Greg Smith stormed out of Goldman Sachs and he indicated in a letter. As part of the bank has many grievances vis-à-vis his former employer. It considers in particular that the corporate culture built around teamwork, integrity and humility is not respected. Worse, he stressed that Goldman Sachs does not work for our clients but to boost its own profits. He said he heard company executives call their customers "puppets". He invited the leaders to challenge and to keep customers at the heart of their concerns. At last report, Greg Smith took care of products for Europe, Middle East and Africa.

For its part, the bank responded. "We disagree with the views expressed, this does not reflect how we manage our business," said a spokesman for the Wall Street Journal.  

Both say, this letter made the rounds of American media and social networks. SurTwitter, the reactions are numerous. Here is a selection of crispy from Internet users. First, that of comedian Seth Meyers who believes that reading the resignation letter is funny. Then, one of Heather K Mak who believes that this writing is a ray of sunshine. Finally, ironically, a Greek citizen said someone feels guilty, to Greg Smith my credit score.

This resignation letter Goldman Sachs is a fun read. nyti.ms/xt5H5D

– Seth Meyers (@ sethmeyers21) March 14, 2012

huge ray of sunshine Into the banking world from year former executive director at goldman sachs via @ @ and sustainnyc mchivot nytimes.com/2012/03/14/opi

. – Heather K Mak (@ heatherkmak) March 14, 2012

Finally, a Goldman Sachs Executive Speaks the Truth huff.to / zDVbAO via @ huffingtonpost Finally, somebody is feeling guilty!

– Vic Panagiotakopoulo (@ VPanagio) March 14, 2012

Other reactions go even further since a forged letter of response from the bank's president, Lloyd Blankfein, circulates:

http://www.borowitzreport.com/2012/03/14/a-response-from-goldman-sachs/

Not to mention the comments of a fellow Canadian and parody of the letter, entitled "Why I quit the empire," by Darth Vader.  

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One of two blast furnaces Site Florange ArcelorMittal, stopped for two months, should eventually go back soon. According to Nicolas Sarkozy, invited this Thursday morning France Inter, the steel group had decided to resume its activity in the second half of 2012. "Florange is 2667 employees including 500 in a situation of losing their jobs" if the second blast furnace will not restart, said the head of state.

The Chairman of ArcelorMittal, Lakshmi Mittal, Nicolas Sarkozy met yesterday for "a long working meeting," would also committed $ 17 million in Florange, two million for the restart of the site and 15 million for its modernization. "Seven million euros will be invested in a new gasometer and eight million to develop new products in Florange, for without going into detail, the auto market," said Nicolas Sarkozy. ArcelorMittal has confirmed this information in the morning, however, suggesting that restart "from the perspective of an economic recovery."

Chain liquid always threatened

The Indian group has repeatedly in recent weeks that the closure of the Florange was only temporary, and will ensure "maintaining activity in Lorraine." In a context of declining demand for steel, the group's director in France, Hervé Bourrier, however, lamented last week that the Florange site is less efficient than those of Fos or Dunkirk. And stated that even if you restart the site in the coming months whether to continue or not the activity would be reviewed each quarter, "depending on the backlog."

The new announcement leaves employees skeptical. "Nicolas Sarkozy announces investment for cockerie, which feeds the Dunkirk site, and for automotive production. But these two pathways are not endangered, unlike the liquid stream, "says Patrick Auzanneau CFDT union delegate. Questioned by AFP, MP PS Moselle, Michel Liebgott, advanced further than the two million investment announced for restarting the blast furnace were already known. "They were negotiated by the state in compensation it pays partial unemployment since the beginning of the year," said MP.

Ulcos project

The announcement last week of a state investment of 150 million euros was not better received. "This is something that has already been said for months, it's related to Ulcos project", explained to AFP Wednesday an official of the CFDT. The salvation for over 2600 employees, however, could come from this project, whose objective is to produce steel with less CO2. With a total cost of around 600 million euros, its viability depends on the decision of the European Commission for its funding. Arbitration should not take place before September.

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An agreement, signed last week between the management of Air France and the main pilots' union of the company, the SNPL, already mitigates the impact of future legislation on guaranteed service in the airline, currently before Parliament.

Transposition of the 2008 Act applicable to the SNCF, the text of UMP Eric Diard plans to compel the workers of the company to declare 48 hours in advance. The goal: to inform travelers of disruptions to come, and ultimately, to minimize the effects through the reallocation of non-striking staff.

