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Huge European bank fails (Dutch-Belgian bank Fortis)
CNN ^ | 9-28-08 | na

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 ...


TOPICS: Business/Economy; Foreign Affairs; Front Page News; News/Current Events
KEYWORDS: bailout; bankfailures; financialcrisis; fortis; rescuepackage
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Congress better stop goofing off and pass that rescue plan.
1 posted on 09/28/2008 4:27:13 PM PDT by frankjr
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To: frankjr

“Congress better stop goofing off and pass that rescue plan. “

What you don’t understand will definitely hurt you.


2 posted on 09/28/2008 4:29:38 PM PDT by Revel
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To: frankjr

OOOPS!


3 posted on 09/28/2008 4:30:06 PM PDT by syriacus (Under Bush, Dems controlled the Senate for MOST of the 107th Congress and for ALL of the 110th)
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To: frankjr

No bailouts.

Arrest and prosecute, only.


4 posted on 09/28/2008 4:30:06 PM PDT by Diogenesis (Igitur qui desiderat pacem, praeparet bellum)
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To: frankjr

Does the current bailout plan of Obama and Pelosi have provisions to bailout this foreign bank?


5 posted on 09/28/2008 4:30:20 PM PDT by mathprof
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To: frankjr
Congress better stop goofing off and pass that rescue plan.

Do you mean the bail out plan overwhelming majority of Americans are against?
6 posted on 09/28/2008 4:30:45 PM PDT by Man50D (Fair Tax, you earn it, you keep it!)
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To: frankjr
http://www.youtube.com/watch?v=3AJqESdw7xs
Take a walk, Fascist and Socialist.
7 posted on 09/28/2008 4:30:48 PM PDT by BGHater (Democracy is the road to socialism.)
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To: frankjr

European bailouts aren’t our problem.


8 posted on 09/28/2008 4:30:51 PM PDT by Terpfen (Romney's loss in Florida is STILL a catastrophe. Hello, McCandidate!)
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To: frankjr

‘B’ Belguim. Bush. See the correlation? Yep it’s his fault.


9 posted on 09/28/2008 4:30:57 PM PDT by Westlander (Unleash the Neutron Bomb)
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To: frankjr
See what Fannie and Freddie started?

Everybody wants to get bailed out now!

10 posted on 09/28/2008 4:31:16 PM PDT by FlingWingFlyer (Obama - The Next Josef Stalin.)
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To: frankjr

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?


11 posted on 09/28/2008 4:33:51 PM PDT by GOPJ (Kerry (on FOXSunday) said Paulson talked to Obama EVERY DAY to OBAMA about the crisis.)
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To: frankjr

A world wide depression. Think of all the buying opportunities. Then again it might get really ugly.


12 posted on 09/28/2008 4:33:51 PM PDT by refermech
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To: Westlander
"‘B’ Belguim. Bush. See the correlation? Yep it’s his fault."

Great. I thought I'd be the only one who saw that connection.

Anyway, get ready...the end is near.

BLOAT

13 posted on 09/28/2008 4:35:40 PM PDT by blam
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To: frankjr

You mean stop the bailout and pass a real plan.


14 posted on 09/28/2008 4:36:17 PM PDT by GreaterSwiss
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To: frankjr

Some companies are successful, some are not. What’s the big deal? Surprisingly American taxpayers were not asked to bail out this bank too.


15 posted on 09/28/2008 4:36:26 PM PDT by nospin2244 ("We've had a Congress that's spent money like John Edwards at a beauty shop.")
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To: refermech

Think NOLA on a nearly world wide scale.


16 posted on 09/28/2008 4:37:16 PM PDT by DonaldC
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To: Terpfen
European bailouts aren’t our problem.

We should not offer a solution, by that I mean $$$. Global bank failures do, however, have an impact on us.

17 posted on 09/28/2008 4:39:55 PM PDT by mlocher (USA is a sovereign state.)
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To: mlocher
Global bank failures do, however, have an impact on us.

As in, creates new markets and expansion opportunities for our banks.
18 posted on 09/28/2008 4:42:39 PM PDT by Terpfen (Romney's loss in Florida is STILL a catastrophe. Hello, McCandidate!)
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To: Terpfen
As in, creates new markets and expansion opportunities for our banks.

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.

19 posted on 09/28/2008 5:09:35 PM PDT by mlocher (USA is a sovereign state.)
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To: frankjr

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?


20 posted on 09/28/2008 5:21:32 PM PDT by Hanna548
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