Sunday, January 27, 2008

Whoopsie

Fortis to write off billions in subprime losses - report

Belgian-Dutch bank insurer Fortis will write off between EUR1 billion and EUR2 billion from its subprime portfolio, Belgian newspaper Der Standaard reported Saturday, citing a well-informed source. The bank's share price dropped 10.9% Friday at EUR13.21 in Amsterdam, on market rumors it might be considering a profit warning and a rights issue. Fortis said Friday it was not aware why the shares moved so heavily.

Posted by lvmreader @ 05:52 PM (2919 views)
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3 thoughts on “Whoopsie

  • The Euro is a sham

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  • “The Euro is a sham.”

    I agree. I’m sure they’ve already devised its demise in an inflationary bubble, at which time there will be a move towards world currency. How about the “Amuro”.

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  • I’ve just insured two cars and Fortis was the insurer who came up cheapest each time. I suppose they need the cash input NOW.

    Just as Bradford and Bingley and Alliance and Leicester have the best savings rate.

    I hope Fortis will still exist in a year’s time if I need to claim!

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