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The Barroso Commission is preparing a great tussle tax: it was unveiled on Wednesday a proposed carbon tax that would raise the price of diesel and coal, raising the ire of Berlin, London and the annoyance of reservations in Paris.

Reform, touted as essential to put the tax in accordance with the fight against global warming, is especially transport fuels and fossil fuels for heating. The minimum tax rate based on two parameters. CO2 emissions at a price of 20 euros per tonne to reduce harmful emissions.And energy content to promote the most efficient (9.60 euros per gigajoule for fuel and 0.15 euro for fuels).

"This is to encourage clean energy, biofuels and help reduce dependency created by imports of imported diesel," says Algirdas Semeta, Commissioner of Taxation. The unanimity of the Member States and a vote of the European Parliament will be needed to approve it, which is far from won, as recognized by José Manuel Barroso.

Diesel and fuel oil, which currently taxed, would be more. It would also be true for coal. The minimum rate for diesel would increase from 330 euros to 412 euros per m3 in 2018, an increase of 8 cents per liter. In essence, it would remain unchanged at 359 euros.

Arrangements

The goal is a minimum tax is unique in Europe.It would force it to align countries with low excise duties on fuels, such as Luxembourg or Eastern European countries who purchase Russian diesel. States that are above the floor could maintain their tax unchanged or even decrease.

This carbon tax would apply to transport, building and agriculture, responsible for 60% of the 4.9 billion tons of CO2 and other greenhouse gases emitted each year by the EU. The professionals of the sea would be exempt. Heavy industry and aviation are not affected because already incorporated a mechanism for allocating rights to pollute (ETS). Electricity is regarded as clean, is not affected at the stage of delivery.

Many improvements and grants are drawn. The dual mechanism proposed by Brussels to be operational in 2023.But he faces sensitivities as varied as the uses of energy. Germany, champion of the automotive and diesel engine, responded within the hour: "Reform is in the interest of neither citizens nor the auto industry, or subcontractors, or the environment, "said Minister of Economy, Rainer Bruederle.

France, supported in principle, fear the displeasure of its farmers and its roads. The United Kingdom, which already has a national tax, was opposed in principle to any tax imposed by Brussels. Ireland is on the same line, such as Luxembourg. Large consumers of coal, such as Poland, are finally hostile to any penalty.

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Unions are rather relieved. After fears yesterday that their call for the strike falls flat, following the announcement last minute by the management to reopen salary negotiations, they welcomed a widely followed mobilization this Saturday. Employees hypermarket distribution group were in fact called by four unions to strike on Saturday to protest against including salary increases for 2011, considered insufficient. The appeal was launched in late March by the FGTA-FP, the majority union at Carrefour (with more than 45% representation), and supported by the CGT, CFDT and CGC.

In total, employees of French retail group came to mass protest around the shops in this traditional day of great crowds in hypermarkets.According to union estimates, the movement is widely followed (50 to 85% of striking workers) in 130 of 203 hypermarkets in the group. Over thirty sites are completely blocked, preventing access of employees supermarkets. Even when they are not completely blocked, the strike rate range from 30% to 85% as estimated by Dejan Terglav, general secretary of the FO-FGTA reported by AFP. "The regions are the most mobilized the North, Britain and the Centre," said trade unionist. When contacted, the management of Carrefour has not confirmed those numbers, always carrying an inventory of mobilization, and ensuring that all supermarkets were open.

Union representatives yesterday morning anticipating a high rate of mobilization of employees. A rare occurrence in a group unaccustomed to large-scale social movements."Especially since the announcement of the reopening of Carrefour wage negotiations Wednesday could deter some people from coming forward. But reopening negotiations, it does not mean to succeed, "insists Dejan Terglav.

"It's a movement that looks pretty memorable," confirmed Frank Gaulin, Steward central CGT. Jean-Claude Mailly, secretary general of the Workers' Force (FOR), came to support the movement at the site of Le Mans, on strike for 80%. "People want a redistribution within companies.When they are unwilling to do that, there is a strike, "said union leader, also claims that" a device to make compulsory the transport allowance in all enterprises. "

Insufficient wage increase

While management offers its employees a 1% increase in wages to March 1 and another 1% increase on 1 October, union officials estimate that these proposals do not cover inflation announced by 2% payday loan online. "I do not really represents only 1% over the year," says a leaflet distributed by the FGTA-FO, which requests that the increases are decided once a year. The promise of recovery to 10% (against 7% previously) discounts on purchases of stores, and the announcement of the reopening of negotiations next Wednesday, will not suffice to bring back the union leaders on their decision.

