I OTOE

A 2009
1

ISBN 978-960-8428-07-2
2009
INE - OTOE
B 9, 106 72,

12

13

14

1.

,

17

1.

18

2.

20

2.1

20

2.2 subprimes

22

2.3

27

2.4
,

28

2.4.1

29

2.4.2

29

2.4.3

30

3. ;

31

3.1

31

3.1.1

31

3.1.2
-

32

3.1.3 -

33

3.2 ;

35

3.2.1

35

3.2.2

36

3.2.3 ;

37

2. H :

,
39

1.

1.1 ..

40

1.2 ..

42

1.2.1

42

1.2.2
..

43

1.2.3

45

1.2.4

46

1.3. ..

47

2. :

48

40

2.1 ..

48

2.2

49

2.3 ;

50

2.3.1

50

2.3.2
..

51

2.4
..

52

2.5

53

2.6 ..

54

2.7 ..

55

2.8 ..
:

56

3. ..:

58

3.1 ..

58

3.2 ..

59

3.3 ..

60

3.3.1 -

60

3.3.2

61

3.3.3 ..

61

3.3.4

4. ..

62
63

4.1

63

4.2

64

4.3 ,

65

4.4

65

4.4.1

66

4.4.2

67

4.5 -

71

4.5.1

71

4.5.2 :

72

4.6

74

4.6.1 ..

75

4.6.2

76

5.

77

3.

,
79

1.

82

1.1

82

1.2

82

1.3

83

2.

84

2.1

84

2.2

86

3.

3.1

88
90

3.1.1

90

3.1.2 , ,

92

3.2

94

3.2.1 :

94

3.2.2

97

3.2.3

98

3.2.4

98

3.2.5

99

3.2.6

100

100

3.3.1

101

3.3.2

102

3.3.3

103

3.3.4 ,
:

106

3.3.5
;

108

3.4

109

3.4.1

109

3.4.2

109

3.5.
, ,

111

3.5.1 :

111

3.5.2

112

3.6

114

3.6.1

114

3.6.2

115

10

3.3

3.7.

115

3.7.1

115

3.7.2

116

3.7.3

117

3.7.4

118

3.7.5

120

3.7.6

120

121

126

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2007, , ,
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Lehman Brothers 15 2008
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HSBC, BBC,

1.
Pierre Rimbert, Monde Diplomatique2,
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traders). Goldman Sachs, Citigroup, Barclays, PNB Paribas
HSBC 2009
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HSBC Chairman says banks must promote ethics, Boston.com, October 7, 2009.
Pierre Rimbert, Banques, bonus, bnfices: Le paradoxe des parasites, Le Monde Diplomatique, 7 Aot 2009.
20 25 2010, 8 10
.
1

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. Le
Monde, 3 2008, , Jan Peter Balkenende , Wouter Bos,

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Merrill Lynch, Wall Street 2008.
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21

2.2. subprimes
ABS .. 11.000
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22

(CDO - collaterised
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20% 2006
2008.
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23

6 Bear Stearns,
2007, ,
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subprimes8.

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Bear Stearns High-Grade Structured Credit Fund Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund.
, Fortune Magazine Names Bear Stearns Most Admired Securities Firm, Business Wire, February 25, 2005.
Bear Stearns .
9
Jacques Adda, Comment la finance est devenue folle, Alternatives Economiques, Pratique No 38, Avril 2009.
6
7

24

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Socit Gnrale

.
32 trader Jerome Kerviel
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Eve Channing, Socit gnrale: les trois cls dun drapage, Alternatives Economiques, 30 Janvier 2008.

25

Enron , ,
trading
. EnronOnline 1999,
(trading)
Enron.
Enron
. Gary Hamel11, Enron
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Enron .

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, Hamel, G., Leading the revolution, Harvard Business School Press, 2000.
Beams, N. La faillite dEnron et la crise du systme de profit, World Socialist Web Site, 2002.

2.3


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Guillaume Duval, Les banques restent toujours fragiles, Alternatives Economiques, No 283, Septembre 2009.

27

LBO (
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29

2.4.3

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30

3. ;
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46

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47

2. :

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48

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, Bowen, H.R. (1953) Social responsibilities of the businessman, Harper & Row, New York.

49

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50

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51

2.4
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52

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2000,

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53

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54

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Christian Aid (2004) Behind the Mask. The real face of corporate social responsibility.

55

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Friedman, M. (1970), The Social Responsibility of Business is to Increase its Profits, The New York imes Magazine,
September 13, 1970.
25
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56

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: Kempson and al (2007)

http://www.fininc.eu/
Kempson, E., Crame, M., Finney, A. (2007) Financial services provision and prevention of financial exclusion, Eurobarometer
Report, Personal Finance Research Centre, University of Bristol.

44
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