Summary of Alstom : la France vendue à la découpe ? Frédéric Pierucci [EN DIRECT]

This is an AI generated summary. There may be inaccuracies. · The green links below are Amazon affiliate links where summarize.tech may earn a commission.
Summarize another video · Purchase summarize.tech Premium

00:00:00 - 01:00:00

Frédéric Pierucci, a former executive at Alstom, shares his experiences in prison in the United States and his involvement in the company. He discusses Alstom's strategies of collaborating with Chinese companies and attracting Russian investment. Pierucci denies allegations of corruption and explains the strict procedures in place for selecting consultants at Alstom. He also discusses a corruption scandal involving Alstom in Indonesia. Pierucci reflects on his surprise arrest and the lack of support and training from French intelligence services. He describes the harsh conditions he faced in prison, the lack of transparency and conflict of interest in his legal proceedings, and the challenges he faced being incarcerated. Pierucci also discusses the sale of Alstom to General Electric and his efforts to raise awareness about the economic warfare being waged by the US against its allies. He recounts his sentencing, the lack of support from the French administration during his imprisonment, and his eventual transfer back to France. Pierucci concludes by highlighting concerns about the sale of Alstom and its impact on France's sovereignty and energy independence.

00:00:00 In this section, Frédéric Pierucci, a former executive at Alstom, discusses his experience in prison in the United States and his role in the company. He explains that he worked at Alstom for 22 years, holding various positions including director of multiple subsidiaries and overseeing a division with a revenue of 4 billion euros. He mentions that Alstom's strategy at the time was to collaborate with Chinese companies in the energy production sector while also attracting Russian investment in the transportation segment. Pierucci was chosen to lead a joint entity between Alstom and Shanghai Electric in Singapore. However, he was unexpectedly indicted by the US Department of Justice for alleged corruption related to contracts from 2003-2004. Pierucci denies the allegations and explains that Alstom had strict procedures in place for selecting consultants, with senior executives and even the French government involved in the approval process. He also notes that around the year 2000, French companies were required to declare any bribes paid and were exempted from corporate taxes, but the legislation changed in 2000 to align with international anti-corruption laws.
00:05:00 In this section, the speaker discusses the French train manufacturer Alstom and its business practices in Indonesia. He explains that in 2003, Alstom was in competition with an American enterprise to build a power plant in Indonesia. During the evaluation period, the Americans were able to bribe members of the evaluation committee and secure the project for their company. However, they had worked with a consultant designated by a local French company, and Alstom was able to rehire that consultant and eventually win the contract. The speaker notes that this incident was part of a larger corruption scandal involving Alstom, which had been under investigation for several years.
00:10:00 In this section, the speaker discusses his surprise at being arrested and reflects on whether he should have cooperated with the authorities. He mentions the lack of support and training from French intelligence services in protecting strategic assets and highlights the naivety of French companies in dealing with foreign influences. Despite holding sensitive positions, he never received any training in security or intelligence. He then describes a conversation with the legal director of the company and their initial plan to negotiate with the U.S. authorities.
00:15:00 In this section, Frédéric Pierucci discusses his arrest in the United States and the harsh conditions he experienced in prison. He describes being brought before a judge who launched into a diatribe against Alstom and France, referencing DSK and claiming that France does not extradite its citizens. Due to the perceived flight risk, Pierucci was denied bail and placed in a high-security prison in Rhode Island. He recounts the deplorable conditions in the prison, including overcrowded cells and unsanitary facilities. Pierucci also reveals his disappointment with the attorney appointed to him, who had conflicts of interest and seemed to prioritize Alstom's defense over his own.
00:20:00 In this section, Frédéric Pierucci discusses the lack of transparency and conflict of interest he faced during his legal proceedings. He reveals that he requested a copy of the report by an American law firm which had concluded his innocence in the Indonesian contract case, but his request was never fulfilled. This lack of transparency is understandable from the company's perspective, as providing such evidence could implicate higher-ranking individuals. Pierucci also highlights the conflict of interest issue, as he later discovered that his lawyer was working for the opposing party. He further explains how he was given two options by the prosecutor: stay in high-security prison until the trial or plead guilty and be released after six months. Faced with the steep consequences of losing the trial, Pierucci ultimately chose to plead guilty. During this time, Alstom sent a letter to his family requesting a written response to prevent his dismissal, showcasing the complexities and challenges he and his family faced during this ordeal.
