It's not about what you give others. It's about how you make others feel.
-- Unknown
Sunday, January 31, 2010
Working in Switzerland to Ski? No, Just Polishing the Résumé
August 14, 2005
Working in Switzerland to Ski? No, Just Polishing the Résumé
By DAVID KOEPPEL
Living and working in Europe was something that 30-year-old Patrick Riley had long dreamed about. As a student at Boston College, he spent a semester at the Sorbonne in Paris, and after graduation in 1995 he tried, without success, to find a job on the Continent teaching English.
So when he was offered a job in early 2001 as a technology reporter for CNET Networks in St. Légier, Switzerland, he jumped at the opportunity.
Mr. Riley had worked in a series of media-related jobs in New York for six years, but at 26 and single, he was excited about the fresh start. His new company paid him 10,000 Swiss francs (at the time about $5,700) to help relocate, and a salary increase from his job in New York. He rented an apartment in Lausanne, on Lake Geneva, with views of the Alps.
His exhilaration was short-lived. After four months, CNET scaled back its news division, and Mr. Riley was laid off. But he was not ready to give up on his European dream. He eventually landed a job as a television screenwriter, and in 2004 found his current position as a news editor with Eurovision, a provider of live video news and sports programming, based in Geneva.
"It's a great place to be, comfortable, with beautiful surroundings and plenty to do," said Mr. Riley, an avid snowboarder. "You can't beat the lake and the mountains, and Geneva is an international city, like New York or Washington."
Many Americans have been drawn by the allure of living and working overseas. The State Department Bureau of Consular Affairs estimates that more than three million American citizens now do so, and increasingly they are young, single professionals like Mr. Riley.
Even a decade ago, these specialists say, many companies chose to send only senior executives abroad, often with their families, but that is gradually changing.
A 2004 inventory of clients by ComPsych, a Chicago-based provider of worldwide employee assistance programs, found that single expatriates outnumbered married ones - 51 percent to 49 percent - for the first time. And a 2004 survey conducted by GMAC Global Relocation Services, based in Woodridge, Ill., found that 66 percent of expatriates were aged 30 to 49, an increase from 60 percent in 2002. Professionals say many factors are behind the advent of what the author Margaret Malewski has called GenXpats. Globalization is perhaps the most important, said Ms. Malewski, 30, author of "GenXpat: The Young Professional's Guide to Making a Successful Life Abroad" (Intercultural Press, 2005). Ms. Malewski said technology had made it easier for corporate offices to supervise less experienced workers overseas.
Younger singles are often more flexible and enthusiastic about taking overseas assignments and, perhaps even more important, are cheaper to send abroad.
A long-term relocation (more than two years) can cost two to three times the employee's salary, said Kim Froggatt, vice president for global services at Primacy, a corporate relocation firm in Memphis. An assignment that fails or is not completed can cost even more, she said. Younger employees generally have lower salaries and do not have the expenses associated with relocating a spouse or children.
Richard Chaifetz, chairman and chief executive of ComPsych, said that flexibility, openness to challenges and the ability to deal with frustration were among the most important qualities for an expatriate.
"Working overseas adds to a person's breadth of knowledge, improves their people skills and exposes them to innovative ideas across the world," he said. "I've never seen it hurt anyone."
Jared Shapiro, an editor in New York and the co-author of "Going Corporate: Moving Up Without Screwing Up" (St. Martin's Griffin, 2004), says many younger workers are drawn overseas to escape the disappointment of their first corporate jobs.
"There's a certain shock factor coming out of college and into the corporate world," Mr. Shapiro said. "Getting up early, microwaved meals, halogen lights. It's not glamorous; often it's quite mundane."
Working abroad may allow young workers the ability to thrive in a new atmosphere and make them more marketable when they return.
Robyn Glennon, 34, of San Francisco found that five years of working and living in the Czech Republic, Switzerland and Paris was an invaluable experience, both personally and professionally. Ms. Glennon went to Prague in 1998 to become a consultant at an Internet company.
