TotalFina-Elf Deal

[dawnstar@xxxxxxxxxxxxx]

Today, in the news here in France, one can be awe-struck by a
convergence of themes overtaking la grandeur of the French culture.
And it is a cultural thing too. Here in one week the Socialist-led
Jospin government watches on as three major companies -Michelin, number
2 in the world in automobile tires ruled by a 30 percent family owned
stake which happens to be the 11th largest fortune in France, Alcatel,
run by your favorite boss, Yadana founder Serge Tchuruk who last year
around this time lost in one day 38% of his company or some $12 billion,
announcing now 33% instead of 40% net profits for the semester, and now
today's announcement by TotalFina's takeoverchairman, Desmarest, who
will head the Elf company as he bought out his rival who sheepishly is
going off in the fields his pockets stuffed with millions of dollars in
compensation and options. Of course the FRench do not talk about the
money side of it. That is still considered here to be of poor taste, and
too anglo-saxon, and below Frenchmen to carry on so materialistically.
What utter nonsense, as the corporate barons, former functionaries many
of them, are stealing, literally the show from the french workers, les
salaries helpless like washed-over deckhands in this latest phase of
french-styled run for the riches capitalism. This what Chirac had in
mind last August when he boasted of France's position in the future of
the world's market global economy.  

And the FRench left or center left, really, its more right than left, is
shaking its head, crying "scandale", at the fact that these companies
together have announced lay offs of over 10 000 workers in the next few
years.

And the FRench government leaders say they are powerless to do anything
about it.

As though too, in the wake of the renewed appeal by Daw Aung San Suu Kyi
for full economic sanctions, they are also powerless to assume a
position of moral leadership in the world.

When a government acts so irresponsibily, one has to wonder, what is its
real political mandate for which it was elected. For the added value of
share holders? That would appear to be exactly the case. 

And what about them. With all the millions now floating around in
France, as the CAC 40 becomes one of the busiest stock markets in the
world, and France becomes the third largest depositer of foreign
investments, what is in it for them? It is hard to believe they are here
simply to ride their way into the Elysees Palace to unseat Chirac in the
next century in the next presidental election. But that is what the
FRench people say of the french political class, that they are here only
to stay in power, to assure their own self-perpetuity.  Surely, they
will try to profit along with the investment barons andthe corporate
chieftons, and it is a shame to them and to their kind to see how
cowardly they have turned their back on the wisdom and moral teachings
of Daw Aung San Suu Kyi. 

At a time when the French should be rallying to her aid, they are
merely thinking of cashing in and getting rich on the latest stock
market merger, the operator of the Yadana death pipeline in Burma. 

Tonight in Paris, you can almost hear the champagne glasses clinking one
against another as the corporate leaders and political chums slap each
other on the back ignomiously impotent as they let Thierry Desmarest
lead the French into their alarming future. 

All the while the french pay 83% taxes on their fill up at the pump.
Something to think about. The winner takes all. Watch how the government
cow-tails this one. 

dawn star