Indeed, beyond wages, discomfort is increasingly strong-side conditions of use and new methods of work since arriving at the head of the group of Swedish Lars Olofsson, in January 2009. In total, FGTA-FO amounted to 10,000 the number of jobs cut since 5 years, and denounced a "new business model based on night work generalized ultra simplified workflow and increased employee stress .

The union also stipulates that future negotiations with management will not only wages and, even in case of high wage increase, it will not bend on the claims concerning the improvement of working conditions.

Opposition to the plans of division

While President Nicolas Sarkozy on Thursday expressed its willingness to link salaries to dividends, the unions could ask for more support for their speeches. For the third and final major demand, workers are opposed to the division by trading in the subsidiary Dia hard discount and the 25% of the land Carrefour Property. According to unions, these purely financial transactions would bring six billion euros to the two main shareholders, Bernard Arnault and Colony Capital (14% stake and 20% of voting rights between them).

In the words of Dejan Terglav in Les Echos reported on Friday, the organization also wants the Mutual Fund Business (CIPF) 'vote against the division (at the next general meeting of June 21 ed.)CIPF owns approximately 1.33% of the shares but the double voting rights "said the union leader. Bringing to nearly 4% the number of shareholders opposed the project, with the fund Knight Vinke (more than 1% of capital). But for now insufficient to meet a third of votes needed to derail the project.

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»New turbulence surrounding the division of Carrefour

The most powerful earthquake which claimed the North-eastern Japan early this morning has an impact on the Japanese economy. Before long, the Nikkei has literally collapsed, the yen has fallen and the country is, for now paralyzed.

In fact, air transport and railways have stopped Friday in much of Japan. Traffic was stopped in the major airport of the archipelago, at Narita, in the Tokyo area, where services were checking the status of airport runways. Shinkansen express trains were immediately arrested throughout the northeast of the archipelago, and highways in the Tokyo area closed a few minutes after the earthquake.

Similarly, the markets, the response is immediate. The Japanese currency fell against all the eight major currencies.The Japanese currency is thus dropped to a low of two weeks against the dollar at 83.30 yen to the dollar and 114.98 yen per euro after issuing a first warning to the tsunami.

The index of the Tokyo Stock Exchange, the Nikkei 225, has accelerated its losses late in the session. The benchmark index of the place of Japan and ended lower by 1.72%

It must be said that the disaster – which worsens progressively transmitted information has been particularly violent. The quake had a magnitude of 8.8 at 6:46. A scale rarely observed. Waves of 4.2 meters swept the Pacific Coast. Japanese TV shows and soon after the earthquake has made "many injured".

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"Very violent earthquake in north-eastern Japan

Henry Parker, winning ticket
The image of France has certainly been worsened by the fiasco of the Blues during the World Cup in South Africa. Not their wallets. For the fourth consecutive year since the retirement of Zinedine Zidane, Thierry Henry leads the ranking of the best paid French sportsmen revealed Saturday by The Mag Team, established in a very precise calculation (salaries, bonuses, advertising contracts …). Substitutions in Barcelona and then exiled to the United States, the former Arsenal player has accumulated 18.3 million euros in revenues for 2010. The withdrawal of premiums for France and the League of Champions (won by Barcelona in 2009) lost him 500,000 euros compared to 2009 (18.8 million).His lucrative contract with the New York Red Bulls (5.6 M) and its many advertising contracts (some of which ended in 2010) nevertheless allow him far enough to relegate her boyfriend Tony Parker, ranking second with a 1.1 million in 2010 (12.2 million). The renegotiation of his contract with the Spurs could allow it to monopolize the top spot next year.