"Every day was a challenge - the language, the people, the homesickness," she said. "But I was learning something new every day."
Some of the Czech employees she supervised were not used to having a manager as direct as Ms. Glennon. There was even some hostility. A Czech native, speaking of Americans in general, once told her: "We're thankful to you for teaching us about business. Now you can go home."
While there is much to endorse about working abroad for younger workers, there can also be loneliness and difficulty in forming social networks. And when workers return to the United States - as most do eventually - the experience can be fraught with personal and professional difficulties. Relocation professionals advise expatriates to plan for their return well in advance.
When Ms. Glennon did return to the United States from Paris in July 2003, she found that coming back was not easy. It took her 10 months to land a job in her field, and she yearns to return to Europe someday. Returnees often find they are no longer a "big fish in a small pond," said Ms. Froggatt of Primacy. While working in Singapore, she formed a support group called Going Home Again to help prepare American expatriates for life back in the United States. If the repatriation process is not handled properly, she said, many employees leave a company within a year of returning home.
Many companies do not discuss with overseas employees what their role will be after the overseas assignment ends. Ms. Froggatt said that professionals like Ms. Glennon, who are not returning to a home office, should be even more diligent about keeping in touch with professional contacts, to ease their entry back into the work force.
George Sandoval, a San Francisco native who came back to the United States last December after spending several years in Switzerland working in Web and graphic design, acknowledged that the return had posed problems.
"I don't think I've completely readjusted," said Mr. Sandoval, who recently started his own business. "When I first got home, I hardly went out. In Europe, people take more time to be with friends and family. Here, everyone is constantly in a hurry."
-- New York Times
Working in Switzerland to Ski? No, Just Polishing the Résumé
By DAVID KOEPPEL
Living and working in Europe was something that 30-year-old Patrick Riley had long dreamed about. As a student at Boston College, he spent a semester at the Sorbonne in Paris, and after graduation in 1995 he tried, without success, to find a job on the Continent teaching English.
So when he was offered a job in early 2001 as a technology reporter for CNET Networks in St. Légier, Switzerland, he jumped at the opportunity.
Mr. Riley had worked in a series of media-related jobs in New York for six years, but at 26 and single, he was excited about the fresh start. His new company paid him 10,000 Swiss francs (at the time about $5,700) to help relocate, and a salary increase from his job in New York. He rented an apartment in Lausanne, on Lake Geneva, with views of the Alps.
His exhilaration was short-lived. After four months, CNET scaled back its news division, and Mr. Riley was laid off. But he was not ready to give up on his European dream. He eventually landed a job as a television screenwriter, and in 2004 found his current position as a news editor with Eurovision, a provider of live video news and sports programming, based in Geneva.
"It's a great place to be, comfortable, with beautiful surroundings and plenty to do," said Mr. Riley, an avid snowboarder. "You can't beat the lake and the mountains, and Geneva is an international city, like New York or Washington."
Many Americans have been drawn by the allure of living and working overseas. The State Department Bureau of Consular Affairs estimates that more than three million American citizens now do so, and increasingly they are young, single professionals like Mr. Riley.
Even a decade ago, these specialists say, many companies chose to send only senior executives abroad, often with their families, but that is gradually changing.
A 2004 inventory of clients by ComPsych, a Chicago-based provider of worldwide employee assistance programs, found that single expatriates outnumbered married ones - 51 percent to 49 percent - for the first time. And a 2004 survey conducted by GMAC Global Relocation Services, based in Woodridge, Ill., found that 66 percent of expatriates were aged 30 to 49, an increase from 60 percent in 2002. Professionals say many factors are behind the advent of what the author Margaret Malewski has called GenXpats. Globalization is perhaps the most important, said Ms. Malewski, 30, author of "GenXpat: The Young Professional's Guide to Making a Successful Life Abroad" (Intercultural Press, 2005). Ms. Malewski said technology had made it easier for corporate offices to supervise less experienced workers overseas.