00:25:00 In this section, Frédéric Pierucci discusses the challenges he faced while being incarcerated in a high-security prison in the US. He explains that he was no longer in control of his own company and was directed by lawyers chosen by the enterprise, who decided his every move. He also reveals that the prosecutor went back on his verbal agreement, causing confusion and uncertainty about his sentencing. Pierucci was transferred to an even more secure part of the prison and the company stopped paying for his legal fees, as he had pleaded guilty. His visits from lawyers became rare, leaving him in the dark about his case. Despite efforts from the French Consulate and his family to raise awareness about his situation, no progress was made during a state visit by François Hollande to the US. Pierucci then connects the news of Alstom being bought by General Electric to his own situation, as he had analyzed other cases involving companies indicted by the US Department of Justice.
00:30:00 In this section, Frédéric Pierucci explains the events surrounding the sale of Alstom, a French company, and his personal involvement in it. He discusses how the US Department of Justice (DOJ) was investigating Alstom for violating the Foreign Corrupt Practices Act, which led to the sale of the company. Pierucci mentions that the French government, led by Arnaud Montebourg at the time, attempted to create a counteroffer with Siemens but faced difficulties due to Siemens' own legal troubles. Eventually, General Electric (GE) acquired Alstom. Pierucci also talks about his own experiences, including being released on bail and the French government's reluctance to have him return to France. He suggests that one reason for this reluctance was to prevent him from speaking out about what he had learned during the investigation. Pierucci mentions his difficulty finding employment after spending 14 months in a high-security prison and how his reputation online hindered his job search.
00:35:00 In this section of the video, Frédéric Pierucci discusses his efforts to raise awareness about the economic warfare being waged by the United States against its allies, particularly France. He explains that he created a consulting company and worked with a lawyer to try to change French laws that allowed French companies to be subjected to massive fines by the US Department of Justice. Pierucci and others organized events and discussions to sensitize lawmakers to the need for protective measures for French businesses. Eventually, some progress was made with the passing of the Sapin II law, which allowed for the repatriation of cases involving French companies. Pierucci continues to work on this issue, hoping to bring such cases to French courts and avoid double jeopardy situations with the US legal system.
00:40:00 In this section, Frédéric Pierucci discusses his decision to request a sensing, which is a final judgment, after three years of waiting for his trial. He explains that the judge informed him that in the state of Connecticut, where he was being prosecuted under the Franco-Chinese law, no cases of individuals being indicted for violations of this law had been found in the past 40 years. Pierucci is then sentenced to 30 months in prison, leading him to return to France temporarily before going back to the United States. Former ministers in France advise him not to go back due to the risk involved, but Pierucci decides to return. He describes his experience in prison, sharing that he was in a dormitory with 72 people even though it had a capacity of 49, and he had to navigate his way in this new environment. He also mentions his attempts to be transferred to a prison in France due to lack of family ties in the United States.
00:45:00 In this section, Frédéric Pierucci describes his experience being imprisoned in the United States and the involvement of French officials in his case. He explains that during the first part of his imprisonment, the French administration was absent and provided no support, except for the vice consul. However, during the second period, Pierucci received support from the French embassy, as his case had gained some recognition in France. He talks about the refusal of the US justice system to transfer him back to France due to a parliamentary inquiry into the acquisition of Alstom by General Electric. Despite this, the French president and vice-president of the parliamentary inquiry committee made a consular visit to Pierucci in prison, which the Americans could not refuse. Pierucci mentions the complications he faced in different prisons in the US, including being housed with high-profile criminals, and the eventual transfer back to France. He concludes by stating that he wrote a book about his experience to raise awareness and alert others about the issues he faced.
00:50:00 In this section, the speaker discusses the sale of Alstom, a strategic French company, to the United States. He highlights the concerns regarding the potential impact on France's sovereignty and energy independence. The speaker mentions examples of how disagreements with the US in the past have led to the interruption of crucial supplies, such as spare parts for military equipment and power plants. He argues that there are certain sectors in which the state should have control and emphasizes the questionable circumstances surrounding the sale of Alstom, including the potential link to future fines the company may face in a US legal case. Overall, the speaker views the sale as a catastrophic loss of independence and sovereignty for France.
00:55:00 In this section, Frédéric Pierucci discusses the sale of Alstom and the corruption case surrounding it. He reveals that Alstom, accused of corruption, was negotiating with the Department of Justice while sitting next to their main competitor, General Electric, who was aware of all their strategies. He also mentions that Siemens, who had previously been convicted of similar charges and paid a fine, cannot offer the same deal as Alstom did. Pierucci explains that Siemens executives are fugitives and that Siemens cannot take any action. He further discusses how Alstom ended up paying the fine instead of General Electric, and how the Department of Justice reacted differently to the situation than they did six months prior. Pierucci concludes that the whole situation was well orchestrated between the Department of Justice, General Electric, and others involved.

