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French companies in the oil sector are not lining up again in Iraq, yet holds the second proven reserves of oil. In this difficult terrain, Trouvay & Cauvin, strong of a convoluted history of one hundred thirty years, is a pioneer.This small home in Le Havre on Monday announced that it enter the largest oil field in the country.

In the oil industry, Trouvay & Cauvin is what we call an assembler, which delivers the engineering as the French Technip and its foreign competitors parts-pipes and valves, for their major projects free 3-in-1 credit report.

Next quarter, announces Laurent Marie, CEO and principal shareholder of the SME, "we will open a storage site can accommodate 10,000 tons of equipment, and eventually 100,000 tons" for BP, Shell, Exxon Mobil or LUKoil still.

For now, the 60,000 square meters of land in Basra, Iraq's major port on the Persian Gulf, are under-mining. Port infrastructure are still dilapidated, one must import, describes Marie Laurent.

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After finishing the week on his guard, down 0.04% to 8,678.89 points last Friday, the index of the Tokyo Stock Exchange is in pressed green area on Monday, gaining 1.69% just prior to closing. The markets reacted positively after the summit in the euro area this weekend, to put an end to the debt crisis. Meeting in Brussels, Nicolas Sarkozy and Angela Merkel Sunday near their positions on the fateful question of European bailout fund and its clout in the marketplace. However, on request of Germany, the final decision will be taken until the night of Wednesday to Thursday, after another conclave of crisis.

Other Asian markets followed the upward trend in the Nikkei.The Hang Seng index of Hong Kong Stock Exchange rose 3.92% to 18,731.70 points, the CSI 300 Shanghai 0.66% to 2524.45 points, the Kospi index in Shanghai 2.86% to 1891 points, the BSE Sensex 30 in Mumbai 1.76% to 17,080.30 points the FTSE Straits Times of Singapore 1.95% to 2765.21 points and the S & P / ASX 200 Index 2.65% 4251.80 points Sydney.

Considering the situation "very complex", Nicolas Sarkozy has sought reassurance "negotiations progress on the issue of banks on the issue of Greece, things are progressing," he said. Selun President of the Republic, "a broad agreement is emerging on strengthening the EFSF." For its part, Angela Merkel added that the proposed model does not imply the ECB, as advocated by France.Clearly, the European bailout fund (EFSF) leverage its resources, but no new States' contribution of the euro, or use means unlimited in principle of the ECB. With leverage, the EFSF-today with $ 440 billion, and could see his strike force raised in 1000 or € 1500 billion.

The euro against the dollar stable

In addition, the euro area is considering creating a special fund that could be echoed by emerging countries to stem the debt crisis payday loans. China has expressed particular the possibility of financial support.Still, this idea is controversial, some states are reluctant to explicitly request the help of Beijing, according to diplomatic sources cited by AFP.

Until particularly critical of the slow pace until the EU to manage the crisis, the IMF, through its Executive Director Christine Lagarde, immediately praised the "very good progress" on Sunday. "It was really an effective meeting, and I hope it is really in the right direction for Wednesday," she insisted.

In addition, manufacturing activity in China rebounded in October after three successive months of contraction, according to preliminary PMI HSBC on Monday.The PMI purchasing managers calculated by the Bank rose to 51.1 in October, against 49.9 in September.

The hope of ending the crisis in Europe supports banking stocks

As a result of signals in the euro zone considered good, banking stocks rose. In Japan, Nomura Holdings gained 2.47% to 291 yen. While in Australia, Commonwealth Bank of Australia rose by 2.69% to 48.83 yen.

Also note that the Renault-Nissan hopes to sell 1.5 million electric cars in the world within five years, said Nissan (0.58% at 696 yen to the Tokyo Stock Exchange) on Monday in the part of a respect for the environment.

Oil prices were up in early trade Monday morning in Asia in electronic trading in the morning, a barrel of "light sweet crude" for December delivery gained 8 cents to 87.48 dollars on the New York Mercantile Exchange .Hand currency, the euro is stable against the dollar on Monday, the single currency displayed in the balance dollars 1.389 (-0.02%).