21 of the 23 strikers Knysna in the Top 50, no woman
Sebastien Loeb (5th with 7.3 million) and NBA (Boris Diaw 6th, Joakim Noah 24e) are the only ones to compete with football king, expected to draw lesson from this study. Despite the disaffection of a portion of public opinion related to the fiasco of the World Cup, the number 1 sport in France outclasses all its rivals (salaries, television rights …), by placing 41 players among the 50 best French athletes paid cheap business cards.Note that 21 of the 23 strikers Knysna (missing Carrasso and Planus) appear in the Top 50 neglected by women for the second consecutive year (Aravane Rezai registration at 1 million euros, Sylvain Armand, the 50th, at 2.5 million euros).

Karabatic Lemaitre behind
Targeted among the leaders of the mutiny of South Africa, Franck Ribery climbs on the 3rd step of the podium (10.2 million) through an upgraded contract at Bayern. The absent in South Africa are doing very well as Karim Benzema (4th with 9.3 M) or Patrick Vieira and David Trezeguet (tied 8th) flowing end of a career peaceful and golden (6.5 M) . First representative of France Championship, Yoann Gourcuff is in 10th place (6.1 million), far enough from his runner Claude Makelele (20th with 4.1 million).And light years before Nikola Karabatic (650 000), Jean-Baptiste Grange (300 000), Christophe Lemaitre (260 000) and Jason Lamy-Chappuis (140 000), new heroes of French sport completely incognito. Another world.

The best-paid French sportsmen:
1. Thierry Henry (Football) 18.3 million
2. Tony Parker (basketball) 12.2 M
3. Franck Ribery (football) 10.2 M
4. Karim Benzema (football) 9.3 M
5. Sebastien Loeb (rally) 7.3 M
6. Boris Diaw (basketball) 7.2 M
7. Eric Abidal (football) 6.7 M
8. Patrick Vieira (football) 6.5 M
. David Trezeguet (football) 6.5 M
10. Yoann Gourcuff (football) 6.1 M

The economic and financial crisis has shown that market prices could deviate from the long-term fundamental value of assets. Speculation and economic fundamentals are not sufficient to explain certain behaviors described as irrational. It is the foundation of a theory, behavioral finance, developed in the 1970s by Daniel Kahneman and Amos Tversky, rewarded by a Nobel Prize in 2002. It is now taken by some societies as JRC AM that it is a specialty, with its capital CCR Growth Flex.

lefigaro.fr / jdf.com – Since the beginning of the year, investors prefer the values they abandoned last year. They would lack of discernment?

Roman Lahoste – Investors may lack discernment as shown by some excessive turnovers.And indeed this is true for sectors but also for geographical areas, as the CAC 40 index outperformed both the U.S. stock indices as the indices emerging.

L'horizon économique s'éclaircissant quelque peu, les investisseurs reviennent sur les valeurs ou les zones géographiques qui ont le moins bien performé l'an passé et qui paraissent donc bon marché. They do not care whether they are rational or not. Besides, if you look at previous cycles, they have always worked like that.

We are witnessing yet to rebound more than 20% for certain sectors such as banking shares.Did we go from one extreme to another?

That's true if you look at sectors or certain geographical areas but more broadly, I do not think you can talk about brutal downturn: global equities continue rising started out of the summer of 2010 as as fears subside.

Financial markets bull born in pessimism and doubt may be long upon the optimism and reach their climax in the euphoria. 2010 was a year of doubts and 2011 will be the return of optimism. But guarded optimism. We are not yet in a phase of euphoria. We go out to the penalty phase of doubt.

When is it we're in this phase of euphoria?

When investors do not perceive more risk and will not want to see positive signs.In other words, when financial markets are no longer concerned about the European and U business cards.S. debt or the rising inflation in emerging countries for example. But at this point, it will not necessarily leave the market as rising euphoria can last very long.

As the saying goes on Wall Street, he must stay invested in winning positions and cut their losing positions. Investors such as portfolio managers generally have the temptation to do the opposite. And that is their mistake. After realizing a profit, even if they can still hope to double their bet, they will tend to take profits. However, after a loss, rather than cut their losses they will tend to leave the risk and not sell. The investors then react as casino players who want to "remake".

How should investors do to prepare for this phase of euphoria?

Anticipate market reversals is a very difficult, unreliable and time consuming. Investors should instead be setting standards of conduct and maintain it, even if they miss some opportunities. Indeed, we believe it is better to forego a gain in the short term to avoid a larger loss in the long term.

