course, if the crisis starts to blur trails...