**Fortis Bank Predicts U.S. Financial Market Meltdown Within Weeks**
DriftingByTheStorm
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Fortis Bank Predicts U.S. Financial Market Meltdown Within Weeks
De Telegraaf | June 30, 2008
BRUSSELS/AMSTERDAM - Fortis expects a complete collapse of the US financial markets within a few days to weeks. That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion. “We have been saved just in time. The situation in the US is much worse than we thought”, says Fortis chairman Maurice Lippens. Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also Citigroup, General Motors, there is starting a complete meltdown in the US”
This fits in the picture, with the other press releases last week, like the short advise of Goldman Sachs and some other of the same messages last week.
De Telegraaf | June 30, 2008
BRUSSELS/AMSTERDAM - Fortis expects a complete collapse of the US financial markets within a few days to weeks. That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion. “We have been saved just in time. The situation in the US is much worse than we thought”, says Fortis chairman Maurice Lippens. Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also Citigroup, General Motors, there is starting a complete meltdown in the US”
This fits in the picture, with the other press releases last week, like the short advise of Goldman Sachs and some other of the same messages last week.
If I was to smile and I held out my hand
If I opened it now would you not understand?
If I opened it now would you not understand?
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was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
what do you fucking want from me?
i mean,
even when it is in a legitimate news source,
you people give me shit.
sometimes bad things happen.
you may have to deal with it some day.
god forbid, i try and give someone some warning.
guess it is unwanted.
:(
If I opened it now would you not understand?
This is an interesting article.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/27/cnbarclays127.xml
Barclays warns of a financial storm as Federal Reserve's credibility crumbles.
Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall "below zero".
"We're in a nasty environment," said Tim Bond, the bank's chief equity strategist. "There is an inflation shock underway. This is going to be very negative for financial assets. We are going into tortoise mood and are retreating into our shell. Investors will do well if they can preserve their wealth."
Barclays Capital said in its closely-watched Global Outlook that US headline inflation would hit 5.5pc by August and the Fed will have to raise interest rates six times by the end of next year to prevent a wage-spiral. If it hesitates, the bond markets will take matters into their own hands. "This is the first test for central banks in 30 years and they have fluffed it. They have zero credibility, and the Fed is negative if that's possible. It has lost all credibility," said Mr Bond.
The economy has polarized to the point where the wealthiest 10% now own 85% of the nation’s wealth. Never before have the bottom 90% been so highly indebted, so dependent on the wealthy.
Change the world to perfect already , and only post happy stories.
You can do that can't you?
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
http://i36.tinypic.com/66j31x.jpg
(\__/)
( o.O)
(")_(")
"Beer is living proof that God loves us and wants us to be happy."
- Ben Franklin
www.seanbrady.net
"Beer is living proof that God loves us and wants us to be happy."
- Ben Franklin
I was thinking the same thing myself. Yeah I think its def a worriesome time. What will the average person do?
www.seanbrady.net
someone who knows about this stuff should correct me if i'm wrong. I'm just thinking. i'm just worried that the 5.5% fixed rate I have on my home mortgage will shoot up if the bank goes under and my mortgage gets taken over by another bank.
"Beer is living proof that God loves us and wants us to be happy."
- Ben Franklin
Thats what I was thinking as well. I am a garbage man and that is one of those jobs that has to be done regardless I think. I actually got out of Telecom(I was an Engineer) because I was sick of the constent bankrupties and takeovers I went through for 12 years. I actually have the chance to get back into now but I am not sure if I want to. I mean my wife is a real estate agent and she does okay(not as good as a few years ago). I mean is this the time for me to switch jobs and maybe end up getting laid off? I don't know if its worth the risk at this point. The job I have is stable and its never going away.
www.seanbrady.net
Post what you want, but my problem is every week you seem to post about an impending meltdown, crash, implosion, etc., of the banking system or the stock market, but we never see it actually happening.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
i know one thing, the green economy will be what brigns us out of it. we have to bring manufacturing jobs back to the US. we need to produce the materials ans services that will take us into a greener world. solar panels. fule cell technology, smart buildings, expanding mass transit and transitioning it to zero emissions, rebuildign the country's crumbling infrastructure with an eye toward efficiency. all of this stuff wil put people back to work. We could lead the way on this stuff but we need a government that is serious about it, not big oil cronies.
"Beer is living proof that God loves us and wants us to be happy."
- Ben Franklin
OK yes we know things are bad
I just want links to your news
Mihi cura futuri.
The elements they speak to me.
http://espn.go.com/espnradiostations/NewYork1050/gallery/35218855.html
so cute they are
really?
I thought when gas prices are super high and the US dollar loses value left and right that meant slow meltdown
Mihi cura futuri.
