By taking the first savings bank in the country for 1

Well acquired benefits never. For agreeing last year to participate in the single never made butchering of a bank in Europe, Fortis is, in turn, placed in the unenviable role of prey. Bancassureur belgo-néerlandais, which is now more in stock that half of the price paid a year ago for the Batavian ABN AMRO assets, is a dish of choice for the stronger groups, such as BNP Paribas, AXA or ING. Digestion difficult to an acquisition top cycle, valued twice the level today recognized by the market for banks, detracts indeed of its appeal to the first Belgian financial institution and its 94 billion euros of deposits. The boulet of 41.7 billion euros of toxic credits is certainly deterrent, including for the raiders at the broad shoulders. But the 5-10 billion of assignments to which the Bank is forced to bail themselves out, or even the resale of ABN AMRO, offer them the opportunity to take her family jewels. The only to not be able to take advantage of them is Chinese Ping An, who had to clear half of the value of its investment of EUR 2 billion in Fortis in his books reflect the any Confucian one of insurance companies which descends the Belgian motto: "think about your end".

Look at the banks fall

A Savior can be more dangerous than a conqueror. After to be extended six months to the rescue of the Bank business Bear Stearns, Jamie Dimon, the CEO of JPMorgan Chase, is again UAS for Washington Mutual, the sixth office bank of the United States. But the incumbent Bernard of Wall Street duping if he said he did not feast on this avalanche of ripe fruit caused by the crisis of the "subprime". By taking the first savings bank in the country for $ 1.9 billion, or four to five times less that it was sincerely proposed him in April and the twentieth of its market capitalization of the beginning of the year, he propelled his group first in the United States in terms of deposits. Retrieving more assets that liabilities, JP Morgan can afford to spend 31 billion of write-downs on WaMu credit without scratching its own shareholders and debt holders while those of its target lost 20 billion dollars. But this strategy is a bet more clear on a recession rather limited in the United States. A scenario that investors have nevertheless purchased, by climbing the title by 32 since the acquisition of Bear Stearns.

Crisis in Motion

More markets are nervous, more the slightest disappointment takes dramatic proportions. The Canadian Research in Motion made a profit up 70 in the last quarter to $ 495 million. But this represents only 86 cents per share, missing analysts expectations of 1 cent. Worse, spending imposed to make BlackBerry become increasingly sophisticated to withstand the competition of "smartphones" to Apple will drive down the operational margin of RIM from 50.7 to 47 in the next quarter. Despite this level, which remains very comfortable, investors, disappointed, made diving title of 24 on the stock exchange. It is true that, if profits remain substantial, analysts were concerned about the future impact of the economic and financial crisis on the business of RIM. Indeed, 60 of the purchasers of BlackBerry are businesses. The sale of products more and more complex so costly to fight the competition is not consistent with "the wasted hunting" imposed by the crisis in many companies. RIM must therefore trim on its margins to maintain its sales. A worrying gearbox by days. Investors clearly prefer groups whose advice is sought in times of crisis, such as Accenture. Even if the caution is because a higher profit of 1 cent expectations resulted that stock market increased by 2.4 ten times less than the sanction to RIM for one similar gap in the other sense.