The end of the year is difficult for Richard Fuld

The end of the year is difficult for Richard Fuld. Not only the $ 500 million of bonus legally earned in recent years by the former boss of Lehman Brothers are poorly since the revelation of fraud to 50 billion Bernard Madoff. But, in addition, he now sees so traumatized authorities of abandoning its Bank of business they rush to the rescue of the lesser issuer credit in difficulty. That's all for the benefit of GMAC, to which the Federal Reserve gave Bank status, allowing it to soon expect a recapitalisation, probably 6 billion plan to rescue financial institutions. If immunity is the first criterion for eligibility for the plan Paulson, this subsidiary of the Fund Cerberus and General Motors was entirely appropriate. Intended to finance the purchases of cars from GM plants, it has lost more than $ 9 billion in diversifying in mortgage to borrowers with "subprime". With the head of its Board of directors a financial have heavily invested in Madoff, j. Ezra Merkin, it is certain that GMAC had incomparable arguments to become a real Bank.

Nippon nor bad

That's worse for an airline that cutting the wings Yet, this is what happens to Japan Airlines forced to amputate his investment projects of $ 1 billion, or one quarter of the program it had prepared for the next three years. The sacrifice is all the more painful for her that the rejuvenation of its fleet was one of the main assets on which she had to take off after several years of severe turbulence. Is therefore that takes back the fog, fragile financially and equipped with an aging fleet. The first Asian company had already virtually divided by two its forecast of operating income for the fiscal year (220 million). But the continuing fall in the number of passengers, especially from those with a strong contribution, requires it to tighten a new notch in his belt if it is to keep the prospect of profits yet scarce. This would be a good result in an industry that could lose $ 5 billion this year. The market seems to have enjoyed this series of manoeuvres, its title having retreated two times less than a year nippon index.

Broken dreams

The year confirmed that trees were not up to the sky, but it has not yet shown that roots do not descended to hell. She also harvested a few illusions and first of decoupling, which hoped to see the Western recession break on the prosperity of the BRIC pack formed by the Brazil, the Russia, the India and China. Unfortunately, the bricks crumble, as shown in the clear slowdown in profits of Chinese industrial enterprises. On the first eleven months of the year, profits rose by just 5, or a decline of more than 30 over the previous year. This languor affects both consumer equipment sector. Baosteel passes through the most difficult year since its inception thirty years ago, and the stock market of Shanghai, with a 64 drop, signed the worst Asian performance, except Viet Nam. Yet, even if in November exports declined for the first time since 2001, Beijing can still count on a colossal surplus (257 billion in eleven months). What still continue to think that the hope rises to the East.