Younger singles are often more flexible and enthusiastic about taking overseas assignments and, perhaps even more important, are cheaper to send abroad.
A long-term relocation (more than two years) can cost two to three times the employee's salary, said Kim Froggatt, vice president for global services at Primacy, a corporate relocation firm in Memphis. An assignment that fails or is not completed can cost even more, she said. Younger employees generally have lower salaries and do not have the expenses associated with relocating a spouse or children.
Richard Chaifetz, chairman and chief executive of ComPsych, said that flexibility, openness to challenges and the ability to deal with frustration were among the most important qualities for an expatriate.
"Working overseas adds to a person's breadth of knowledge, improves their people skills and exposes them to innovative ideas across the world," he said. "I've never seen it hurt anyone."
Jared Shapiro, an editor in New York and the co-author of "Going Corporate: Moving Up Without Screwing Up" (St. Martin's Griffin, 2004), says many younger workers are drawn overseas to escape the disappointment of their first corporate jobs.
"There's a certain shock factor coming out of college and into the corporate world," Mr. Shapiro said. "Getting up early, microwaved meals, halogen lights. It's not glamorous; often it's quite mundane."
Working abroad may allow young workers the ability to thrive in a new atmosphere and make them more marketable when they return.
Robyn Glennon, 34, of San Francisco found that five years of working and living in the Czech Republic, Switzerland and Paris was an invaluable experience, both personally and professionally. Ms. Glennon went to Prague in 1998 to become a consultant at an Internet company.
"Every day was a challenge - the language, the people, the homesickness," she said. "But I was learning something new every day."
Some of the Czech employees she supervised were not used to having a manager as direct as Ms. Glennon. There was even some hostility. A Czech native, speaking of Americans in general, once told her: "We're thankful to you for teaching us about business. Now you can go home."
While there is much to endorse about working abroad for younger workers, there can also be loneliness and difficulty in forming social networks. And when workers return to the United States - as most do eventually - the experience can be fraught with personal and professional difficulties. Relocation professionals advise expatriates to plan for their return well in advance.
When Ms. Glennon did return to the United States from Paris in July 2003, she found that coming back was not easy. It took her 10 months to land a job in her field, and she yearns to return to Europe someday. Returnees often find they are no longer a "big fish in a small pond," said Ms. Froggatt of Primacy. While working in Singapore, she formed a support group called Going Home Again to help prepare American expatriates for life back in the United States. If the repatriation process is not handled properly, she said, many employees leave a company within a year of returning home.
Many companies do not discuss with overseas employees what their role will be after the overseas assignment ends. Ms. Froggatt said that professionals like Ms. Glennon, who are not returning to a home office, should be even more diligent about keeping in touch with professional contacts, to ease their entry back into the work force.
George Sandoval, a San Francisco native who came back to the United States last December after spending several years in Switzerland working in Web and graphic design, acknowledged that the return had posed problems.
"I don't think I've completely readjusted," said Mr. Sandoval, who recently started his own business. "When I first got home, I hardly went out. In Europe, people take more time to be with friends and family. Here, everyone is constantly in a hurry."
-- New York Times
Saturday, January 30, 2010
The Web Way to Learn a Language
January 28, 2010
The Web Way to Learn a Language
By ERIC A. TAUB
The young woman seated next to us at the sushi bar exuded a vaguely exotic air; her looks and style, we thought, made it likely that she was not American born.
But then she spoke in perfect American English, even ending her declarative sentences in that rising questioning lilt characteristic of many young Californians.
As it turns out, however, she wasn't from these parts after all; she was born in Iran and spoke only Farsi until her arrival here two years ago. What classes, we wondered, had she attended to learn the language so well?
"I didn't," she said. "I used RosettaStone."