The elements they speak to me.
http://espn.go.com/espnradiostations/NewYork1050/gallery/35218855.html
so cute they are
My concern too. My husband is a teacher in CA, a state whose budget sucks big time, and have 1 kid in college and another will be there in a year. Very Scary stuff.
Where I'm not ugly and you're lookin' at me
I'm in the opposite situation as you. I work in advertising, most of our clients are financial firms, and I'm looking to leave. I'm still going to stay in advertising but I'm looking to get back into pharmaceutical advertising. It is one of those industries where economic downturns do not affect as much as other areas of advertising. I'm scared shitless of what might happen. I have a pretty decent amount of money tied up in stocks and mutual funds. I have taken a bit of a beating lately but I'm still up from when I first got into the market. I ponder daily wether I should get my money out now or ride this shit storm out.
"Beer is living proof that God loves us and wants us to be happy."
- Ben Franklin
"Beer is living proof that God loves us and wants us to be happy."
- Ben Franklin
Well expendable income is something I do not have loads of right now. I"m trying to put as much as possible away in case the agency I work for does have to start laying off. I have been on a few interviews in the past two weeks with pharma firms so hopefully I can land a job with one of them and use some of that saving to start purchasing gold as an investment. That still doesn't ease my concern over my stocks. I currently have about 50K tied up in the market and my good friend, who is also my broker, is telling me to sit tight but my gut intuition is to sell and buy gold.
"Beer is living proof that God loves us and wants us to be happy."
- Ben Franklin
"Beer is living proof that God loves us and wants us to be happy."
- Ben Franklin
Fortis is the 20th largest business in the world, by revenue, it's not some bullshit pissant bank.
Translation: they would be in a position to know.
FYI 2: The DOW dropped 166 points today. S&P dropped 23.
New lows.
More to come.
If I opened it now would you not understand?
Stop shopping at Wal-Mart and have some pride in your country and yourself.
Not sure if this has anything to do with the post. !st page of a PDF file
Press release
Brussels / Utrecht, 26 June 2008
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA OR JAPAN.
Fortis accelerates the execution of its solvency plan
Equity raising of EUR 1.5 billion launched today; proposal for full-year dividend paid
in shares based on full-year profit and no interim dividend
Fortis announces today its intention to accelerate its solvency plan. Fortis confirms that its
current solvency is strong and that the commercial momentum of its businesses remains
resilient. The decision to accelerate the plan is based on the expected outcome in the coming
weeks of the imposed sale of some of the Dutch commercial banking activities under the
European Commission (EC) remedies ruling, the planned acquisition of the remaining 51%
stake in the Dutch insurance joint venture with Delta Lloyd, and anticipates a continued
challenging market environment as well as taking a prudent stance on required capital in the
current environment.
To achieve this acceleration, the Fortis Board of Directors has decided to take additional
measures, some of which will have an immediate impact. These measures include:
• an equity raising of approximately EUR 1.5 billion by means of an accelerated
bookbuilding offering, starting today. This increase is well within the mandate given by
shareholders to the Board to issue new shares
• the decision not to pay an interim 2008 dividend. This will preserve solvency as the
interim dividend was expected to impact second quarter solvency by EUR 1.3 billion. A
proposal to pay the full-year 2008 dividend in shares will be made to the Annual General
Meetings of Shareholders in March 2009.
Current exceptional circumstances necessitate these exceptional measures. The Board of
Directors of Fortis has decided that under the current circumstances it is more prudent to
strengthen the capital base and not pay an interim dividend. Fortis intends to resume its
practice of paying dividend in cash, probably as early as the interim 2009 dividend.
In addition, the updated solvency plan now includes:
• a capital relief programme and a sale and lease-back transaction of real estate, for around
EUR 1.5 billion
• the issuance of non-dilutive capital instruments up to EUR 2 billion
• additional disposals of mature non-core assets, which are expected to lead to a total
solvency uplift of around EUR 2 billion
The updated solvency plan is expected to result in more than EUR 8 billion of additional
solvency in total in the short to medium term. The capital raising of approximately EUR 1.5
billion will broadly offset the future impact on solvency of the EC remedies and the intended
acquisition of the Dutch insurance joint venture. These measures will increase the core Tier 1
ratio of Fortis Bank, which at the end of the first quarter stood at 8.5%, and will –
considering full consolidation of the acquired ABN AMRO assets – enable Fortis to keep the
core Tier 1 ratio well above 6% by year-end 2009 (under Basel I).
Point me to a store that sells any products made in the US. In fact point me to any product, besides cars, motorcycles, or other motorized vehicles, that are made in the US.