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Asian stock markets on Tuesday were in turn carried by the optimism that won the scholarships in Europe and the United States yesterday. The promise, made Sunday in Berlin speaks French President Nicolas Sarkozy and German Chancellor Angela Merkel, are bearing fruit. Hopeful, investors await the answers to the debt crisis in the euro area are expected before early November. They also expect to learn more about the plan to recapitalize weak banks in the region.

Meanwhile, the Japanese Nikkei sets the tone. At the end, he won 1.95% to 8773.68 points. The Topix, broader, took 1.81% to 755 points. The Tokyo Stock Exchange was closed yesterday because of a holiday and had not yet responded to the ads of the Franco-German. The Nikkei is notably supported by exporters who find the values ​​of the force with the weaker yen against the euro.The single currency is changing around 104.50 yen this morning, well above its record low in a decade reached on October 4, at 100.76 yen. Sony gained 5.58%, 5.64% Ricoh, Sharp and Toshiba 3.44% 5.55%. The automotive sector is doing well also: Honda Motor rising from 6.03% Hyundai 3.6% and 2.12% of Toyota.

State intervention with Chinese banks

The Stock Exchange of Hong Kong and Shanghai are also in the green bad credit pay day loans. At 7:00, they earn 3.26% respectively to 18,287 points and 0.72% at 2361 points. Financial stocks pull the score up after a share buyback of the main state banks by sovereign wealth fund China Huijin. According to brokers, this operation is to stabilize the financial system in China.In Hong Kong, around 7:15, the actions of the banks concerned fly: Agricultural Bank of China jumped 15.09% so, Industrial & Commercial Bank of China of 7.92%, China Construction Bank gained 7.04% and of China 8.94%.

Other markets in the region are also in good spirits. The Korean Kospi gained 1.89% to 1799 points, the S & P Australian advance of 0.47% to 4220 points and the Indian Sensex climbed 0.86% to 16,699 points.

Oil stabilizes

Oil was steady Tuesday in Asia, maintaining its gains made the previous day, in a market supported by the will of France and Germany to resolve the crisis of government debt in Europe and disruptions in oil exports to Kuwait due to a strike by customs officials who demanded an increase in their wages.

A barrel of "light sweet crude" for delivery in November gained 18 cents to 85.59 dollars.A barrel of Brent North Sea crude for November delivery gave a small 14 cents to 108.81 dollars.

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Moody's warned that it was British banks in the crosshairs. So she lowered the notes yesterday of seven small establishments that specialize in mortgages but also five major banks such as Lloyds Banking Group, which comes down a notch to "Aa3" to "A1", and Royal Bank of Scotland , which loses two notches to "A2". She also announced plans to lower the rating for long-term debt of Belgium, currently the second best possible "Aa1." The rating agency said in a statement it would review the country's vulnerability to the crisis of debt in the eurozone, growth prospects and uncertainty surrounding the possible support to the banking system, particularly the establishment Franco-Belgian Dexia.

Moody's, which has deteriorated in the wake of 9 banks in Portugal, is the difference between Portuguese and British situations.If Portugal is the financial institutions that is pointed, this is not the case in the United Kingdom. The decrease is only due to the fact that the government committed to a policy of strict fiscal discipline, is less inclined to support the bankruptcy of its banks, especially smaller ones, "It is more likely that the government is now its most smaller institutions to fail no fax cash loans. The damage does not reflect a deterioration of finances of the banking system or the government. "

Controversy over RBS

So it's the same reason that is invoked only for a few weeks ago degradation of U.S. Citigroup, Bank of America and Wells Fargo on the grounds that the state might be reluctant to help them. Political discourse is to throw doubt on the determination of the support if any one bank.The British finance minister, George Osborne, told the BBC: "People ask me how to prevent the British deposit banks to be in the future? The government is to prepare. As a result, the rating agencies believe that banks will have to prove that they themselves can pay their bills. "

Indeed, the government wants to avoid having to replicate the scheme in 2008. The State had then had to inject billions into troubled institutions, including 22 billion for RBS.