Those yellow boxes sold at shopping-mall and airport kiosks may be the most recognizable example of PC-based language learning, but it certainly isn't the only one.
With the growth of broadband connectivity and social networks, companies have introduced a wide range of Internet-based language learning products, both free and fee-based, that allow students to interact in real time with instructors in other countries, gain access to their lesson plans wherever they are in the world, and communicate with like-minded virtual pen pals who are also trying to remember if bambino means baby.
Learning a language sometimes seems as difficult as dieting. The solution is to figure out how to stay interested after the novelty wears off.
To counter boredom, online language programs have introduced crossword puzzles, interactive videos and other games to reward users for making progress.
Online courses are either fee-based, free or a combination. Starter kits of fee-based programs may cost just a few hundred dollars, but the cost to reach higher levels of comprehension and speaking can easily be $1,000.
While that may sound expensive, language company executives say it isn't; college courses often cost many thousands of dollars to reach the same level.
So, cost aside, how do you choose which program to use? The answer is that one size doesn't fit all.
"The quality of feedback is important," according to Mike Levy, head of the school of languages and linguistics at Griffith University in Brisbane, Australia. "Sites with human contact work best," he said. "This shows the advantage of humans compared to computers. A computer is never as subtle or intelligent."
PAY AND LEARN RosettaStone, the best-known language program, now offers Totale, (rosettastone.com) a $1,000 product that includes RosettaCourse, a traditional lesson-based module; RosettaStudio, a place where a user can talk to a native speaker via video chat; and RosettaWorld, an online community where you can play language-related games.
"We offer modern-day pen pals facilitated with voice over I.P.," said Tom Adams, the company's chief executive.
RosettaStone uses things like colorful flash cards to help students first learn basic words, and then connect those words to concepts and sentences. The idea, according to Mr. Adams, is for the user to let go of the adult "technical questions and just get into a comfort zone, learning new sounds and trying to make sense of them."
One of RosettaStone's main competitors, TellMeMore (tellmemore.com), believes it has an advantage because its software not only teaches words and phrases, but includes a speech recognition component that analyses pronunciation, presents a graph of speech, and suggests how to perfect it. Other videos show students how to shape their mouths to create sounds difficult for native English speakers, like the rolling R in Spanish.
With 10 levels of content, a 10,000-word glossary, videos of native speakers and more than 40 practice activities, TellMeMore believes it has enough material to keep a user motivated.
TellMeMore charges $390 for a year's access to its resources for six languages; those looking for a quick refresher can buy a $10 daily pass. Weekly, monthly and half-year passes are also available.
The company's product is currently available only on CD-ROM, but online versions for both Mac and Windows that will include real-time coaching are coming later this year.
FREE NOW, PAY LATER Livemocha (livemocha.com), a two-year-old Web start-up, offers free basic lessons in 30 languages. Users can upgrade to advanced courses with additional features on a monthly or six-month basis.
For $20 a month, students can submit up to eight voice recordings to a native-speaking tutor, who will then review and make recommendations for improvement within 24 hours. For $70 every six months, students can submit up to two examples a lesson.
All students, whether using the pay or free model, can join social networking groups and speak live (using VoIP) to people around the world who are native speakers interested in learning English.
As with all social networking sites, this feature is open to misuse. Within hours of signing up for Livemocha, I received a note from a young woman, ostensibly from Poland, "wanting to meet me."
The company says it has "the world's largest community of people learning languages," with five million registered users in 200 countries.
Financed in part by the European Union, Babbel (babbel.com) offers paid instruction (and a free trial lesson) in English, French, German, Italian, and Spanish for $12 a month, or $6.62 a month for a six-month commitment.
In addition to extended grammar and vocabulary, users can communicate with others in their desired language via private or public chats, or arrange to get in touch via voice.
FREE LANGUAGE LEARNING If money is truly an object, a variety of free language learning is available from a number of sites.
The British Broadcasting Service (bbc.com/languages) offers varying levels of instruction for 36 languages, with features including audio and video playback and translation.