01:00:00 - 02:00:00

Frédéric Pierucci, a former executive of Alstom, discusses the concerns over the dismantling of French companies and the lack of action taken by French politicians to protect national interests. He highlights the extraterritoriality of US laws and their impact on European companies, emphasizing the need for stronger protection and strategic planning to reclaim strategic industries. Pierucci also calls for France to regain its economic sovereignty and industrial independence, suggesting the formation of alliances with countries like Russia to counter American influence. He criticizes the lack of response from France's allies and the conditions of prisons in the United States, highlighting the exploitation and mistreatment of prisoners.

01:00:00 In this section, the speaker discusses the role of the European Commission in the Alstom case. They mention that in 2001, the Commission rejected the merger of Honeywell and Dianélectrique, which had a major impact on General Electric. The speaker questions whether the same mistake will be made again, with French companies being sold off without the approval of the Commission. They also explain that since the approval of the agreement between Alstom and the Department of Justice was not validated by the judge, it leaves Alstom and its leaders vulnerable to potential increases in the settlement amount. The speaker expresses frustration with their inability to speak out during this period and discusses the negotiations and extortion tactics used by the Department of Justice in corruption cases. They also mention how the 1977 law to prevent American companies from paying bribes to foreign public officials was not enforced for nearly 25 years.
01:05:00 In this section, Frédéric Pierucci discusses the actions taken by the Americans to enforce their jurisdiction over foreign companies. They used the extraterritoriality of their laws, which means that any transaction in dollars or communication through servers in the United States establishes a connection with the American territory, giving them jurisdiction over the entire company. The US also pressured OECD countries to implement their own anti-corruption laws, and through the Patriot Act, gave intelligence agencies the power to spy on European companies under the guise of counterterrorism. This allowed the Americans to target European companies, including their direct competitors like Alstom, Airbus, and Thales. Starting in 2005, they applied their laws, targeting sectors with real competition such as oil, energy, and telecommunications. They imposed fines on non-American companies like Statoil, Total, and Siemens. The Americans even influenced the investigation of British Aerospace by accusing them of bribery in Saudi Arabia, resulting in a guilty plea for not declaring their consultants. It is evident that the US was using its control over financial and internet systems to assert dominance over foreign companies.
01:10:00 In this section, the speaker discusses how the United States implements extraterritorial laws to penalize foreign companies, particularly European ones. He gives examples of American companies on the list of those who paid over $100 million in fines, highlighting that most of them were already under investigation by foreign countries. He mentions Halliburton as an example and explains how French authorities uncovered bribery payments by the company in Nigeria, leading to an investigation by the US. The speaker also mentions the lack of contact with the French intelligence agency and discusses the growing awareness and interest in economic intelligence in France, partly influenced by the actions of President Trump.
01:15:00 In this section, the speaker discusses two examples that illustrate the link between the economy, geopolitics, and the judiciary. One example is the construction of the Nord Stream II gas pipeline between Russia and Germany, which the US has threatened to prosecute companies involved in. Another example is the case of Huawei's CFO, who is caught in a struggle between China, the US, and Canada. The speaker also highlights the role of the US Department of Justice, stating that it is not an independent entity but rather an extension of the US government. The speaker believes that these examples should serve as a wake-up call and that proactive measures need to be taken in France. The speaker also discusses the various laws and regulations that French companies have had to pay billions of dollars for, due to violations of US laws and embargoes. Additionally, the speaker mentions the Cloud Act, which allows US prosecutors to bypass international cooperation and directly access data stored by companies like Microsoft, Amazon, and Alibaba. This raises concerns about economic espionage and the protection of French companies' information.
01:20:00 In this section, Frédéric Pierucci discusses the lack of protection for European companies when it comes to requests by US prosecutors. He explains that in almost all cases, when a prosecutor requests approval from a judge, it is granted. This lack of oversight has allowed data to be extracted from European companies since 2008, resulting in significant financial costs. Pierucci highlights the need for stronger protection of French interests and suggests that there may be individuals within French administrations who are not defending France's interests. He also mentions the large sums of money spent on lawyers and advisors during the Alstom acquisition, raising suspicions of corruption. Several complaints have been filed, alleging corruption during the election campaign of the current president and regarding the actions of certain individuals involved in the acquisition. Pierucci emphasizes the importance of holding a parliamentary inquiry into the matter, but notes that there was no consensus among the Republican party at the time to initiate one.