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easyJet and Air France continue their game of chess in the provinces. Less than a week after the offensive of the French company in the transport at low cost with the opening of a first regional base in Marseilles, the British low-cost replica by creating two new in Nice and Toulouse. They will open in April 2012 to welcome their first passengers in the summer. easyJet cuts the grass under the feet of Air France, which provides just opened its next two regional bases in both cities in spring 2012 (and then to Bordeaux in the summer of 2012).

EasyJet's management denies replicate but admits that the decision of Air France has an incentive to "accelerate the decision" to open a regional basis in good standing since the two cities where it already departures. This, to "increase opportunities for routes from both airports.""These new capabilities will allow us to open 10 new routes from those cities, which should take us half a million extra passengers a year," says François Bacchetta, easyJet Chief Executive Officer of France in an interview with Paris .

Grid regions

With this new investment of 100 million euros, easyJet, the second company in France with 12 million passengers a year, will lead five platforms which lights Roissy and Orly airports with a fleet of 24 aircraft cheapest personal loan rates. From Nice, easyJet will provide 250 flights a week with 5 new destinations in France and Europe and from Toulouse, it will operate 140 flights per week with 5 additional links to the province and Europe. The low-cost continuing its policy of grid areas in developing on "inter-market" which, she says, is "far from saturated."

The battle is also raging in the price. Air France has built its one-way offer from Marseille on triptych rate: 50 euros for France and some European destinations (Milan, Düsseldorf), 80 euros for Athens, Istanbul and Casablanca and 110 euros for Moscow. This, TTC and with "all the free services of Air France as a snack, newspaper and checked baggage." An allusion to some low-cost practices that charge these services. easyJet says its starting price will be "cheaper" than those of Air France, without further specification. Now remains to be seen what will be a replica of Air France Ryanair attacks directly with its new decentralized basis of Marseille.

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This Saturday is the big day of the first Air France flight operated since its "base" of Marseille. A double "revolution" for the French company. This, after the creation of Transavia, made a new incursion into the territory of low-cost, with an offer less expensive than its usual rates. Low prices made possible by an innovative organization that plans to base in Marseille to Paris and not personnel and aircraft. The flight time of the first will be more concentrated, and rotating equipment more efficient, allowing the company to realize operational cost savings estimated at 15%. 130 pilots and 250 flight attendants volunteered.

LE FIGARO. – Air France opens its first base on Saturday from province to Marseille will be followed by Nice, Toulouse and Bordeaux.What are your rules for the selection of the fifty new roads you open on the four bases?

Bruno Matheu. – On each base, some of the routes we operate already own and through our regional subsidiaries will see capacity increase as in Marseille and Lille. Due to lower our costs, we can offer a very innovative pricing. In addition, there will be many new destinations: 13 from Marseille. We chose these routes according to their traffic potential, but also their competitive position.We have deliberately avoided the roads on which two low-cost competition or are already in those to the hubs of our main European competitors.

In the current state of reservations, are there any lines that work better than others, especially when they compete with an offer of low-cost companies like Ryanair?

Among the destinations that start strong include new routes to the Middle East (Beirut, Istanbul). We offer "all inclusive", which is not the same as that of a low-cost, has found its place.The many services that are and will remain free: registration, a snack on board, the daily press … make the trip easier and more enjoyable credit score.

What do these bases to Air France?

In addition to new roads, with the creation of databases province is a small revolution that is underway within the company towards more decentralization, towards more accountability. Each base will function like a small company with the Regional Director will be the "boss". Commercial agent of call, hostess, steward or pilot, everyone has a responsibility to Marseille. The objective is to improve responsiveness while being firmly rooted in local life.The strong motivation of our teams will enable us to do.

Lyon Why does it not in your list of bases?

In Lyon, our current operation in place for many years, follows a different logic: the planes converge to Lyon early in the morning to feed a first range of correspondence, while on the bases they make their first step at the start of the base. In addition, our policy is much more focused on business passengers. However, discussions are ongoing and we do not exclude changes in our model Lyon.

