Wednesday, July 2, 2008

Fortis expects bankruptcies of 6000 U.S. banks that now lack coverage.

U.S. 'meltdown' reason geldinjectie Fortis

serious trouble with text translation here but screen looks OK

Posted by malct @ 04:44 PM (1250 views)
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12 thoughts on “Fortis expects bankruptcies of 6000 U.S. banks that now lack coverage.

  • AMSTERDAM — Fortis rekent binnen enkele dagen tot weken op het volledig instorten van de Amerikaanse financiële markten. Fortis expects within the next few days to weeks to complete the collapse of the U.S. financial markets. Dat verklaart volgens de bankverzekeraar de serie ingrepen van donderdag om zich met ?8 miljard te versterken. That explains the bank insurers interventions of the series Thursday at dealing with? 8 billion. “We zijn op het nippertje gereed. Het gaat in de Verenigde Staten veel slechter dan gedacht”, zegt Fortis-chairman Maurice Lippens, die volhoudt dat topman Votron aanblijft. “We are ready at the last minute. It goes in the United States much worse than thought,” said Fortis chairman Maurice Lippens, who maintains that CEO Votron to live. Fortis verwacht faillissementen onder 6000 Amerikaanse banken die nu weinig dekking hebben. Fortis expects bankruptcies of 6000 U.S. banks that now lack coverage. “Maar ook Citigroup, General Motors, er begint een complete meltdown in de VS.” “But Citigroup, General Motors, there begins a complete meltdown in the U.S..”

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  • Well that must be the most surreal comment of all time.

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  • pelethar – I find myself agreeing with you again, I’m hoping someone can help out here.

    The text looks fine on screen but doesn’t cut and paste too well does it.

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  • gardeniadotnet says:

    Fortis expects within the next few days to weeks to complete the collapse of the U.S. financial markets.

    Fortis expects bankruptcies of 6000 U.S. banks that now lack coverage.

    “It goes in the United States much worse than thought,” said Fortis chairman Maurice Lippens

    But Citigroup, General Motors, there begins a complete meltdown in the U.S.

    Don’t worry about a full translation, malct – I think we get the gist.

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  • Here’s the thing in coherent English from a different source:

    AMSTERDAM (Thomson Financial) – Expectations at Fortis that the U.S. markets are on the verge of ‘meltdown’ were behind the Benelux bank’s decision last week to launch a sweeping recapitalisation programme, said chairman Maurice Lippens.

    ‘We were saved at the last minute. Things in the U.S. are going far worse that people think,’ Lippens said in an interview with De Telegraaf.

    Forecasting bankrupties among U.S. banks amid declining credit cover, and also citing Citigroup and General Motors as blue chip companies impacted by the turmoil, he was quoted as saying: ‘The U.S. is heading for complete meltdown.’

    Fortis last week surprised shareholders with recapitalisation measures worth a total of 8.3 billion euros, including a 1.5 billion euro capital hike. [email protected] jms

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  • why does ‘Lost in Translation’ come to mind?

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  • thanks pelethar and gardennetting

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  • gardeniadotnet says:

    The name’s gardenidiot.

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  • my apologies garden, how do you know I’m an idiot?

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  • gardeniadotnet says:

    Doesn’t everyone?

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  • duh! of course I forgotted
    fancy going Dutch?

    hey this is meant to be a serious post!

    The US melting has got to be pretty serious even if it’s just Dutch people thinking the US is melting.

    Actually, the very fact the some Dutch people think the US is melting is enormously serious surely!

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  • We’ve seen words like crash, crisis, and meltdown used before but with no real meaning. This time they’ve attached hard numbers: 6,000 banks in the next few days to weeks (so by the end of August at the latest, other wise they would have said “in the next few months”). However this is in the context of Fortis’ recent capital injection – they’re trying to raise cash for themselves, so by painting thousands of other banks in a bad light it can presumably make them look good. Also Fortis don’t have a great track record – they merged with ABN Amro at the peak of the market.

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