Looking to visit Deutschland? The German television network, Deutsche Welle, can help you make yourself understood (bit.ly/ts6x7). And for those who not only want to learn another language but another alphabet as well, try japanese-online.com, or learn-korean.net.
Apps for a smartphone No program would be complete without an accompanying smartphone app, and many exist for the iPhone and other devices.
Several are simple providers of useful phrases, including the Lonely Planet Phrasebooks ($10 for each of 18 languages), the Oxford Translator Travel Pro ($10 for each of five languages), and World Nomads (free; 23 languages). The Ultralingua Translation Dictionary ($20 a language) offers simultaneous translation of English and six languages.
Both RosettaStone and TellMeMore say that they are developing smartphone apps as supplements to their online programs, but neither has announced a release date.
Livemocha expects to have an app later this year for both the Android and iPhone operating systems. The company plans on integrating text with a native speaker pronouncing the language, and providing the option for voice recording and live video feeds.
-- New York Times
The Web Way to Learn a Language
By ERIC A. TAUB
The young woman seated next to us at the sushi bar exuded a vaguely exotic air; her looks and style, we thought, made it likely that she was not American born.
But then she spoke in perfect American English, even ending her declarative sentences in that rising questioning lilt characteristic of many young Californians.
As it turns out, however, she wasn't from these parts after all; she was born in Iran and spoke only Farsi until her arrival here two years ago. What classes, we wondered, had she attended to learn the language so well?
"I didn't," she said. "I used RosettaStone."
Those yellow boxes sold at shopping-mall and airport kiosks may be the most recognizable example of PC-based language learning, but it certainly isn't the only one.
With the growth of broadband connectivity and social networks, companies have introduced a wide range of Internet-based language learning products, both free and fee-based, that allow students to interact in real time with instructors in other countries, gain access to their lesson plans wherever they are in the world, and communicate with like-minded virtual pen pals who are also trying to remember if bambino means baby.
Learning a language sometimes seems as difficult as dieting. The solution is to figure out how to stay interested after the novelty wears off.
To counter boredom, online language programs have introduced crossword puzzles, interactive videos and other games to reward users for making progress.
Online courses are either fee-based, free or a combination. Starter kits of fee-based programs may cost just a few hundred dollars, but the cost to reach higher levels of comprehension and speaking can easily be $1,000.
While that may sound expensive, language company executives say it isn't; college courses often cost many thousands of dollars to reach the same level.
So, cost aside, how do you choose which program to use? The answer is that one size doesn't fit all.
"The quality of feedback is important," according to Mike Levy, head of the school of languages and linguistics at Griffith University in Brisbane, Australia. "Sites with human contact work best," he said. "This shows the advantage of humans compared to computers. A computer is never as subtle or intelligent."
PAY AND LEARN RosettaStone, the best-known language program, now offers Totale, (rosettastone.com) a $1,000 product that includes RosettaCourse, a traditional lesson-based module; RosettaStudio, a place where a user can talk to a native speaker via video chat; and RosettaWorld, an online community where you can play language-related games.
"We offer modern-day pen pals facilitated with voice over I.P.," said Tom Adams, the company's chief executive.
RosettaStone uses things like colorful flash cards to help students first learn basic words, and then connect those words to concepts and sentences. The idea, according to Mr. Adams, is for the user to let go of the adult "technical questions and just get into a comfort zone, learning new sounds and trying to make sense of them."
One of RosettaStone's main competitors, TellMeMore (tellmemore.com), believes it has an advantage because its software not only teaches words and phrases, but includes a speech recognition component that analyses pronunciation, presents a graph of speech, and suggests how to perfect it. Other videos show students how to shape their mouths to create sounds difficult for native English speakers, like the rolling R in Spanish.
With 10 levels of content, a 10,000-word glossary, videos of native speakers and more than 40 practice activities, TellMeMore believes it has enough material to keep a user motivated.