This second objective is partly compromising the agreement with pilots. According to Liberation, he states that their schedule "is stable [...] in all circumstances and at all times, without exception." This excludes de facto reallocation constraint non-striking staff in case of conflict. It remains permissible on a voluntary basis.

Appease the social climate

The management of Air France denies having given wrongly. "This new agreement ratifies simply clarification of an agreement dating from 2006, which was the subject of a dispute with the pilots," argues a spokeswoman. The company also advance security reasons for refusing to compel non-striking staff to take service if necessary.

But the agreement signed last week is primarily intended to appease a very tense social climate at Air France. Shocked at the beginning of February still a strike, it lies in the necessity of escalating tensions, "without which it knows will fail in the medium term," said Eric Diard.  

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SERVICE:

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FOLLOW THE INSTRUCTIONS ON FIGARO:

"Twitter: @ LeFigaro_Emploi

It is a repudiation for the Competition Authority. The institution, which had inflicted 385 million euro fine in September 2010 with the main banks operating in France on their pricing of check processing, has seen its decision questioned by the Court of Appeal of Paris. In a ruling Thursday, the latter took the view that in this case, "the grievances of Understanding (…) can not be accepted" and that the banks concerned "should therefore be exonerated ".

The case dates back to the early 2000s, when banks have embarked on the computerization of processing checks. They are then granted to establish interchange fees, naturally passed on to end customers.

Fines must be repaid to banks

Banks have justified the introduction of these fees, which were abolished in 2007, the cost that they accounted for the modernization effort of check processing. One argument considered to be unfounded by corporate treasurers, who saw the impact fees.

In September 2010, the Competition Authority found in favor of the latter, and denounced an agreement on final prices. A vision not shared by the Court of Appeal of Paris, sought by banks complained, BPCE, Post Bank, BNP-Paribas, the National Confederation of Credit Mutuel, Crédit Agricole, Crédit du Nord, CIC, LCL HSBC France, Societe Generale.

In its reasoning, it considers that the commissions were "directly related to the new system paperless exchange of checks, public interest project neutral in terms of competition law …". It also believes that the Bank Agreement does not constitute "an agreement on final prices."

The Competition Authority may lodge an appeal. When asked, a spokesman said the institution consider what action would give the matter. Fines paid to the Treasury must be repaid to the banks.  

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Olivia Derreumaux

Yesterday, Al Jazeera Sports has won another round in its development strategy in French football. The future French declension with the Qatari called to emerge by June, has indeed been assigned by the UEFA some of the TV rights for the Europa League, together with M6. This was announced yesterday that European football's governing body on its website, thus satisfying one of the objectives of management for future pay-sports channel.

DeuxPour rights multiplied by 16 million euros according to the Team, will share the two channels thus the spread of the second largest European club competition, over the period 2012-2015. Jackpot for UEFA, who sees and double the previous revenue received from Canal + and M6 for this competition (8 million). But bad news for the encrypted string, which is seen again reduce its offer football, in a leak of its journalists to Qatar chain (see below).

For football fans, this new distribution rights for the Europa League should not cause major upheaval. The best match of each day will be broadcast on free DTT subsidiary of M6: W9, and summaries after each match night. In the presence of French clubs, "the meetings of the semifinals and final will be broadcast on M6" said UEFA. For its part, the future chain headed by Charles Bietry obtains the rights to all games, "including the final." The latter, still officially called Al Jazeera Sport but that could take the "Be In Sports," will broadcast at least two live games, as well as summaries highlight each evening meeting.  

Construct the grid programmesPar this new blow, and Charles Bietry continues building the program schedule of Al Jazeera Sport, which will have not one but two stations, broadcast 24h/24 fast cash online. The acquisition of sports rights is a priority to fill the boxes of these new entrants in the audiovisual paying, created ex nihilo. Management has also not hidden his determination to focus also on other sports. In this war to sports rights in football, Canal +, however, can claim to have kept, with 13 choices of the Champions League and the top two of each day in the French league (L1), posters the most attractive.

Faced with the Champions League, bringing together the best European teams of clubs, the Europa League is indeed a second best competition at European level. Until the launch channels that will validate or not this quantitative strategy, the Qatari channel may soon increase his offer with obtaining rights much more attractive to the Euro 2012 football and 2016, which have not been assigned by UEFA.