From a technical standpoint, we recommend the establishment of "stop loss" (order placed by an investor to limit his losses in case of falling stock price, Ed) that serve as "safeguards "to compensate for the risk manager in the extreme phases of markets or the decision is often distorted. A phase of euphoria usually turns into a bubble.However, if one knows when it starts, you never know when it stops.

Should we fear the next bubble?

Since markets exist, there have always been bubbles and crashes. Each time, investors have not learned.Behavioral finance teaches us that all these risks are extreme benefit related to human psychology never changes as economic fundamentals./ P>

"Faced with losses, investors' attitudes changed dramatically": they are more likely to renew their commitment vis-à-vis an investment when it posted a loss

It is unknown to the general public and comes from Finland: Neste Oil is the worst company in the world because of its social and environmental performance, according to the NGO Berne Declaration (BD). Neste Oil was awarded the Public Eye on Davos People's Award 2011, after voting on the Internet. His crime? Produce and sell "Neste Green diesel" (green diesel) from the NGO which has no environmentally friendly than the name.

Appellation 'misleading'

This term "is misleading because this product is composed mainly of palm oil, whose company is poised to become the largest buyer of the planet," she says in a statement."The growing demand for palm oil always leads to more deforestation in Indonesia and Malaysia, endangering the last remaining sanctuaries of the Orang-utan."

The Finnish company says he was victim of a Greenpeace campaign which would be voting against it. "The result of the Public Eye Award We are not favorable," acknowledged Simo Honkanen, sustainable development manager at Neste Oil, before defending the company: "We only buy palm oil (…) whose origin is verified. Demonstrate its environmental commitment, Neste Oil said to have been ranked as the best performing sector in terms of its "environmental footprint" by the Forest Footprint Disclosure Project. Only problem: it is the only company that responded to the questionnaire.

Neste Oil is booming payday loans with no fax. She is currently increasing its production capacity in Rotterdam and Singapore.Its main supplier, IOI, will double its area of operation of oil palm in order to keep up with demand. World production is doubling every two years for 30 years. In the future, "compared to 2000, demand for palm oil will double by 2030 and triple by 2050," DB plans.

New customers are becoming interested in diesel-based palm oil, such as Lufthansa German Airlines and Finnair Finnish. The latter, according to the NGO, however, would have taken these distances with Neste Oil in recent weeks to avoid negative publicity.

Nestle pinned

Other industrial addicted to oil palm have been found in the crosshairs of environmental activists. For example, the agribusiness giant Nestle has been singled out by Greenpeace in 2010 for palm oil contained in some products."The production of this oil requires chemicals that poison water, land, wildlife, flora and people," insists DB.

Neste Oil is not the only company terminated at Davos this year by the NGO. A jury of experts awarded the Public Eye Award at the South African mining company AngloGold / Ashanti. The latter is responsible for "poisoning the land and inhabitants in the course of business of gold mining in Ghana", accuses DB. "Toxic Substances flow from mining waste sites, polluting rivers and drinking water sources on which entire villages," explains the NGO.

"We must make sure that this crisis does not become a social crisis, it is in some countries," Klaus Schwab recently launched, presenting the 41st edition of the World Economic Forum, taking place from this Wednesday and until 30 January in Davos. The founder and patron of the great rout of globalization, has always denied being the apostle of unbridled liberalism. He claims to share the values of Rhineland capitalism, its country of origin, with the aim of tarnishing account "all parties involved (stakeholders), and not just shareholders (Shareholders).

After the horrors of the great economic depression that had dominated the discussions in January 2009, then questions about the strength of the recovery in 2010, this year will define an equilibrium point."Changes in economic power from west to east and from north to south have created a completely new reality," said Klaus Schwab. "Standards for a new shared reality" is the theme of Forum 2011. The "new reality" is "a world with centers of power multipolar, characterized by a high degree of volatility and the entrance (and exit) of actors in a global race for competitiveness."

Besides the 1400 big bosses of companies, mostly multinational corporations, the Forum is proud to host 35 heads of State or Government. Only absences table those of Barack Obama and Hu Jintao, who met last week in Washington in a G2 singular.Davos organizers acknowledge privately that the date of their summit in Graubünden (1500 m) does not encourage the Chinese to travel (they celebrate their New Year on February 3), any more than Americans.