01:25:00 In this section, Frédéric Pierucci, a former executive of Alstom, discusses the lack of action taken by French politicians to prevent the dismantling of the company. He highlights individuals like the parliamentarians Milliard and Fasquelle, who signed requests for a parliamentary investigation but failed to convince their colleagues. Pierucci also criticizes the left-wing government's role in selling Alstom to protect former Economy Minister Emmanuel Macron. He believes that the French government, including current Minister of Economy, Bruno Le Maire, should be held accountable for their decisions. Pierucci emphasizes the need for France to focus on the future and take strategic actions to recover what is left of Alstom's nuclear power division, as General Electric is in a dire financial situation due to the 2008 financial crisis. He suggests that instead of seeking revenge, the country should rally together and plan a strategy to reclaim strategic industries.
01:30:00 In this section, the speaker highlights the concerns over France selling off its assets to reduce its debt. They discuss the previous sale of Alstom, specifically the sale of its steam and nuclear part to General Electric. The speaker proposes the idea of buying back this part of Alstom to regain sovereignty and prevent dependence on other countries. They emphasize the importance of the nuclear industry in France and the need for a political will to protect and reclaim key sectors. The speaker criticizes the lack of attention and action from the French government in safeguarding strategic industries, suggesting a need for a reclamation strategy rather than defensive measures.
01:35:00 In this section, Frédéric Pierucci discusses the issue of foreign ownership and control over French companies. He mentions that while it is often criticized when the Dutch government takes a stake in a French company like KLM, he believes that proactive measures should be taken to protect national interests. Pierucci argues that France, like other European countries, should be more assertive in defending its companies against foreign aggression. He also highlights the lack of European solidarity on these matters and the need for coordinated action. Pierucci points out that the United States, on the other hand, has a unified approach in protecting its own industries. He emphasizes the importance of political will and the enforcement of existing laws to safeguard French companies from economic warfare tactics.
01:40:00 In this section, the speaker discusses the need for France to regain its economic sovereignty and industrial independence in order to counter the influence of the United States. They note that there is a growing unity among people from across the political spectrum who are concerned about France's subservience to the US. However, they point out that currently, there is no political party or leader who fully embodies these concerns. The speaker suggests that instead of bashing Russia, France should seek to have a dialogue with them and form an alliance in order to oppose American influence. They argue that in order for Europe to have any weight in the world, it must find allies and stand together against the US.
01:45:00 In this section, Frédéric Pierucci discusses the lack of reaction from allies in the face of France being sold off piece by piece. He explains that the UK and other countries have not reacted due to their own reasons, while Italy is finding it more difficult to react. Pierucci suggests that France needs to first react on its own by creating and enforcing laws, as well as setting examples. He highlights the lack of response to American espionage on French companies and industries, and emphasizes the need to create a balance of power. Pierucci also mentions the importance of aligning with countries facing similar situations, such as China and Brazil. Overall, he emphasizes the lack of vision and action in the French government's response to these issues.
01:50:00 In this section, Frédéric Pierucci discusses his time in prison and the various characters he encountered, including hackers and Russian inmates. He mentions meeting a hacker who had hacked the bank accounts of the Church of Scientology and transferred the money to charitable organizations. Pierucci also talks about the challenges he faced in a high-security prison where many inmates were awaiting trial, leading to extreme behavior. He highlights the violence and fights that occurred but also emphasizes the solidarity among prisoners, regardless of ethnicity. Pierucci shares that the food in prison was subpar, with minimal nutritional value, and explains that private prisons operate as a business, cutting costs wherever possible. Inmates have to purchase their own essentials, even including water.
01:55:00 In this section, the speaker discusses the conditions of prisons in the United States and how they have been negatively impacting individuals and communities. He mentions that while the 16th Amendment of the Constitution prohibits slavery except in prisons, this does not change the fact that people are considered "slaves" within the confines of prisons. He also discusses the high rate of false convictions and the use of solitary confinement as a form of punishment, which he considers cruel and inhumane. The speaker also touches on the privatization of prisons, which he believes has led to further exploitation and mistreatment of prisoners.

