CHAIRMAN DIGS IN AS EADS CRISIS ESCALATES

BRUSSELS June 29, 2006 (Guardian) - The crisis at EADS [European Aeronautic Defence and Space Company EADS N.V.], the majority owner (80%) of Airbus, intensified yesterday when its co-chairman and leading shareholder Arnaud Lagardère refused to stand down in the face of overwhelming pressure from the French state and DaimlerChrysler, the two firms' other two big investors, to quit.

M. Lagardère, of course, was the EADS helmsman as Airbus mismanagement wiped out a cool €5.5B in EADS net value.

[An audit committee meeting's] minutes, leaked to Le Monde, show that Mr Lagardère, co-chairman Manfred Bischoff, Mr Forgeard and Mr Enders discussed changing EADS' profits guidance for 2006 as early as May 12 [NB], when they and other executives were told of delays to the A380 superjumbo, but decided to leave the guidance unchanged. A month later [!] they reversed that decision, warning of a potential €2bn (£1.1bn) earnings hit from A380 delays over the next four years, news that provoked a 26% slide in the market value of EADS on one day. ... Mr Forgeard repeatedly asking fellow executives, including Gustav Humbert, Airbus's German CEO, whether the guidance could be maintained in the face of delays of up to five months [NB]. Mr Enders stayed silent, the minutes said.

That is called slow on the uptake, M. Lagardère.

M. Forgeard bailed on his EADS stock and options in March, claiming not a clue then what he would be arguing only a month later -- EADS earnings were going to take a crippling hit.

Mr Forgeard has come under pressure at private meetings with the three key shareholders, ministers and politicians to step down since the French financial regulator and EADS itself revealed that he and his family - as well as other executives - made millions of euros from exercising stock options in mid-March. It is alleged that EADS and Airbus knew of technical problems on the A380 then - and of pending moves in early April by Mr Lagardère's media group and Daimler to each cut their shareholding by 7.5%.

Both groups have denied prior knowledge of the delays while Mr Forgeard told French deputies on Wednesday that he saw no reason to resign over his share dealings.

"I am honest and competent. I acted legally. Resigning is out of the question."

Whether unfortunate or suspicious coincidences, good management can only absorb so much before deleterious coincidences become tantamount to bad management. And good management compells bad management, honest or otherwise, to resign.

PFFT (What is this?): Honest (benefit of the doubt) 2½ | Competent 0 | Rayonnement français 0

Mille excuses ma contribution n' était pas à la bonne place.
Elle est plus à sa place ici;

Bonjour,

L' ARMEE YANKS CHOISIT EUROCOPTER=EADS !

Pave France n'aime pas EADS.
Ce n'est pas l'avis de l'armée yanks qui vient de conclure un gros contrat avec la filliale EUROCOPTER d' EADS.
Peut-être un début de repentir des Yanks envers la France avec leur échec en Irak...

Good luck to ? your country in Irak !

Bonjour,

Peut-être un début de repentir des Yanks envers la France avec leur échec en Irak...

Oh please, you are crazy. Moi, je te montrerai, professeur, ton cellule capitonnée.

Good Luck to you in the Islamic "reverse-colonization" of your country!

@Andy

Bonjour,

Ne vous risquez pas à pratiquer notre superbe langue:votre Français est exécrable.
Vous reculez pour mieux sauter , un jour viendra où le successeur de Bush s' excusera envers la France.
La politique de Bush est à présent condamnée par la Cour Suprême ,elle même.(Vous vous en êtes aperçu au moins ??) .Le Monde entier rigole du pandemonium qu'est devenu la direction US….

Good luck to ? your country in Irak !!!!

votre Français est exécrable.
Please, you are too kind! My niece tells me my French is dreadful. And you don’t have the benefit of hearing my accent, which makes even her eyes roll. :)

un jour viendra où le successeur de Bush s' excusera envers la France.
No, you see, the US only deals with Islamic countries that have oil. France has no oil, therefore, there is no reason for the US to deal with her. (um, this was a joke)

La politique de Bush est à présent condamnée par la Cour Suprême ,elle meme
All this proves is that when the founding fathers set up our government they did an excellent job (setting up the three branches of the government with checks and balances). So Bush overstepped the authority of the executive branch (which, in doing so by making a decision in a time of war is fine in my book—he should make the decision as Commander in Chief).

The judicial branch, as they should do, reviewed his decision, and, told Bush if he wants to try the terrorists by “military tribunals”, he must get approval from Congress (legislative branch)—or use the existing military judicial system via the codes of the Geneva Convention. So, the three branches worked as they should have.

I see nothing wrong with this. The terrorists will still have a trial; they will not be let go, the only issue is where the trials will take place and under what rules.

Your La Fontaine tells us in his famous fable Le Loup et l’Agneau, about trials:

La raison du plus fort est toujours la meilleure,
Nous l’allons montrer tout a’ l’heure.

But I think the terrorists are going to get a better shake than the lamb, who had no form of justice:

Le Loup l'emporte, et puis le mange,
Sans autre forme de procès.

But I kind of like lamb stew….

The whole World laughs of the pandemonium which became the US direction…

I laugh at European public that thinks America is a greater threat than Iran or N. Korea.

I laugh at an emasculated EU, which needs a cheap target like Gitmo to transfer attention away from it’s failings in dealing with Islamic fascism.

I laugh at how the Islamic fascists consider the pacifism of the EU as a sign of weakness.

I laugh at the Europeans who think of Gitmo and ignore their own dangers of unassimilated and angry muslims rioting and plotting terrorism in their countries.

I laugh at a defenseless Europe that soon will be in range of Iranian nuclear tipped missiles and think Gitmo is a problem.

I laugh at a Europe that thinks Gitmo is a problem, yet refuses to take the muslims back into their European countries after they are released.

I laugh at a Europe that condemns Gitmo, yet stands silent with their dicks in their hands after two US servicemen are butchered by the types we are holding in Gitmo.

Bonjour,

Eh bien moi , la politique pro islam que mènent les Yanks ne me fait pas RIRE du tout.
UNE ANECDOTE:
J' ai le souvenir d' une émission française où le sinistre John Winocur donnaient ,semaine après semaine , des leçons de morale aux patriotes français qui dénonçaient les manipulations US pro-UCK , pro-islamiste au Kosovo.
Ces patriotes expliquaient à Winocur que tout n' était pas aussi simple que ce qu' il racontait ,ils lui expliquaient le danger islamiste etc,etc .
Peine perdue , Winocur hurlait contre les Serbes ,contre les Français qui les soutenaient etc …
C' était avant le 11 septembre.
Vint le 11 septembre; les alliés musulmans que les Yanks soutenaient contre l 'Europe se RETOURNENT CONTRE EUX !!!
(Je rappelle à " Pave" que c'est au Kosovo islamiste et yankee qu' a été en partie conçu le 11 septembre).
Alors à l' émission suivant le 11 septembre , Winocur hurle comme un dément ,
Il veut raser le monde arabe à l'arme atomique etc ,etc
Les patriotes français tentent de le calmer , Winocur hurle de plus belle , il injurie (comme Pave le fait maintenant) ses interlocuteurs français et claque la porte de l ' émission …Où il n'est jamais revenu…
Que voulez-vous qu'un Français honnête pense de l 'attitude yankee concernant l 'Islam après ces faits et tant d'autres analogues ?