Post by Steve Gardner on Jul 2, 2008 18:01:39 GMT
This is a bit of an ugly translation of an article that appeared in Dutch news outlet De Telegraaf.
Hopefully, you'll get the gist by careful reading of the article.
The scary thing here is that the top man at Fortis Bank is claiming the US banking system is going to collapse.
Hopefully, you'll get the gist by careful reading of the article.
The scary thing here is that the top man at Fortis Bank is claiming the US banking system is going to collapse.
AMSTERDAM - Fortis count within some days up to weeks on complete collapsing the American financial markets. That explains interventions of Thursday to the serial according to the bank insurer for itself with? 8 billion to reinforce. ? We are on the nippertje ready. It will be thought in the United States much more badly than?
Fortis picked up yesterday 1.5 billion with aandelenemissie. End previous year had Belgisch-Nederlandse the concern 13 billion to new shares spend for the adoption of ABN AMRO, for which the 24 billion paid. lip paunch bases its care on conversations with bankers. Two months suffered we did not know that it goes badly this way in America. And it still much will go more badly. We have to a thick mattress necessary the coming eighteen months pass when we can introduce ABN AMRO.
Two weeks suffered communicated the American matter bank and consultant certainly of Fortis Merrill Lynch that 6.2 billion extra to capital necessary was. THE VEB required yesterday clarification of Fortis: top man Jean-Paul Votron kept by the end of April full that Fortis did not need the capital market after purchase of ABN AMRO on. In a year 30 billion to grant value have been destroyed. After Votrons last consent the rate of the share with 19.4% plummeted, already it climbed yesterday with 4.4% up to 10.65.
The enormous disorder around the bank insurer has especially stocked at our zuiderburen in Belgium as a bomb. Whereas the ophef sets limits in the Netherlands to the financial world, it is at our zuiderburen the conversation of the day. The bank not only dominates the street picture there, moreover but has been rockly-hard found by the mokerslag for Belgian volksaandeel hundred thousands small beleggers.
All Belgian newspapers opened yesterday with heuse rampenkoppen, in which the free fall of the bank insurer became broad uitgemeten. Fortis crasht, calamity day for Fortis and Fortis lose 5.3 billion, thus opened three authoritative newspapers.
The panic around the concern is concerning the border even this way large that the national supervision holder tried CFBA forced reassuring words speak itself direction the become desperate savers. The need seizure of Fortis is run no reason to the bank and your money eraf CFBAwoordvoerder to obtain, thus. The bank meets all legal requirements, but itself simply very sharp aims has put.
Maurice lip paunch claimt that yesterday evening unanimously support to all large shareholders have promised. Just like in the Netherlands the arrows aim especially at top man Jean-Paul Votron, who seems himself have strained oneself lifting heavily to the adoption of ABN AMRO. But whereas the inhabitant of brussels in the Netherlands is called its bonus of 2.5 million one requires pay in Belgium is departure.
Which goes wrong such large, must carry the impact and therefore dismissal to take, thus President Huybregts of the Flemish federation of placement clubs and Beleggers. The fall of the share is for him an affirmative that the adoption of ABN AMRO much too expensive and was timed badly.
The former shareholders of ABN AMRO take a bath in champagne, emphasise Huybrechts now. Which goes wrong large, must go away. Fortis are real volksaandeel and with that faith you can deal not recklessly.
Also the Belgian newspaper the standard is rock-hard concerning the top man: The credit crisis has met all banks, but it is no excuse. Fortis the much have decreased more sharply, thus commentator. Fortis have always denied that there still a capital increase came. That was therefore or leugens, or inexperience. Both are just as terrible, thus Votron must keep the honour to themselves. He is some which something has deserved to the complete operation.
According to the Belgian mediums want announce to Fortis Thursday that the bonus of Votron would be crossed out, but this has not happened at the last moment nevertheless. Also it is already very speculated concerning its succession, where especially the name of Filip Dierckx falls.
Votron themselves want know of no districts. The shareholders stand behind me and also in the top of the concern have I only support got operation set up for these by me, thus under fire located Fortis-topman.
Also he rejects the terugstorten of the meanwhile controversial bonus resolutely. What I with my money do, am my matter. The bonus had do nothing with ABN AMRO, but concerned the year 2007, thus Votron. The top man has been, however, prepared receive a part of its salary in Fortis-stukken.
Moreover Votron can count still complete on chairman lip paunch, which denies that the bank has himself on the adoption of ABN AMRO verkeken. Votron the top man remains simply. At this moment intervene, which is difficult that is real leadership show.