The ranks are swelling of Canal + Al JeziraComme those rights for TVs, the battle intensifies between Al Jazeera Sport, Canal + on the front of journalists. In this game, Charles Bietry has a head start. Yesterday was Darren Tullett, the specialist in the Premier League (English Premiership), who announced his departure from the encrypted channel to join the Qatari. A third departure, after the journalist Christophe Josse, formalized the previous day and that of Julian Brown, also a specialist in English football. Of new hires reflect the interest of Charles Bietry for the English league. And thus a form of warning for the pay channel, which has made British football a strategic pillar of its offer.

SNCF will release on February 16 as "good" annual results, in the words of its leadership. Yet they will undergo a severe movement of the plane. On 14 February, the president of SNCF, Guillaume Pepy, unveiled to participants of a seminar on "business model TGV" that his group would carry out an impairment of € 700 million on its TGV . "The value of TGV, now in the books of the SNCF, amounts to nearly 4.5 billion euros," he said, according LaTribune.fr who reports his remarks. We will depreciate the 700 million euros because we have too many trains and they are mostly old. "

The fleet has 457 SNCF trains whose average age is 17 years. This decision comes as the SNCF profitability of the branch TGV group – very profitable long – has deteriorated in recent years. An evolution largely attributed by the public company to the concomitant increase in tolls which it must pay with Réseau Ferré de France (RFF), owner of the tract. Since late last week, SNCF and RFF have agreed on changes in rates of tolls until 2018. Guillaume Pepy was this medium-term visibility a prerequisite for engaging in orders for new trains. He said Tuesday that such investments would only be possible when the operating margin of the travel industry would reach 20%. Or it tops out at 14% today.

Until 2015, the fleet will continue to welcome new trains: 15 "Euro Duplex" will be delivered by Alstom in 2012, 11 in 2013, 11 in 2014 and seven in 2015. According to its chief financial officer, David Azema, who intervenaitle February 15 parliamentary days when the rail is in fact particularly after 2025 that the station should replace trains end of life.

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The absolute independence of the European Central Bank vis-à-vis the policy preventing him from speaking. Mario Draghi has openly acknowledged Thursday: "I received a few minutes ago a call from the Greek prime minister said an agreement had been reached and endorsed by the major parties," said President of the ECB at its monthly press conference in Frankfurt. Thus he was able to announce before everyone else – maybe a little too quickly, given the float that followed in Athens – the good news entrusted to him by Lucas Papademos, the former vice President of the ECB.

But, according to the principle that it is easier to comment on the affairs of others than on his own, he refused to say clearly that the ECB may decide to reduce the debt of Athens, parallel commercial banks: "We are not part of negotiations. But what we hear is that the parts are pretty close to agreement. "

"Prohibited by the European treaties"

Pressed with questions, the successor to Jean-Claude Trichet ended up giving the key to participation of the ECB program "voluntary" Burden Reduction. "If the ECB redistributes some of its profits to the Member States of the ECB … it's not on monetary financing (public debt, which is prohibited by the European treaties), "he dropped. Clearly, it confirms one of the options that have been circulating for a week: the ECB could leave the unrealized gains on its purchase of Greek bonds. Which is approximately 12 billion, knowing that the bonds were acquired on the market at a discount and would be repaid at their face value at maturity.

By hiding again behind the texts prohibiting the bailout States, Mario Draghi shows the difficulty of his task. "The time is long when monetary policy was limited to setting interest rates. Since the debt crisis, the ECB must navigate waters very political, "says economist of a major French bank.

Inflation above the 2%

Monetary field itself, new relaxations are in any case by no means excluded. "Inflation should remain above 2% during the next few months, before falling back below 2%," said Mario Draghi. He worries more than ever a dry supply of bank credit: "We are actually concerned about the slowdown in the credit."

This is why the Governing Council decided to relax the rules on eligibility of collateral (securities pledged as collateral) that commercial banks have to raise cash. These conditions are changed to "temporarily" for seven national central banks, including Bank of France. "Residential real estate loans to individuals are eligible," said a statement released Thursday afternoon in Paris, which lists the technical conditions.

On a neighbor, Mario Draghi provides that the next issue of liquidity to three years, to be held on February 29, could be done "over the range of the previous operation of this type." The banks had obtained, 22 December 2011, 489 billion and 1% over three years.

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• President Sarkozy does not want to copy Germany

Nicolas Sarkozy reaffirmed the importance of a strong Franco-German axis. "If Europe is strong today is because Germany and France have made compromises," the president said in an interview with Angela Merkel crossed, broadcast Monday night on France 2 and German TV ZDF. "Germany has made compromises on the government economic and France on budgetary discipline," he added.