02:00:00 - 02:10:00

In this YouTube video titled "Alstom: la France vendue à la découpe? Frédéric Pierucci [EN DIRECT]", the speaker raises concerns about the privatization of ADP and shares thoughts on Christine Lagarde. They discuss the lack of industrial policy in France and the trend of selling off French industries, comparing it to the collapse of the Soviet Union. The speaker emphasizes the need for defining strategic industries and implementing a sound industrial policy. They express disappointment in the lack of government support in cases such as Alstom and criticize the biased view in France about the financial crisis. The speaker recommends several books and encourages young people to stay informed.

02:00:00 In this section, the speaker expresses their concerns about the privatization of ADP and shares their thoughts on Christine Lagarde. They mention that Lagarde handled the Tapie affair well and believe that she is a person of great value. They are interested in seeing what she will do in her role at the European Commission. The speaker believes that people can change, including those in power, and that not everyone fully understands the extent of the problems in the world of economic warfare. They discuss the global financial system and question its stability, suggesting that it has led to high unemployment rates in France and a disconnection from citizens' values. The speaker calls for a more human and service-oriented financial system. They also highlight the short-term thinking of politicians and the need for long-term vision. The speaker mentions the Yellow Vest movement and expresses their understanding of the reaction, emphasizing that the issues are not yet resolved. They discuss the situation in Belfort, where 1000 jobs are being cut, and stress the need for a long-term industrial policy rather than short-term reactionary measures.
02:05:00 In this section, Frédéric Pierucci discusses the lack of industrial policy in France and the trend of selling off French industries. He compares the situation to the collapse of the Soviet Union and how their assets were sold off, leading to the enrichment of certain individuals. Pierucci argues that without defining the concept of strategic industries and implementing a sound industrial policy, these issues will continue to go unnoticed. He mentions previous cases like Alcatel and Technip, which were also negatively impacted. Pierucci believes that action needs to be taken and that it is not enough to simply talk and make reports. He stresses the importance of defining priorities and protecting sovereign industries. Pierucci also expresses disappointment in the lack of support from the French government, particularly in the case of Alstom. He believes that the trap set by American authorities not only affects individuals, but also companies and the government itself. Pierucci concludes by stating that the French state has been struggling financially for some time now, and while this may be true, it is not an excuse to make reckless decisions.
02:10:00 In this section, the speaker discusses the financial crisis and the lack of independence in France's reaction to it. They criticize the biased view in France that blames the Russians and Chinese, while ignoring the role of the Americans in creating the crisis. The speaker also expresses concern about the loss of independence and the vassalization of France on these issues. They recommend several books, including one about the cement industry and American laws, one about the MH370 flight tragedy, and one by Naomi Klein about the strategy of shock. The speaker concludes by encouraging young people to be curious and informed about what is happening around them.