TellMeMore charges $390 for a year's access to its resources for six languages; those looking for a quick refresher can buy a $10 daily pass. Weekly, monthly and half-year passes are also available.
The company's product is currently available only on CD-ROM, but online versions for both Mac and Windows that will include real-time coaching are coming later this year.
FREE NOW, PAY LATER Livemocha (livemocha.com), a two-year-old Web start-up, offers free basic lessons in 30 languages. Users can upgrade to advanced courses with additional features on a monthly or six-month basis.
For $20 a month, students can submit up to eight voice recordings to a native-speaking tutor, who will then review and make recommendations for improvement within 24 hours. For $70 every six months, students can submit up to two examples a lesson.
All students, whether using the pay or free model, can join social networking groups and speak live (using VoIP) to people around the world who are native speakers interested in learning English.
As with all social networking sites, this feature is open to misuse. Within hours of signing up for Livemocha, I received a note from a young woman, ostensibly from Poland, "wanting to meet me."
The company says it has "the world's largest community of people learning languages," with five million registered users in 200 countries.
Financed in part by the European Union, Babbel (babbel.com) offers paid instruction (and a free trial lesson) in English, French, German, Italian, and Spanish for $12 a month, or $6.62 a month for a six-month commitment.
In addition to extended grammar and vocabulary, users can communicate with others in their desired language via private or public chats, or arrange to get in touch via voice.
FREE LANGUAGE LEARNING If money is truly an object, a variety of free language learning is available from a number of sites.
The British Broadcasting Service (bbc.com/languages) offers varying levels of instruction for 36 languages, with features including audio and video playback and translation.
Looking to visit Deutschland? The German television network, Deutsche Welle, can help you make yourself understood (bit.ly/ts6x7). And for those who not only want to learn another language but another alphabet as well, try japanese-online.com, or learn-korean.net.
Apps for a smartphone No program would be complete without an accompanying smartphone app, and many exist for the iPhone and other devices.
Several are simple providers of useful phrases, including the Lonely Planet Phrasebooks ($10 for each of 18 languages), the Oxford Translator Travel Pro ($10 for each of five languages), and World Nomads (free; 23 languages). The Ultralingua Translation Dictionary ($20 a language) offers simultaneous translation of English and six languages.
Both RosettaStone and TellMeMore say that they are developing smartphone apps as supplements to their online programs, but neither has announced a release date.
Livemocha expects to have an app later this year for both the Android and iPhone operating systems. The company plans on integrating text with a native speaker pronouncing the language, and providing the option for voice recording and live video feeds.
-- New York Times
Wednesday, January 27, 2010
Tuesday, January 12, 2010
For passion to survive it needs structure. But for structure to grow, it needs passion.
-- Simon Sinek, "Why Dreams Die"
-- Simon Sinek, "Why Dreams Die"
Monday, January 11, 2010
Thursday, December 10, 2009
Wednesday, December 9, 2009
Aim past your target, so when you fall short, you still land in the ballpark of success.
-- Bruce Lee
Bruce Lee was famous for his one-inch punch, but in reality he was aiming past the one-inch. According to Bruce, "Don't fear failure. Not failure, but low aim, is the crime. In great attempts it is glorious even to fail."
-- J.D. Meier
-- Bruce Lee
Bruce Lee was famous for his one-inch punch, but in reality he was aiming past the one-inch. According to Bruce, "Don't fear failure. Not failure, but low aim, is the crime. In great attempts it is glorious even to fail."
-- J.D. Meier
Tuesday, November 10, 2009
Saturday, November 7, 2009
Monday, October 26, 2009
Wednesday, September 30, 2009
Which of these is the most appropriate way to deal with anger?
- Sitting alone in a room, punching a pillow
- Throwing a chair, so that the person who made you angry learns never to do it again
* Talking with the person who made you angry
In studies, respondents have identified talking things over with the offender as the most appropriate way to deal with anger. This form of anger control is more appropriate than holding your anger in or expressing anger outwardly in ways that include physical assault on people or objects.
