There is if long yet here were opium dens3 million exercise of overallotment option But it is quitedecouplethese two aspectsThey present their results on their own placeuntil the end of the demonstration in midAugustResult the most varied profiles have their chanceFinally the creation of a Green Bank with 7A failure to take the white blouse he has married oneThe recession has put an end to this state of affairsThe economic crisis but opens the door to new opportunitiesIn a good book of initiation into the corporate accounts published in 1976 by the American publisher McGraw Hill, the author has dazzled use at its inordinate and unnecessary eyes that analysts of his time were beginning to make the concept of cash flow. What would say today He had probably escaped the honest Professor at the University of Michigan that a number of conglomerates Wall Mart laid then the foundations of its power came to advise of the huge party that they could draw management "active" streams of revenue (debt collection) and flows of spending (settlement of debts). The problem is that a move of this kind can operate successfully only through a massive embezzlement. What is the purpose of those who benefit from, in this case the large retail and large donors to order (1) subcontractor an ever-larger share of their activities Build from scratch a permanent wheel financial availability. It is and this is where his incomparable "merit"! of extra power obtained without purchasing new own funds, bank credit, and that the leaders are obliged to break the head to develop their business through new investment and new hires. In short, the purchasing power is the pure product of a fireworks. But not as a spontaneous creation. This does not exist. These available funds acquired without effort by the payer or the large distributor X Y to the prestigious mark should normally be at the disposal of the suppliers and subcontractors that still await the payment of their respective benefits. CQFD.
But the more corrosive and less well perceived consequence is the fragmentation of the capitalist system (systemic risk) at both ends of the value chain. Major groups overlap an abundant cash flow with a strong balance sheet. They believe that they can settle for a ridiculously small capital base. They are virtually free of the "need for working capital" (BFR). Pardi! the BFR became the obsession of SMEs which depend on banks to accommodate. In France, it is common knowledge that the terms of payment are a major cause of their capitalisation. In summary, the governance based on the hostage of payment flows for the primacy accorded to the cash flow produced an ersatz capitalism: capitalism without capital at the origin of the crisis and the current recession. For all these effects negative, and even if poverty intellectual and moral capitalism without capital still escape the attention of our experts and economists, the law on the modernization of the economy (LME), entered into force in January 2009, timely. According to this text, the settlement of an invoice must intervene at the latest after 60 days of its date of issue, or even 45 days end of month (the formula resulting in the delay the more short to prevail). A program so that delays in 105 and 110 days are commonly required! But powerful lobbies vowed his loss, and may wonder about the determination of the State to ensure a prompt and general application (on not talking specific instances such as the toy trade or the watchmaking-jewellery).
While he came to the phenomenal war Treasury, EUR 11.3 billion, accumulated by his company, one of our great managers are taking, to a limited audience, to authoritarian shortening of the time of payment. This will "cost him" between 1 and 1.3 billion (sic). Order donors, of which many are quoted on the CAC 40, Summit suppliers and subcontractors that will be paid, in accordance with the legal deadlines, lower 5 billing for all of their sale. They claim so about 10 times more than the loss of profits that they will suffer in complying with the law! Is this acceptable The revival of the French economy is also an implementation without failure of LME.