"There is no question of copying the German model but converge to it. It is important to build on what is happening outside: we envy Germany in its ability to gain share of the export market, and Germany want our social model. "Criticized for its excesses rigor at the expense of growth, Merkel said simply: "It is harmful to oppose fiscal discipline and growth. The fiscal pact not against growth, "she said.

• Nicolas Sarkozy's admiration and friendship for Chancellor

Answering the question of his relationship with the German chancellor, the president told his feelings: "Yes I have admiration for someone who leads 80 million Germans during the crisis (…) yes I have an affection for her, "he said, insisting that he and Angela Merkel" N (s) here to (their) duty. "

• Angela Merkel supports political Nicolas Sarkozy

Monday morning, the German Chancellor has supported political candidate – not reported – for president Nicolas Sarkozy at the 14th Council of Ministers Franco-German payday loans with no fax.

In the evening, during this interview, she explained: "I support Nicolas Sarkozy on all levels because we belong to parties friendly." Merkel said that the French president had come to also support by participating in 2009 to one of his rallies in Berlin, a few months before his reappointment as head of the German government.

Asked about whether she will receive the socialist candidate for president Francois Hollande, Merkel said that "there is nothing to (was) decided yet." "Mr. Steinmeier [Social Democratic candidate for chancellor in 2009] had not been received in France," she said, adding: "We have other problems to solve."

• Nicolas Sarkozy defends Claude Gueant

"It's a ridiculous controversy," said Monday the head of the French state on the wave of indignant reactions provoked by the remarks of his interior minister, Claude Gueant, who said Saturday that "all civilizations are equal. " "The interior minister said that a civilization, a scheme, a company that did not grant the same place and same rights for men and women, it did not have the same values. It's common sense, "he said. "If we want to not argue, it would save us much time to lose," added Nicolas Sarkozy.

2009-2010 season: OM won his first championship of France since 1993 and PSG end to a sad 13th place. Two years later, the situation was reversed: after 14 days of the championship, the club of the capital take the lead in Ligue 1 Marseille and his rival just to exit the middle of the table (tenth). Economically, the situation is identical. The reason lies in two words: Qatar.

By buying in May, 70% share of the capital club for just over 30 million euros, Qatar Sports Investments (QSI) ushered in a new PSG financial sphere. "Lyon brought an offering in February 2007, 28% of its capital to 100 million euros, valuing the club at 360 million, said Vincent Chaudel, expert sport at Kurt Salmon. For its part, the Parisian club would be valued 50 million. Is it more than six times less than Lyon? I'm not so sure.Potential, if only as local, is enormous. "

"Manage your club is good, investing is better"

For its part, the main shareholder of the OM, Margarita Louis-Dreyfus was clear: "I am neither my husband (Robert Louis-Dreyfus died in July 2009 and former owner of Marseille) or Qatar," Has she told the world last October. In other words, it does not align the euro as easily as the Qataris. "Manage your club is good, but it's better to invest a club like OM, which is dependent on the income earned by the Champions League. And if he does not qualify for this competition, losses can reach 20 million. Which, for a budget of 140 million, is not negligible, "said Vincent Chaudel.

Bernard Tapie and his son, Laurent, are never where you expect. Two years ago, they had hit the headlines by launching an online shop called simply bernardtapie.com. They promised to very significant reductions (-40 to -50%) on a variety of products (cars, insurance, clothing …). A concept that has not done much about him since.

Today, the colorful businessman, actor and son return to the front of the stage. Their new project? Redeem the U.S. site online poker, Full Tilt Poker, which was still number two global market last year with 4 million active players, half out of the United States. "It was then after-tax profits of about $ 150 million," says Bernard Tapie in Figaro.

Attention GBT (Groupe Bernard Tapie) would not be alone in this.It would provide only 5 to 10% of $ 80 million needed to use this company. The other shareholders are primarily interested in American casinotier diversify into online poker. Financially, Tapie have the means to their ambitions. Longer insolvent, the former president of the OM was compensated in 2008 to 220 million euros in the case that pitted for fifteen years at Credit Lyonnais in connection with the sale of Adidas. And now his fortune is estimated at 260 million.

However, the case against Full Tilt Poker is far from complete. "In one month to six weeks, we will decide with our partners if we acquire this site," suggests Bernard Tapie. This file is exceedingly complicated. The site has been closed since April 15.