Are there mass transport from province to province?

The cross-linking major regional cities without passing through Paris undoubtedly represent a real potential for Air France and its regional subsidiaries. Today the car is our main competitor in this type of lines.To us to convince potential customers of the benefits of air transport. The basics of province should be involved.

Why the market capitalization of major airlines is so low?

Air transport is a cyclical business and sensitive to the economic development because the traffic is directly related to growth. Uncertain times we penalize strongly, especially where oil, which accounts for 30% of our costs, is at levels as high. But our current market capitalization does not reflect the value of our business portfolio or that of our assets.

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After signing Friday its worst week in three years the New York Stock Exchange rebounded on Monday following the trend-driven European stock markets, boosted by rumors of bank recapitalization. At the close, the Dow gained 2.53% to 11,044.17 points. While the Nasdaq rose 1.36% to 2517.10 points.

The trend, however, may be fragile. Concerns about the strength of global growth and the crisis of public finances in Europe and the United States still weigh investor sentiment. Markets expected a lot more than a joint statement of finance ministers and central bankers from the G20 at the end of the meeting in Washington Thursday. The United States has put pressure again on Saturday for Europe to act more quickly on the public debt."All of us who watch Europe (…) must have admiration for what they are doing and recognize the difficulty," said the BBC the U.S. Treasury Secretary Timothy Geithner .

Week crucial for Greece

In the euro area is a race against time to be playing this week to save Greece. The International Monetary Fund (IMF) said that a delegation will travel to Athens this week to determine whether or not the country can benefit from the sixth round of eight billion euros, it vital to avoid bankruptcy. Moreover, Germany will vote Thursday the agreement for the expansion of the scope of the relief fund of the zone (EFSF). Sunday, German Chancellor Angela Merkel expressed confidence the outcome of the vote.Evangelos Venizelos, Greek Minister of Finance, for his part spoke with Jean-Claude Trichet, head of the ECB, a debt restructuring Greek. In an effort to reassure global markets, finance ministers of the euro area are committed in a common text, to "do everything necessary to solve the crisis of debt and financial stability of the area in whole and its Member States. " The idea of ​​taking office faster than expected EFSF has also been raised by Germany this weekend.

EU Commissioner Olli Rehn himself has said that Europeans reflected to provide the EFSF additional instruments, beyond those agreed in July to give "more power" in an interview with Die Welt newspaper.

If no key indicator is not on the agenda of investors on Monday, the rest of the week will be charged.The program includes the index of investor confidence and U.S. consumers (Tuesday), due to the latest estimate of U.S. growth for the second quarter (Thursday).

As for currencies, the euro still appears under the $ 1.35 this morning at 1.3435 dollar. Oil prices, however, went up the slope in morning trading, amid hopes of an agreement to increase the reserve fund for the eurozone. A barrel of "light sweet crude" for delivery in November gained 18 cents to 81 low interest personal loan.04 dollars a barrel and Brent North Sea crude for November delivery took 42 cents to 104.39 dollars.

Values ​​to follow

The Boeing 787 (1.10% to 60.16 dollars) will finally become operational after three years behind schedule. The manufacturer delivered its first Dreamliner yesterday at the Japanese company All Nippon Airways for $ 200 million.The reduction of the unit would save 20% of fuel consumption, according to the manufacturer.

The video sharing site online Netflix (5.08% to 135.93 dollars) has signed a replay of movies with DreamWorks, who has produced the animated film Shrek. Previously linked to the pay channel HBO, the studio is the first American to prefer a website with a conventional chain. The operation could yield $ 30 million per film to DreamWorks, according to analysts.

Note CocaCola (1.29% to 68.29 dollars) intends to invest nearly $ 3 billion (2.2 billion euros) in Russia over the next five years, his strategy being to to increase its presence in emerging markets, said CEO Muhtar Kent told Reuters Insider.

