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I was shocked when I read the following, which was brought out 4hours ago:
American 'meltdown' reason for money injection Fortis.
28th of June, 9:10
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 Lippe
Fortis verwacht de komende dagen tot weken een volledige instorting van de Amerikaanse financiële markten. Dat verklaart volgens Fortis-voorzitter Maurice Lippens waarom de bank-verzekeraar vorige week de noodmaatregelen doorvoerde. Dat alles blijkt uit een interview met de topman in De Telegraaf.
(tijd) - 'Het gaat in de VS veel slechter dan gedacht', zegt Lippens (foto) in de Nederlandse krant. Fortis verwacht faillissementen onder 6.000 Amerikaanse banken die weinig ingedekt zijn. Maar ook Citigroup en General Motors lopen gevaar. 'Er begint een complete meltdown (instorting) in de VS', weet Lippens.
De vrees voor dat scenario steunt op gesprekken met bankiers. 'Twee maanden geleden wisten we niet dat het zo slecht gaat in Amerika. En het wordt nog veel slechter. We hebben een dikke matras nodig om de komende achttien maanden door te komen wanneer we ABN AMRO kunnen inbrengen', stelt de topman.
Fortis voerde donderdag een kapitaalverhoging door van 1,5 miljard euro door de uitgifte van 150 miljoen nieuwe aandelen tegen 10 euro per stuk. De groep besloot bovendien over 2008 geen interimdividend uit te keren en het dividend over heel 2008 in aandelen uit te keren. De maatregelen moeten de solvabiliteit van de groep versterken.
Volgens De Telegraaf meldde Merrill Lynch, de Amerikaanse zakenbank die Fortis adviseert, twee weken geleden dat minstens 6,2 miljard euro extra kapitaal nodig was.
Der Spiegel wrote that the IMF had "informed" Federal Reserve chairman Ben Bernanke of plans that would have been unheard of in the past: a general examination of the US financial system. The IMF's board of directors has ruled that a so-called Financial Sector Assessment Program is to be carried out in the US.
This, Der Spiegel wrote, "is nothing less than an X-ray of the entire US financial system", adding that "no Fed chief in US history has been forced to submit to the kind of humiliation that Ben Bernanke is facing".
The fact that the IMF is knocking on the very doors of its parents and waving legal papers about who lost the house, the car and the kids will, if the past is anything to go by, be buried in the US by pom-pom waving on CNBC telling all what a great time it is to buy.
Britguy:
Is this the rest of the worlds bankers getting a bit edgy and trying to rein in the US systems?
Originally posted by likepaincomefromheaven
is it possible that the feds are purposely killing the current economic system in order to bring in a new system- at the point where the comman man is so desperate that we will accept a new system?
I am not that savvy when it comes to economics or understanding how widely world politics affect the flow.
what about the rumors of the "amero"- if it came to that what would be the exhange rate for those of us holding US dollars?
is there a broad economic plan that over rides who is in the white house? Who makes those plans and how is the president responsible for the implementation of that plan?
I look forward to your replies so I can better understand what is happening or about to happen.
please don't poo poo my questions, this is only my second posting on ATS.
Originally posted by Pjotr
In a sign that banks are looking beyond Asian and Middle Eastern investors for help, Dutch-Belgian bank Fortis NV is tapping Russian billionaire Suleiman Kerimov for a €400 million, or about $630 million, capital injection, according to people familiar with the matter.