-- Unknown
- Sitting alone in a room, punching a pillow
- Throwing a chair, so that the person who made you angry learns never to do it again
* Talking with the person who made you angry
In studies, respondents have identified talking things over with the offender as the most appropriate way to deal with anger. This form of anger control is more appropriate than holding your anger in or expressing anger outwardly in ways that include physical assault on people or objects.
-- Unknown
Monday, September 28, 2009
Tuesday, September 22, 2009
Friday, September 11, 2009
Act as though it were impossible to fail~ If you have something to do that is worthwhile doing, don't talk about it...do it…
-- Unknown
-- Unknown
Labels:
initiative,
optimism,
quotes
Monday, September 7, 2009
Tuesday, June 30, 2009
Thursday, March 6, 2008
Société Générale : chef-d'oeuvre en péril
31 janvier 2008
ISABELLE CHAPERON
Un TGV Méditerranée qui déraille, une défaillance dans
la centrale nucléaire de Pierrelatte, du benzène dans le Château Latour.
La fraude à 4,9 milliards d'euros essuyée par la Société Générale
n'est pas moins que cela. Un drame. Un fleuron tricolore menacé. La classe
politique et l'opinion publique s'étaient mobilisées pour sauver Alstom.
La banque de la Défense, au contraire, est lynchée, alors même que le contribuable
n'est pas sollicité, qu'aucun client n'a été grugé, que la banque n'est
même pas en perte. Quant aux actionnaires, cela fait partie du risque lié
à l'investissement en actions. Juste un peu de compréhension et de mise
en perspective ne nuiraient pas...
Comme le TGV, les dérivés actions de la Socgen devraient
être une fierté nationale. Cette affirmation peut choquer ceux qui, en
France, considèrent la banque comme un métier peu respectable. « L'argent
est le grand crime, plus encore que d'avoir du talent », soupirait Emile
Zola. Dérivés actions, cela parle moins qu'un record de vitesse ou que
l'épopée de l'atome mais, dans le gotha international de la finance, cette
activité a pris valeur de légende. Ou comment les petits crânes d'oeuf
français tiennent la dragée haute à l'intelligentsia américaine. Pour tout
le reste, Wall Street et la City dament le pion à Paris. Mais sur les options
et autres produits innovants, la Société Générale avait réussi depuis
vingt ans à maintenir une position de leader mondial. Un tour de force
dans un univers où le copyright n'existe pas, qui a tiré toute l'industrie
financière française, de BNP Paribas à Calyon.
Petite précision, ce ne sont pas, pour la plupart, des
activités de spéculation - le vilain mot. Il s'agit pour les opérateurs
de jouer sur des gros volumes afin de capter des petites marges liées à
des anomalies de marchés ou encore de structurer des produits financiers
pour un assureur ou une entreprise, soucieux de se couvrir contre les catastrophes
naturelles ou la baisse du dollar. Cette filière offre des emplois à valeur
ajoutée, en France, pour les jeunes diplômés des écoles d'ingénieur et
de commerce. Enfin, banques et banquiers sont de bons contribuables pour
le Trésor français...
Mais ce succès dépasse nos frontières. A Londres, sur les
desks de produits dérivés de Goldman Sachs, de Merrill Lynch ou de Bank
of America, on parle anglais avec l'accent français. Des bataillons de
polytechniciens et autres normaliens ont la mainmise sur la haute voltige
financière de la City. Autant dire que cette enclave gauloise dans le monde
anglo-saxon agace prodigieusement. Ce n'est pas pour rien que les médias
britanniques et américains se déchaînent contre la Société Générale.
« Un style de capitalisme français est maintenant entaché », commente le
« New York Times ». Comme si les pertes abyssales des Citigroup et autres
Merrill Lynch sur le « subprime » ne ternissaient pas le capitalisme américain...
