He Delicate Woolitedetergent

. RESULTS

few days ago, started this series of comments, as well the next day the controversy continues, the government of SPAIN through its Ministry of Economy Brussels sent a note explaining how you will address the deficit. On the issue of pensions, including possible measures to be applied, indicating the increase the period of calculation from the current 15 to 25. Known

document, the media echoed the highlighting the inconsistency of the government, which in SPAIN only became public that the proposed reform was based on raising the retirement age from 65 to 67 years. The surprise, at least mine and I think many, has been that the government eliminated a few hours in the document as a reference, saying their removal on the basis of social turmoil raised to what was just an example to experts.

My thinking is:

1) It seems that the government has us by the English in Brussels idiots and are able to understand what we are not able to do. I wonder, is it because the education system we have?, Was a joke ...

2) It seems that the measure proposed among possible to Brussels was rational, why not increase the computing time?, Is not this measure sound?, I understand if short. But at the same time filters that are studying the Self-listed by the actual net income to avoid the bases of price rise in recent years and thus the board. So they stayed, gradually increasing the period of calculation for reasonableness would have the effect of making the pension benefit provided more representative of the contribution made, clearly if we collect something, that the rate we're going, who knows.

3) How can the government think we can not create what is presented as a simulation is just to play, Is engaged to perform simulations in the documents that are sent to Brussels just for fun?. Let us be serious as contained in the document was a government shuffle option.

Finally, I wonder, what is the reason for the constant fear that they say?; in this issue, as perhaps in many others, all point to what is now pure white within a couple of days can be just pulling a dark blue to black ...

Milena Velba Slurping Her Own

Cont. SANTANDER 2009

The accounts presented by the Bank yesterday offered no new items of importance to consider, however I will review the following information:

1) The bank continues to generate increased margins on both sides of interests and gross.

2) The benefit is maintained, although in the present circumstances and as you guys know it is a fact that my main focus attention.

3) The credit granted is growing at around 9%, but due to the increase that occurs SPAIN outside.

4) The delinquency rate continues to rise to 3.24% from 2.04% last year. It remains a very fineness ratio.

5) The low coverage rate to 75.3%.

6) Return on equity (ROE) fell significantly from 17% in 2008 to 13.9% in 2009. So does the return on assets becomes yours, 86% from 0.96% the year before.

7) Earnings per share down to 1.05 Euros, ie 14% less than in 2008, undoubtedly as a result of the extension made to strengthen its balance sheet.

Moreover, it is clear that the bank is trying to swim and eat, that is, while it has achieved a significant increase in margins that would have allowed increased coverage of their arrears up to 100%, with positive results but had declined to around the 4500 Mill / Euros. Instead, he has worked to strengthen its capital structure by increasing their capital ratios (Tier and Core Capital) to be able to face difficult times ahead in the coming quarters. The presentation

try to dispel doubts about the possibility of a low level of provisions that the bank has provided, in particular the CEO was devoted to detailing that part of the balance of assets is invested in loans promoter, showing that is very relevant in the case of Santander, while there is no concentration of risk. It is appreciated the effort out of concern that exists, but the risk is not only promoting the credit risk in general and especially in SPAIN, where unemployment situation and the growing suspicion that the delay will continue to increase and that therefore from a position of 100% coverage would have been a very good sign.

To end the question and question ever.

SANTANDER Is A suitable investment options at current prices?.

recall that when analyzing the results of the 1 st half of 2009 and the price got a bit above 10 Euros, my position was clear, he saw no scope for investment at that price. At this time, particularly now the bank has traded below 9 Euros, at that price it is paying more than book value in the vicinity of 1.1 times and if we believe the results and estimate reasonably repeatable in the coming quarters, the PER would be around 8.5.

Keep in mind that the bank's business right now is very diversified and that a rate higher than 70% is obtained outside the country, the question is whether the result in a 9,000-Mill / Euros can be considered appellant over the next years. From a standpoint of ratios, today under 9 euros do not think this expensive, but I think it will be difficult to maintain the result and increase it even more and that is why I believe that there is room for prices slightly higher than the current margin I do not see enough to enter value regardless downs that has been so pronounced in recent weeks may have specific increases that can be exploited in the short term.

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PENSION REFORM. "Again the 2 Spain? VIVENDI

few days ago the government of Spain has announced its intention to propose a reform of the pension system, little has materialized in this regard, only that the retirement age would be 67 years and that the implementation of the scheme would progressively from 2013.

Fits
thousand reflections, I think anyone is aware that only last a few weeks the government is fully filled his mouth saying the system was guaranteed to go to defend their proposal based on the need to ensure the benefits from 2020 and to appeal to their sense of responsibility, a responsibility that seemed to have no 30 days ago. Do not try to assess the need for reforms that are likely to be necessary, but if you intend them to reflect on the safety with which they have handled and managed our finances, for all because we can not forget that the pension system and health has much to do with the management to be performed.


UdS Do you think it has been managed the system properly?.


may be useful to reflect on the following questions: How


been allowed in many cases early retirement after 48 years?.


If gentlemen, in our country over the past 15 years has promoted the expulsion of the labor market of hundreds of thousands of workers under 60 years at great cost in lost talent and the corresponding financial resources to fund that expulsion, together with the pension that in most cases it has been several years before 65.