Chevron (0.34% to 90.32 dollars) Monday gave its final green light to a proposed 29 billion Australian dollars (28.4 billion dollars, 21 billion euros) in the liquefied natural gas (LNG ) to Wheatstone, in Western Australia.

Dollar Thrifty (0.70% to $ 60) The car rental group said it expected that its adjusted EBITDA shows a jump between 17% and 28% in the third quarter, and noted the amount of its share buyback program to $ 400 million against 100 million previously.

Bristol-Myers Squibb (0.79% to 31.14 dollars) will be able to cope with the expected drop in sales next year due to the expiration of its patent on Plavix in the U.S. in May , one of the most important drugs in the pharmaceutical group, announced Monday its managing director Lamberto Andreotti.

The website site group purchasing, which aims Groupon a valuation of $ 20 billion, would call into question the timing of IPO. The group is cooled by a volatile market but faces above the federal authorities who refused certain elements of his record says the Wall Street Journal. In addition, the group's director of operations resigned five months after his arrival ..The same day, Groupon has revised down its sales in its IPO document, placing it now at $ 688 million for the first six months of the year, instead of the more than 1.5 billion yet he claimed last month. The net loss was revised down slightly to $ 204 million instead of 205 million. And according to the Wall Street Journal.

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Leaving a few weeks ago his book "When I was Superman," the former professional rugby player Raphael Poulain thought might not meet such a promotion for his first work. His testimony, however, echoes the experience of dozens of former athletes who have not managed early enough or seriously enough after their career. While attempting an acting career, the former player of the French stage is always at RSA …

Carefree, career fantasy, sports drink business … there are many pitfalls to a successful second career. "The Transformation of an elite athlete must be thought as soon as possible, even if the training choices that we made 18 years are not necessarily the same as the desires of end of career," insists Bruno Martini Former goalkeeper of France handball and now general manager of the Paris Handball.

"As soon as possible"

Do nothing in a hurry: the board is now accepted by all players around athlete (coaches, associations, consulting companies to sports, some agents). Many entities are trying to build bridges between the world of sport and of the company. Renault, official partner of the XV of France, has just launched with Proval (union of professional rugby players), a program offering a career to former professional players. One type of initiative more often the values ​​of the sporting world (fighting spirit, a taste for effort …) are highly valued in the business world.

In fact, the discourse is much more difficult to move among young people, especially in sports most media, such as football."Today a young footballer aged 15-16 in the training center already won 500 to 600 euros per month and turned professional at 18, with a nice salary," explains Sébastien Pampanay, director of the Ecole des sports occupations professional, working with football clubs on the training of young athletes. "Even in lesser-known individual sports such as tennis, table tennis a young age of 16 wins in the good clubs from 3500 to 4000 euros net per month. After that, go ask them to pass the exam! "Adds Thierry Maudet, executive director of the National Sports Institute, expertise and performance (INSEP), which trains and prepares high-level individual sports.

Social responsibility of clubs

The less publicized sports such as handball and volleyball are in turn more favorable to a successful conversion.Less concerned with early and huge income, keep young athletes' head on his shoulders. " Especially as their media visibility weaker does not help sponsors and advertising contracts very generous. "Clubs are beginning to understand they have a social responsibility on the support of their post-professional players," said Bruno Martini, 80% of its players are trained parallel.

In rugby, the professionalisation of sport sometimes lose their heads to the younger generations, but those who experienced the period amateur took the lead. With varying success. Kémana Spa, the spa center of Serge Betsen, former International XV of France, filed for bankruptcy earlier this year for lack of sufficient involvement in the management of his company he acknowledges himself.Not enough to scald his brothers studs, "who do not know offline realities professionalism," said Miguel Fernandez, players' agent. " Of the 30 French rugby parties in New Zealand, 14 have a side like Lionel Nallet (mechanical parts), Imanol Harinordoquy (clothing brand) or Vincent Clerc (Team One Group: event and sports marketing).

However, despite the good will, training remains a matter of priorities, and even sacrifices. His 30-year well underway, Bruno Martini had to change twice before finding a club in Nimes framework laid him to spend his degree club manager.