On aurait tort de hurler avec les loups. Bien sûr, la Société
Générale a fauté. Son image est atteinte. Elle sera peut-être vendue.
Mais le modèle économique des dérivés actions n'est pas mort. D'abord,
arrêtons les fantasmes collectifs sur le thème « on nous cache tout, on
nous dit rien ». Il est impensable que Daniel Bouton, le PDG de la banque,
ait cherché à mettre sur le dos d'un trader indélicat des pertes générées
ailleurs. Il va y avoir une enquête pénale et aucun dirigeant de la banque,
dont la fortune est depuis longtemps établie, n'a envie de terminer en
prison pour sauver son job.
Autre point important, le contrôle interne a failli. Mais
pas sur son coeur de métier. L'expertise de la Société Générale,
c'est de concevoir, valoriser puis vendre des produits financiers sophistiqués,
tout en minimisant le risque résiduel sur son bilan. Compte tenu des sommes
en jeu, il vaut mieux ne pas se rater. D'autres, comme Natexis, il y a
quelques années, ont payé cher l'absence de modèle pertinent de valorisation.
La Société Générale, elle, paye cher de n'avoir pas imaginé qu'on
pouvait tenter de faire exploser une bombe artisanale dans une centrale
nucléaire. Dans l'univers de la sophistication, « il nous l'a fait à l'ancienne
», soupire-t-on à la Société Générale. Les systèmes ont forcément
livré, semaines après semaines, leur lot d'anomalies, mais les contrôleurs
de la banque n'ont pas accordé leur juste importance à une succession de
clignotements. Des complicités ? Peut-être. Au final, la perte est énorme,
mais cela ne remet pas en cause l'assise de la Générale en termes de modèles
mathématiques et de technologie.
Sous couvert d'anonymat, tous les banquiers, à Paris, à
Londres ou à New York, avouent que les procédures internes sont loin du
zéro-défaut. Oui, les traders dépassent parfois leurs limites, oui, certains
petits malins partent avec une partie de la recette de la journée. Ils
ne sont pas toujours poursuivis. Le coût du risque fait partie du résultat
d'une banque, comme les fraudeurs du métro et les démarques inconnues des
grandes surfaces. La seule différence, avec l'affaire de la Générale, c'est
l'ampleur de l'erreur.
A aucun moment, la position globale de Jérôme Kerviel -
50 milliards d'euros tout de même -, n'a été détectée par les systèmes.
Aberrant. Inacceptable. Une leçon que toutes les banques de marchés vont
s'empresser de tirer. Mais, pour la Société Générale, un autre enseignement
apparaît en filigrane. L'histoire pathétique du Rastignac de Pont-L'Abbé
témoigne de ce déplorable élitisme à la française, de cette arrogance de
caste. Quand on n'a fait que la fac, on n'est pas pris au sérieux au royaume
des dérivés actions ? Et les contrôleurs seraient une sous-race ? Si le
business modèle reste valable, une révolution culturelle s'impose avec
la recherche de managers dans cet Etat dans l'Etat dotés d'une réelle dimension
humaine. C'est cela qui devrait être sanctionné.
Les dommages, au final, ne sont pas irréparables. Le métier
surfe sur les besoins de structuration du risque à travers le monde, et
la période troublée qui s'annonce va renforcer cette demande. Reste à savoir
si les clients jugeront la Société Générale comme une contrepartie
suffisamment solide pour lui confier leurs contrats de swaps et autres
produits d'épargne garantis. Le crédit, dans tous les sens du terme, reste
le nerf de la guerre. L'augmentation de capital prévue devrait répondre
à une partie de ces exigences. Une bonne vieille augmentation de capital
à l'ancienne, avec droit préférentiel de souscription, contrairement au
renflouement en urgence des UBS, Citigroup et Merrill Lynch, par des pompiers
opulents venus d'Asie et du Golfe.
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