But also the different governments have encouraged early retirement law is enough to recall, among other figures of the replacement contract, under which a worker is allowed to access the early retirement provided that the post be filled by another worker. How


certain groups, such as read deputies are entitled to retirement pension with just a few years of contribution?.


It seems that we are again at 2 Spains, citizens with rights first and second they have rights that governments have let them.

need not go into other considerations but suffice remember the trend that we have as citizens to try to get part of the public where there is the paragon of rights and obligations not always.


According to the criteria that are handled in this blog, it seems necessary to show that the finances are not managed with the margin of safety required, certainly not the pension system or the whole of government . Beyond the need for solidarity, necessary for a pensions sitema seems clear that as much as is claimed must not forget, I think we need serious and especially "freedom of choice to citizens." Freedom is not limited to elect representatives every 4 years, on the contrary need to exercise as each affects the pension directly and I'm sure it does.


I will raise a series of questions to think about it:


1. Where is the solidarity when some citizens are allowed access to a benefit with 20 years of contributions while others are required 35?.


2. How can you treat differently from 2 people who have contributed 35 years to have a misfortune of being expelled from the labor market with 55 years?.


3. Why are the last 15 years that weight to determine the benefit?.


you do not believe that the reason for the need that now sells for reform is the result of:


a) Lack of courage and ability to really establish a rational and coherent system.


b) wastage of funds due to lack of proper management.


UDS Do you think that governments are managing well SPAIN resources available?.


I wonder if you can not manage more rigorously, eg


- Plans as we just saw and have been to spend 8000 Mill / Euros to the voice of now, plans have consisted of most cases to change the width of sidewalks, the paving of streets, etc.


- duplication of responsibilities in various Administrations in.


- Many enterprises within the various administrations that are managing expenditure and non-value, as Examples include TVs of different communities and gradually try to introduce too local.


- In short, do we need more than 3 million employees (state, regional, local) to the services provided by this country?. Meanwhile


think the solution to the problems coming for patching a pension system lacks rationality, while we are not aware that waste can not devote resources to create jobs that allow young people in this country (no doubt with training and skills) to develop its project of life that seems not entitled.


I will give, in my p. v, which should be some guidelines (features to look) of a real reform that would allow some degree of equity and solidarity, a solidarity which should be completed with funding from taxes (read: no new taxes but better management of existing ones) .


1) First of all workers' freedom to decide when to start working and when they decide to end their working lives.


2) Provision retirement taking into account all contributions made and the time in which you want to start to perceive, this is in terms of life expectancy of the moment in which it will begin to perceive. I wonder why can not decide to start working at age 20 and quit at 58?. If the worker then has a life expectancy of 22 years and prefer to have eg. a monthly pension of 1,300 Euros instead of 1,900, what is the reason for not accepting it?.


3) It is possible that certain groups have to have special conditions for the type of work they do and could study some correction factors when periods and calculations of the pension.


I have the perception that the political class in general and our country in particular, is fleeing the freedom of citizens and in general make a machine to control and irrational spending.

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. ACTION FOR misled investors

This weekend has seen a statement acknowledging that the company did not adequately inform investors about 9 years. The sentence will be appealed by the company could provide substantial compensation.


I am not surprised that this morning after the news became known on the market, shares go down VIVENDI more than 3% in fact currently listed in the environment of the 18 Euros. I take the fact that a good time to ask again if the price is always summarizes all information about a value, I repeat again that I do not think, because as it is possible to understand what happened cuendo was known to all the claim at issue to the point that the company will reflect in its financial statements.


Ni tratra view is that a manipulation to sell more shares to small investors and buy a really attractive price. Since the company has grown significantly in size after the acquisition a telephone operator ne BRAZIL, I will not go into a detailed fundamental analysis right now but I leave some UDS data to reflect on this. The data do not take into account the acquisition recently made.


1) the company's capitalization is now approximately 22,500 Mill / Euros.


2) Its net debt is about 8,000 miles / Euros. Liquid assets (Cash and equivalents) prior to acquisition just made in brazil over 3,000 Mill / Euros.


3) The net attributable profit stands in the vicinity of the 2,800-mile / Euros. EBITA in the environment of 5,400 all with a turnover of more than 27,000 miles / Euros.


4) In 2008 the operating cash flow net of debt interest and taxes exceeded the 3,700 Mill / Euros.


5) The company is a leader in the gaming industry is the second telecommunications operator in France and has a leading position in the media sector.


"It seems strange right?, Hard four pesetas and forgiveness because it is the equivalent in euros. For me, apart from what today is known not final and of course if confirmed on appeal would have its effect on the company do not see what has happened and the stock price. Clearly there are risks and that part of their revenues depend on a sector such as entertainment at the moment with difficulties but is no less true that trading at attractive rates and the acquisition in Brazil looks like a medium-term opportunity or at least what some analysts saying he tried to buy TELEFONICA

Reflections and decide but my point is that the value of the company is well above the price at which the market now recognizes, of course if it continues its descent and investment can be made to 16.5 the better but we never know is how far he can get the margin that the market will give us and if we must be clear how much is enough for everyone .