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Gordon Cottrell

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“VU was neither exact nor precise nor sincere”

The COB pinpoints the financial communication of the group.

The Securities and Exchange Commission (COB) took the time, but it finally wrote its report on the financial information of Vivendi Universal (VU) under the Messier era. Announced for December 2002 by Gerard Rameix, the director of the COB, this text, signed by Hervé Dallérac, the head of the inspection department of the COB, was finally handed over last Friday to the court, which investigates the same facts. A delay revealing the pressures surrounding this issue. Finally, this investigation report, which Libération has procured, is well below the expectations of those who saw in VU an Enron case in the French way. “The service did not identify any major elements that would have been masked to the public. No massive criminal fraud, no operation involving “intermediaries” has been identified, “believes the COB. This is not to displease Jean-Marie Messier. “The case VU is reduced to its proper proportions,” exiled yesterday the former CEO of VU in Les Echos, further strengthened by the decision of a New York court to award him compensation of 20.5 million euros. ‘euros (see Release yesterday).

The former CEO may be looking forward a little fast. The text is very strict with regard to its financial communication: “The information was given to the public by the VU group in 2001 and 2002 was not accurate, precise and sincere”, summarizes the COB. This led him to open an administrative sanction procedure against him and the company Vivendi. Messier may then have to pay a fine of up to 1.5 million euros, and the French court may decide to indict him for these facts.

The COB accuses the former CEO of VU of the manner of accounting for certain subsidiaries (Cegetel, Maroc Telecom and the Polish Elektrim Telekomunikacja): “The consolidation practiced by the VU group did not strictly comply with the French accounting standards,” said the commission. A point that is very technical, and discussed among professionals. But, more interesting are the developments on the gaps between the information given to the public and the reality known by the leaders, and the existence of possible insider trading.

When Messier was lying

According to the Stock Exchange Constable, VU has been on the brink of financial collapse since its inception in December 2000 after its merger with Seagram. The fault of starting a debt too important, never absorbed since Vivendi continued to buy companies. All this, Messier knew it. According to the COB, as early as early 2001, the finance department had warned it “that the amount of debt was underestimated and that it actually exploded quickly, that it was necessary to urgently dispose of significant assets and that serious liquidity tensions appeared regularly as of March 2001 “. As evidence, the COB quotes the hearing of Dominique Gibert, deputy chief financial officer and internal notes sent by Hannezo to Messier. “Our banks are at a standstill,” worried the chief financial officer in February 2001. “For the first time, I felt the wind of the cannonball that I personally do not want to endure: a crisis of This concern is summed up in a long ironic e-mail of March 2002: “What people are looking for this time is: Is VU a big scam? JMM he completely fooled? […] The debt is still made to be repaid- consolidate debt via http://www.biuse.net/how-to-increase-your-investment-banking-resume/ over here. How do we do when we do not stop buying because we do not know how to look, and what to sell is a torture, as for a collector? “And Hannezo to be ironic about how Messier could restore the situation: “You get to your ads of 15 billion losses tanned and replete mine, ski back and discussions with Robert Redford” …

In the meantime, Messier gave an exaggeratedly optimistic version of his group’s health or was lying outright. For example, at the end of 2000, he stated that the Vivendi Communication entity “would be net of debt” as of January 1, 2001 (this will be 12 billion euros). March 2002, he says that his group “is better than good” (just after Hannezo’s email). The former CEO of VU then relies on an interim ratio like Ebitda (the gross operating result), which allows, according to the COB, to give “the illusion of a wealth available to the group”. At the same time, he also states that he intends to use the cash flow of the group (his cash) to repay his debt, but the net cash flow is negative.

In addition, Messier maintains confusion over the money that Vivendi can withdraw from Cegetel, one of the only profitable subsidiaries of the group. “He should have informed the public of the restrictions that existed in access to cash Cegetel,” notes the COB. The market gendarme, however, excuses the former CEO of VU for not having revealed the reality of the cash crisis just before his departure in late June 2002. “The advertising made to the market could compromise” the settlement of the crisis, recognizes the COB.