Fault lines as sports

Overall, fault lines affect the earliness and quality of the preparation of a post-career.Whether you are male or female, international sports or not, and in a team sport or individual management of retirement sports varies widely. However, the main difference between the high-profile sports and the more confidential. In the first case, the financial gains will promote a higher awareness of the athlete against the importance of rapidly forming a capital, and form. "In France, only 150 players on the 2000 working professionals do not have to worry financially for a second life project, warns Sébastien Pampanay. However, thinking of his conversion is still not part of the natural gait of a professional football player, unlike other sports where the mentality is different. "

For example, the judoka Décosse Lucie, triple world champion and European champion four of his discipline follows a parallel training as a journalist with the CFJ. A woman in an individual sport, the economy far less developed than that of football or rugby would be aware of any financial potential of his career. But exceptions exist, such as media Mickaël Landreau, footballer and current goalkeeper of the club Lille LOSC, now in training (master of management).

Ultimately, the issue of supervision and training of the athlete according to his discipline are crucial. "There is not a sport, but sports, with different realities, warns of Insep Thierry Maudet. The current problem is that we have cloned the same mode of organization for all disciplines.A gymnast has a volume of training equal or even greater than that of a footballer, to operate in a sport to the economic model does not exist! ". From this point of view, the family and the maturity of the sport often make the difference. "Too many young athletes are not yet aware of these constraints. They dream to come true in their sport, "career" and to live, says the head of school sport. We must make them understand that their responsibility in the field, it should be taken also in life. "

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Christine Lagarde calls on rich countries to take action to avoid the risk of recession. "Those who have the fiscal space should support growth," said she, thinking probably in the United States, provided they undertake to reduce their deficits also sustainable in the medium and long term.

But the executive director of the International Monetary Fund (IMF) who received Tuesday in his new office in Washington a few journalists, mainly discussed the situation in Europe. "The time for action, collective action, bold action and immediate action" said the former French Minister. "My role is to ensure that this call to action is heard," an implicit reference to the frustration of many in the IMF, but also in the markets, given the way in which European countries are reluctant to take unpopular measures to save the euro."I can not think that governments do not share my opinion," she says diplomatically.

His call to action includes both the need for countries like Greece and Italy to adopt measures for compelling the markets and stick to it. For some it is better to collect such tax revenues, for others to reform the state to better utilize resources. Announced and voting reform is necessary, but everything is in "implementation, implementation, implementation, she repeated three times, it is only that way that market confidence can return "

Greek sacrifices

But his call is also likely that Germany seems reluctant on the need to persevere in the implementation of plans designed to aid in Athens by the European Union, the ECB and the IMF.The context of the commentary Christine Lagarde, namely the conversation expected in the coming hours between Angela Merkel, Nicolas Sarkozy and George Papandreou, is crucial. The IMF wants surely as German pressure on Greece to be productive, so that the deficit reduction commitments are kept. But the IMF also wants the Greek sacrifices and new adjustments decided by George Papandreou will be rewarded with the continued support of the first countries in the euro zone to avoid a default that would have significant systemic implications.

On the controversial issue of the urgent need to increase the equity of European banks, Christine Lagarde has wanted to avoid adding fuel to the fire. Distrust of markets that precipitated sharp falls in the prices of banks reflects a serious crisis of confidence."We are close to an open banking crisis" such as Judge Mohamed El-Erian, head of PIMCO, one of the largest investment funds in the world.

Calling Christine Lagarde late August to urgent recapitalization of banks, if necessary with public funds, was poorly received by the European authorities. "I do not back down. But I return to the reasons why the IMF thinks so. We have two objectives: growth and employment. Or to feed growth and create jobs, we need credit … it is necessary that banks' balance sheets are healthy … do not fear the crisis of sovereign debt will result in a too fast and that banks limit their lending to the economy, "said the CEO. This is also now late in the day that the institution will release its persectives the global economy.