Barack Obama absent

Obama will deliver a speech on Jan. 25 State of the Union, even more important for the American political class that the majority of Congress has just changed. Still, "nineteen governments of the G20 will be represented at ministerial level at least," (with Timothy Geithner, U.S. Treasury Secretary, and Chen Deming, Commerce Minister of China). Only Argentina will default as a member of the G20. As the president of this institution, Nicolas Sarkozy, who will travel for the second consecutive year in Davos, he will deliver his speech on "the state of the world" and his proposals to make it less volatile, January 27, exactly.

Dmitry Medvedev, the president of Russia, as originally planned should open the World Economic Forum. This meant that the time of his speech. Monday night, the spokesman for the Russian head of state announced that Dmitry Medvedev had postponed his departure for the station grouse in the Swiss Alps after the attack that is 35 dead in Moscow Domodedovo Airport.

According to experts, Dmitry Medvedev, if he confirms his coming, it will redouble its efforts to ensure against the hundreds of great business people and bankers that Russia will not allow another disaster like that which befell the airport Domodedovo. He will try to convince most that the country remains a safe place for foreign investment that it hopes to attract.In any event, the question of "terrorism" that Moscow describes as a greater "threat" should invite themselves in dozens of debates planned to dimanche.dor

Kremlin economic advisor Arkady Dvorkovich has acknowledged that the investment climate in Russia might also suffer from the recent second conviction of Mikhail Khodorkovsky, the former oil tycoon. "I think at least a substantial part of the international community will ask serious questions and concerns about the risks of working in Russia will increase," said Dvorkovich, the Russian gazeta.ru website, which remarks were reported by AFP.

Xavier Thouvenin, lawyer Michel Balthazar, was confirmed earlier this evening that his client, one of three executives at Renaultsoupçonnés spying, received Saturday morning by his employer a letter of dismissal for gross misconduct. "We're going to tribunal. However we decided to take a few days of reflection before deciding whether further proceedings, made a point Xavier Thouvenin.

Christian Charriere-Bournazel, a lawyer Bert Rochette, also suspected of espionage, means, in turn, make an action for defamation direct quote non-public proceedings before the police court on Monday."I want to force the Renault company to give us what they consider their evidence," Le Figaro said Mr Charriere-Bournazel.

It is possible that Michel Balthazard also calls a procedure to the extent that the letter he received is very similar to that of his colleague. "In his letter, the manufacturer says that my client received money from foreign sources leading Renault to be satisfied, in exchange for money, as Michel Balthazard gave strategic information to the company, said Xavier Thouvenin . The company offers no real proof and serious. She has only one conviction. That Renault made the deduction. I find it very light. It looks like a rush job. "

Another point emphasized by counsel, the change in qualifying action.The letter speaks of strategic counsel notes, while Patrick Pelata, deputy CEO of Renault, said, a week ago in an interview with Le Monde, no "nugget technology strategic plan Innovation has been filtered out of the business, including nearly 200 patents issued or pending filing.

Travel in China

In this case, Michel Balthazar, 56, a member of the steering committee, was nominally appointed by the anonymous informant. According to sources familiar with the matter, a number of trips to China within a family have been recorded as part of investigations by the manufacturer.

Michel Balthazard visited frequently in the country just to visit his son who worked there, says his lawyer.It was during trips to Korea and Japan, two countries where the manufacturer has subsidiaries, Samsung Renault and Nissan, as Michel Balthazard was organized to spend a few days in China, not really hide it in Since its tickets were booked by the travel agency of Renault. "He went one last time in China in November 2007, before her son parte settle in the United States," added Xavier Thouvenin. It was three years ago.

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Accor, which still holds 49% stake in Lucien Barriere, the casino operator's IPO which had failed in early October, is about to sell all of this participation which he wishes to separate for several months. The acquirer would, according to information from Wansquare, the financial services group Fimalac, also parent company of Fitch Ratings.

Even if the purchase price is modest for Accor, "is clearly positive in terms of perception management," said one trader in Paris. Indeed, the record Lucien Barriere had suffered a setback three months ago, when Accor had canceled its debut on the Paris Stock Exchange the day before the expected date of listing. The shares were offered for sale at a price between EUR 16.10 and EUR 19.60.