Suspicion of insider trading

In chapter 3 of the report, titled Securities VU Interventions, the COB criticizes the stock options exercised by Messier and Hannezo at the end of 2001, just before the VU price collapsed. Both men “had at the end of 2001 a sum of negative information on the financial situation of VU, not known to the public, some of which were likely to have an effect on the price of the title”. This was the risk of downgrading the UL rating by Standard & Poor’s and Moody’s, known only to Messier and Hannezo. “This fact could justify a duty to refrain from intervention on the title,” judges the COB.

However, Messier then raised 591,912 options, for 18.9 million euros, and sold part of the securities for 15.4 million euros. Hannezo has raised 149,335 options, which it has resold completely, through a forward sale agreement with Société Générale, which allowed it to earn a capital gain of 1.39 million euros. But the two men are not quite in the same situation, judges the COB. Messier sold its securities “to repay a loan related to their acquisition” and continued to buy VU securities in 2002. Hannezo justifies its operation only by a “tax optimization motive in the United States”. Which does not seem to convince the gendarme of the markets? But the latter is careful not to conclude in both cases about the existence or not of insider trading.

Cardholders

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It may also end up being referred to as Guaranteed Approval bank cards. Companies issuing these types of credit cards are not stringent about the credit history of applicants. This is because poor credit cards are usually credit cards to rebuild credit. This means that the cardholder should deposit a sum of money because of collateral with the bank giving it to be approved for the card. The credit limit is definitely equal to, a percentage lower or more than the money deposited. In case you run into any problems with producing your payments, the credit card company will take the payment out of your deposit.

Choose a credit card with since an interest rate as possible. Your credit score will certainly determine the actual credit price you get. This rate, nevertheless, is for the interest that you will pay out on any balances still left on the card each month. Furthermore look to see what charges there are, and make a comparison associated with other offers to get the greatest.

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Start Something Totally New, Learn How To Trade Forex

The main reason that payday loans are the most laborious loan to take is that the INTEREST on these loans can be through 500%-800%. Other types of financial loans can have an APR of5% – 20%. The high rate of interest reflects the risk taken by the lending company. They loan money to best car loan rates today the people struggling financially. They don’t perform credit checks. Also, these types of loans are supposed to be repaid quickly. Usually by your following payday. A lot of people pay only a part of it back and then have to restore the loan with the charges tacked on each time these people renew it. This leads to the downward spiral for the borrower as well as the lenders profit large.

Obtaining a Forex broker is a very crucial part of venturing to Forex trading. This is the reason it is essential for you to get a broker which has all the necessary qualities to enable you to have a bright future before your trading venture. There are numerous brokers out there that it might be pretty hard for you to choose one to get. Nevertheless, here are a few of the qualities that you should search for in a broker, which could assist you to determine if the broker under consideration is a good catch or not.

Is the broker regulated? Should you looking for a broker in the United States regarding America then you need to ensure the broker is registered together with commodity futures meaning Commission as a Futures and options commission merchant, this will shield you against any scams.

OneChicago presently lists 1828 single stocks and shares. The index is undoubtedly “narrow-based” — generally nine or fewer stocks and shares, not a well-known index like the S&P 500 or even the Dow Jones Industrial Average. ETFs available include the major types such as Spiders (S&P 500), PowerShares QQQ (NASDAQ) plus Diamonds (Dow Jones Commercial Average).

So if we had a touch of what they are doing, we are able to profit from it. Luckily we are able to have a hint of the actual big dogs are doing. It is a record called commitment of investors (COT), that is compiled every single Tuesday and released every single Friday by the what is futures trading with examples Percentage (C. F. T. Chemical. ). It gives very useful information. Indicators derived from this statement can provide traders with a unique market perspective that is not obtainable by traditional price powered methods.

(e) The placing associated with contingent orders (such like a “stop-loss” order) may not always limit your losses towards the amounts that you may want. Marketplace conditions may make it extremely hard to execute such purchases.