Meanwhile, she prepares the next week the annual meetings of IMF member countries and the World Bank. The former French Minister of Economy said "not to have changed since moving to the IMF … but I changed my perspective … I see things differently. Since this post I see more interconnections between countries and I see better what countries have an interest to act collectively in the interest of the economy "rather than strictly individual interest.

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Time to pay the bill has come. The Federal Housing Finance (FHFA) has filed Friday in New York a complaint for fraud against the banks it considers responsible for the subprime crisis. In the end, it is not twelve, as originally announced by the New York Times, but seventeen institutions (ten U.S. and seven foreign) that are affected by this complaint. Among them, the French bank Societe Generale.

Nearly $ 200 billion of securities

The FHFA criticizes all of these institutions have sold financial products backed by mortgages on the two parastatals of mortgages Fannie Mae and Freddie Mac, between 2005 and 2008. At the time, the banks had facilitated access to loans of U.S. households to recruit new customers and sell homes often too expensive betting on rising prices.The system had finally collapsed during the summer of 2008, taking with it Fanny Mae and Freddie Mac.

The FHFA estimate that the seventeen banks have concealed certain characteristics of the securities they sold, including lying about reality checks on the creditworthiness of borrowers households. "The complaints allege violations of federal law governing financial assets and rights (common law) in the sale of securities backed by residential mortgages designed by these institutions," said the FHFA.

All the losses by the two organizations, which then 40% of the outstanding loans granted to the United States is estimated at 30 billion.Placed under public guardianship, Fannie Mae and Freddie Mac have so far cost $ 170 billion to American taxpayers.

The FHFA was assessed for each of the banks in the dollar amount of securities sold to two giants of credit (see box). In total, nearly $ 200 billion of securities that were sold. Most involved, the JPMorgan U.S. (United States) would have sold itself for more than $ 33 billion of securities. Societe Generale for its part would have yielded $ 1.3 billion.

"Fannie and Freddie knew"

The complaint of the Federal Agency is expected to lead to negotiations and a financial agreement to avoid a trial. In all cases, the procedure could be very expensive institutions in question, particularly in the largest U.S. bank by assets, Bank of America.The group should in fact not only defend his own actions, not the worst according to the FHFA, but also the mortgage lender Countrywide and investment bank Merrill Lynch, bought in 2008 payday advance. Last June, the U.S. bank said it had agreed to pay $ 8.5 billion to end the prosecution of several investors and intended to spend an additional provision of $ 5.5 billion to clear the situation with Freddie Mac and Fannie Mae. The Wall Street Journal fell when it was the agreement to compensate the largest ever signed. The group also announced on the night of Friday to Saturday it plans to reduce its workforce by 10%, equivalent to the elimination of 30,000 positions.

The defensive line of Bank of America today is that Fannie and Freddie knew very well what they were doing."They said they understand the risks" and "now seek to hold other market operators to be responsible for their losses," the group said in a statement.

Regarding the French bank Societe Generale, no figures were given, but the injury is considered "important" by the Federal Housing Finance.

Amount of securities sold by banks

1. JPMorgan (USA): more than $ 33 billion

2. Royal Bank of Scotland (UK): more than 30.4 billion

3. Countrywide (United States, Bank of America): about 26.6 billion

4. Merrill Lynch (United States, Bank of America): more than 24.9 billion

5. Deutsche Bank (Germany): more than 14.2 billion

6. Credit Suisse (Switzerland): over 14.1 billion

7. Goldman Sachs (USA): more than 11.1 billion

8.Morgan Stanley (USA): more than 10.6 billion

9. HSBC (UK): more than 6.2 billion

10. Ally (USA, formerly GMAC): over 6 billion

10. Bank of America (USA): over 6 billion

12. Barclays (UK): about 4.9 billion

13. Citigroup (USA): over 3.5 billion

14. Nomura (Japan): more than 2 billion

15. Societe Generale (France): nearly 1.3 billion

16. First Horizon (USA): 900 million

17. General Electric (USA, parent company of GE Capital): 550 million

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