Posted on 09/28/2008 4:27:09 PM PDT by frankjr
Dutch-Belgian bank and insurance giant Fortis NV was given a 11.2 billion euro ($16.4 billion) lifeline to avert insolvency as part of a wider bailout plan agreed to by Belgium, the Netherlands and Luxembourg, officials said Sunday.
Belgium's Prime Minister Yves Leterme said the bailout shows account holders and investors that Fortis will not be allowed to fall victim to the global credit crisis.
Leterme announced the deal after weekend talks between the three countries, European Union and national banking officials.
The deal will force the bank -- which has headquarters in both Brussels and the Dutch city of Utrecht -- to sell its stake in Dutch bank ABN Amro, which it partially took over last year. Fortis paid 24 billion euros for its share of ABN.
Fortis Chairman Maurice Lippens will be forced to resign and will be replaced by a candidate from outside the company, Leterme said.
(Excerpt) Read more at money.cnn.com ...
“Congress better stop goofing off and pass that rescue plan. “
What you don’t understand will definitely hurt you.
OOOPS!
No bailouts.
Arrest and prosecute, only.
Does the current bailout plan of Obama and Pelosi have provisions to bailout this foreign bank?
European bailouts aren’t our problem.
‘B’ Belguim. Bush. See the correlation? Yep it’s his fault.
Everybody wants to get bailed out now!
If they pass the bailout or don’t, banks are going to fail. When the country’s broke and this happens again in 6 months, what then?
A world wide depression. Think of all the buying opportunities. Then again it might get really ugly.
Great. I thought I'd be the only one who saw that connection.
Anyway, get ready...the end is near.
BLOAT
You mean stop the bailout and pass a real plan.
Some companies are successful, some are not. What’s the big deal? Surprisingly American taxpayers were not asked to bail out this bank too.
Think NOLA on a nearly world wide scale.
We should not offer a solution, by that I mean $$$. Global bank failures do, however, have an impact on us.
Absolutely! I also know that you understand that there will be some short term pain. As foreign banks go under, payrolls cannot be met and cheap foreign goods cannot be made and shipped here. No, we should not bail out these foreign banks. Maybe some of these jobs overseas will migrate back here where the situation is more stable.
Did banks in these other countries do the same things concerning mortgages that banks here did, which it is claimed caused this mess?
Or is the mortgage mess just an excuse for this “crisis”, and we are being lied to again?
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