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Fortis Receives EU11.2 Billion Rescue From Benelux Governments
By Martijn van der Starre and Meera Louis
Sept. 29 (Bloomberg) -- Belgium, The Netherlands and Luxembourg invested 11.2 billion euros ($16.3 billion) in Fortis, Belgium's biggest financial-services firm, to restore confidence in the bank after shares fell 35 percent last week.
Belgium will buy a 49 percent stake in Fortis's Belgian banking business for 4.7 billion euros, the Belgian government said in a statement yesterday. The Netherlands will pay 4 billion euros for a similar stake in the Dutch banking unit, while Luxembourg will provide a 2.5 billion-euro loan convertible into 49 percent of Fortis's banking division in that country.
Fortis came under pressure because of speculation the company would struggle to replenish capital depleted by the 24.2 billion-euro takeover of ABN Amro Holding NV units last year and credit writedowns. Fortis will sell its stake in ABN Amro's consumer banking unit, though the buyer wasn't identified.
``Confidence in Fortis needs to be restored,'' Corne van Zeijl, a senior portfolio manager at SNS Asset Management in Den Bosch, the Netherlands, who oversees about 750 million euros and owns Fortis shares, said.
Fortis Chairman Maurice Lippens will resign and be replaced by someone from outside the company.
I wonder where all this Bailout Money is coming from, (Europe). Last week Bernanke went to 5 foreign banks for money, for short term loans.
Comment about Citi: Huge draw down on reserves, because of Lehman & Goldman. As of this writing, U.S. Congress people are receiving the old Telegram about the bailout. American people are not happy.
Last weeks quote from Buffett when he attended the meeting, "Heaven Help us if this doesn't work".
__________________
Not Everything that looks straight is: Until you measure it.
The Real reason this didn't pass is the greed of the politicians. (Pork) Politicians make laws and then campaign against them.
Yes, China is now frothing at the mouth as is the UAE is. the U.K & EEC are not in much better shape.
__________________
Not Everything that looks straight is: Until you measure it.
Last edited by frameguy; 09-29-2008 at 08:40 PM.
Reason: Real Reason
no one listen to Bush anymore, all his plans are urgent and screwed up.
he wants to keep the US army in Iraq for undefined period wasting the tax payers money, at the same time ask for more loans from China to pay the basic needs for the US gov.
the US owe China more than 500 Billion US dollar along with interest, so instead of spending 10s of millions sending the army overseas , he should invest in the US economy.
to make things even worse on the first presentational debate John McCain was flagging to go in war with Iran, Russia and Pakistan . So you can imagine where the dollar is heading
If McCain became the US president then he might have to sell the US for China to cover up his war plans
no one listen to Bush anymore, all his plans are urgent and screwed up.
he wants to keep the US army in Iraq for undefined period wasting the tax payers money, at the same time ask for more loans from China to pay the basic needs for the US gov.
the US owe China more than 500 Billion US dollar along with interest, so instead of spending 10s of millions sending the army overseas , he should invest in the US economy.
to make things even worse on the first presentational debate John McCain was flagging to go in war with Iran, Russia and Pakistan . So you can imagine where the dollar is heading
If McCain became the US president then he might have to sell the US for China to cover up his war plans
I think Bush is the worst president USA has in the past 100 years. In economy he is playing with the fact that if USA economy fall, all the world will suffer the consequences, and China's economy will be one of the most hited. In every country there are companies that "can´t go to bankrupcy" because the consequences to nation economy, so when they face troubles government allways save them.
Same in the world scale. Some countries "can't go to bankrupcy" because consequences to the world economy, so other countries will support their mistakes. Bush know that and he is playing dangerously with the patience of his comercial partners. What we don´t know is how far his partners are willing to support USA economy and the conditions they will establish to do it.
One thing is for shure: americans will have to reduce their expenses for some years, maybe. The energy crisis will not make things better. Carnival is over. Reality is here.
Americans have a popular saying: Democrats save the money for the republicans to spend all. Let´s wait for the new american president (democrat, if american citizens are intelliget people. I think they are.)
From what I heard about the reason the bailout didn't pass was because of the American people calling their congressman and demanding that they don't pass this bailout plan, not wanting to have to pay for someone else's screw up.The bailout only delays the inevitable, also why should we have to bail out Wall Street or whomever, if I screw up and make a bad trade loose $'s then go to congress crying then expect them(the American people) to pay me back the money I foolishly lost, plain absurb.McCain and Obama both need to see what happened here and if they want to get elected realize we are tired of them raising our taxes every time their butt itches. Also it doesn't matter if you vote democrat or repubilican both are controlled by whomever has the most money, the president is just their puppet controlled by them. My uneducated guess is U.S. is headed very quickly for the d----- word, so quick in fact, possibly before Christmas, but like I said very uneducated guess.Like someone posted earlier when U.S. goes unfortunately they will drag many other countries with them.
. So you can imagine where the dollar is heading 
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