Do you possess Credentials? Most brokers on the internet are connected to banking companies for financial support. Agents that are connected to banks with regard to financial assistance are good brokerages and they must have credentials ahead of any banks can accept them. They must also sign up with futures commission service provider (FCM) and commodity futures trading for beginners commission payment.

Some features may just be available short term loans definition at a cost, therefore be sure you understand what you are obtaining and how your broker will be charging for the added solutions. The speed of execution can also be very important. Be wary of agents who do not “honor” the cost feeds displayed. This happens frequently through “re-quotes” and gaps in getting the price that you merely clicked. For the record, the most famous trading software which Fx traders all around the world use is known as the MT4 (Meta Investor 4) platform.

There are many things to consider within trading online and if you come back I will be adding other information later on. These ideas are all associated with financial instruments. If you do a small here and a little right now there and diversify, you can have cash coming in from multiple resources consistently and make money from a house in your underwear!

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Forex Jackhammer Assessment – Simplest Guide To Supply The Best Forex Trading Robots

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In case you are interested in seeing Petra, take those following tips to heart; Michael Jordan requires a visa to get into the nation, however, citizens of most nations including the US and European countries can get their visa on arrival at the airport. During the time of this writing, the charge is 10-JD (Jordanian Dinars).

You are able to travel in Canada plus USA using the ATM cards, but overseas it might not actually mean the same. It is necessary to help keep a credit card for your financial requirements. Make sure you get the exchange quickly; airports charge extra charges so it will be a better selection to get it through a financial institution or a how to start a currency exchange business.

Never ever exchange at your hotel, since many hotels also have a bad trade rate. They are in the resort business, not the money exchange business requirements. Also, try to avoid exchanging cash at the airport. The rate in the airport won’t be as good as within the city. If you do need to trade cash currency, look for a financial institution downtown in the city exactly where you’re staying. Many Hard anodized cookware cities also have reputable “money changers” with small workplaces. These have the most competitive forex rates.

Setup a plan of action prior to starting Forex trading that includes how long you anticipate to be an active trader. In case Forex is something you think you can commit to for the long haul after that begin research into exactly what it’s going to take to get you started. Dedicate twenty-one days to learning every best practice in sequence. This way, you can take all these skills and set them together to become a specialist how to become a foreign currency dealer.

The next part of the advice is more about a behavior you shouldn’t have. Basically, I actually call this type of trader, the particular ensure trader. What is this? This can be a person that can’t make up their particular mind. They don’t trust their own judgment. They don’t trust exactly what they’re applying. They continuously hesitating on making a business. Even when they do make a business, any little change within the outcome makes them want to business. They just sit within of the computer and tension up inside. This ‘s not really what this business is about. You need to have just a little trust or faith in the decisions you’re making. Should you do not, head to a demo system to practice. You can practice unless you feel confident.

The compatible of the program is also essential. As much as possible, this should be the initial thing that you will check. You need to be sure that the program is compatible with your OPERATING SYSTEM so that it will actually work.

That’s about it with regards to learning the Forex trading company. This has been one of the best companies I’ve been involved with and anticipate to be doing this for many years ahead. This business is not for everyone, in case you find it is something you like and make money with, body fat better feeling than earning money sitting at your computer a couple of hours each day and having the remaining day to do whatever you would like.

If you need to take a position where your $1 controls a massive investment associated with close to $200 then online forex currency trading is the kind of business that you need. It offers astronomical earnings and because you do it on the internet it means you are not restricted when it comes to location, you can do it from your home, your office and from any kind of country of the world. Online money exchange business requirements do not require marketing and advertising or promotion on the internet to find out its success. You also do not need to maintain any inventory.

To achieve the level of top notch how to become a foreign currency dealer, you must trust in yourself and your foreign currency trading education. You need to be willing to make all your investing choices, as an alternative of counting on another person’s ideas or ability (or lack of). Naturally, you’ll put together yourself entirely earlier than every risking anything.

You can find many FX choice pricing calculators, but no longer take them as gospel. Just like all trading, everybody’s objectives are based on past performance, yet future performance is never ever entirely the same.

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