Following this failure, due to a lack of investor appetite for the operation casinotier them are not popular-Accor maintained that all options were "reopened", including finding investors. However, management prefers Barrier IPO (IPO). This could suggest a new attempt in 2011.

For Accor, it is always about to emerge from such participation "nonstrategic" which enters its extensive program of asset disposals.

Accor should be applauded

For now, neither Fimalac or Accor, nor Lucien Barriere commented on that information. The press recently evoked potential buyers as CVC Capital or by a fund of Goldman Sachs payday loans with no fax.

"Lucien Barrière is valued between 500 and 700 million euros," Gilles Pelisson had estimated in early 2010, when he was still president of Accor.Retaining only 49% of Accor's participation would amount to around 300 million euros. "If the sale price is between 280 million and 300 million euros, the market should still applaud this agreement," commented one Paris trader Friday.

In the 2009/2010 financial year ended September 30, Fimalac has reported a net profit of 30 million euros (+36.4%) for a turnover of 608.9 million euros ( +8.8%).

The group recently acquired the company Vega, French leader operating rooms dedicated to entertainment, sports and events and economic events. The company has notably orchestrated the return of Michel Polnareff in 2007 and is particularly associated with the operation of the Zenith of Rouen. He also holds 40% of Gilbert Coullier Productions, the leading French organization of shows for singers and comedians speaking.

Nothing works for casinos

The casino market has suffered tremendously, both from an economic crisis that has sealed the "entertainment budget" of the French and regulations become more stringent over time.

To "cover". Much more than greed is fear of the trial which often leads physicians to increase further tests, scans or tests actually somewhat useful.

In any case, the union's explanation of Obstetricians Syngof Liberals. Its secretary general, Jean Marty, wrote to the Hospital Federation of France in reaction to his study of unnecessary medical procedures (our editions of Dec. 15). "We share much of your analysis and wish to engage in a struggle against such waste. However, you "put in the same basket" (…) Caesarean sections, trying to make us believe that this practice lies with the expensive private sector, "he lamented in the letter. In fact, according to the Federation which brings together public hospitals, the rate of Caesarean births, steadily rising, is 2.3% higher in the private sector.Caesarean sections cost more to "Safely" than conventional deliveries.

Obstetricians Liberals have a "defensive driving", argues Dr. Marty, in view of reaching convictions sometimes 5 to 8 million euros in case of serious sequelae after "accidents of birth". Practitioners are insured to over 3 million by a public body, but it is theoretically entitled to claim against the doctor, where fear of ruin. More commonly, the insurance premiums for obstetricians, which amount anyway in tens of thousands of dollars a year – partially covered by an aide – fly away when they were sued.

Legal Issue

This problem is specific to private doctors because at the public hospital is the establishment, not the doctor himself, who endorses the medical liability and therefore must pay if convicted – except in exceptional cases of misconduct 'separable function, such as when a doctor on call at home refused to move despite the appeal of a house.

"We are certainly led to a lot of review under the precautionary principle: we have no objection to prescribe a lot and require little to no benefit," said John Marty. "We have never seen a conviction for a caesarean section incorrectly abounds Gombault Nicolas, CEO of insurer The Sou Medical MACSF.However, there are many convictions for vaginal delivery when a fetal distress warrant a cesarean. "

The Hospital Federation does not deny this legal problem. Professor Mornex, who led the working group on the relevance of the acts, advocates of "good practices prejudicial" – in short, no longer reimburse the exams that do not correspond to the recommendations which there is consensus within the medical community. "But they must also be invoked in cases of legal conflict," said he. A position on which the Syngof joins.

A connoisseur of good health world still stresses that other reasons may explain the caesarean. They are "best practices" for the obstetrician when they are scheduled – during the day and week.And some clinics have been a real "market" always responding positively to requests from mothers that vaginal delivery worries.

Other GPs also feel threatened by the medico-legal risk. Hence the proliferation of purely precautionary examinations and even "the refusal of young people to choose private practice, provides a general Breton just retired. Author of a recent report to Nicolas Sarkozy on medicine proximity, Elizabeth Hubert acknowledges that "fear of questioning" which, however, in his view, is largely the "fantasy with respect to general medicine." Surgeons and anesthesiologists, however, are regularly attacked, even if the convictions are reaching astronomical amounts less.