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I assume that US Bank will be taking down lesser prey. US Bancorp has assets of $250 billion. Wells Fargo has assets of $600 billion. Wachovia $800 billion.
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I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891 -
I just got finished watching a commercial for Wachovia. Are they no more?Long time member @ Apolyton
Civilization player since the dawn of timeComment
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As of now, the bank hasn't failed.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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I wonder how Citibank is in any position to take over a big bank. It's limping along itself.Originally posted by asleepathewheel
Looks like citibank is also interested.
So very soon it looks like there will be three choices, BoA, Chase, and Citi....
http://dealbook.blogs.nytimes.com/20.../index.html?hpI came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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But what sort of price would Wachovia's assets actually go for amidst a failure? WaMu surpassed $300 billion in assets just last year and the feds sold off its tattered remains to JPM at what, $2 billion? That's not even pennies on the dollar.Originally posted by DanS
I assume that US Bank will be taking down lesser prey. US Bancorp has assets of $250 billion. Wells Fargo has assets of $600 billion. Wachovia $800 billion.Comment
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Meh, WaMu was my bank. Nothing really happen so no point worrying.Originally posted by Imran Siddiqui
Hmmm... Wachovia is my bank
Try http://wordforge.net/index.php for discussion and debate.Comment
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When WaMu was taken over, actually it was down $51 billion on those $300 billion in assets. $20 billion hit the bondholders. $31 billion was written down by JPM.
On a seizure of Wachovia, I don't know what the difference between assets and liabilities would be. But with $800 billion in assets of unknown quality, you've got to wonder...I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Can anyone who knows this is all the GOP's fault explain this hearing to me? Personally I'm assuming it's CGI.
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It's looking like Fortis will be nationalised (~ 1 trillion € in assets). The Belgian gov't had already announced a blanket guarantee on all its deposits.DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.Comment
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This is turning out to be a crucial test of how decisive European officials can act to a major failure. Deliberations are involving the governor of the ECB, Trichet, the Belgian PM, Leterme, the Dutch and Belgian ministers of finance, the governor of the Belgian central bank and the chairman of the Dutch finance supervisor. Word is that the French gov't, as chairman of the EU, will also be involved.DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.Comment
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will be interesting to watch... but they should bring in Swedes for consultation...
Socrates: "Good is That at which all things aim, If one knows what the good is, one will always do what is good." Brian: "Romanes eunt domus"
GW 2013: "and juistin bieber is gay with me and we have 10 kids we live in u.s.a in the white house with obama"Comment
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The problem is that Fortis may be too big for Belgium to rescue.DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.Comment
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The current outline of the plan is that Belgium would inject €4.5 billion in the Fortis Bank in return for a 49-50% stake. Luxemburg would put €2.5 billion in Fortis Bank Luxemburg (a subsidiary of Fortis Bank). The Netherlands would also put up money though it isn't clear in which exact entity* and how much. BNP Paribas is rumoured to have offered €1.6/share for Fortis, compared to a closing price of €5.2 last Friday. Fortis stock was still worth €18 at the beginning of this year.
* A complicating factor is that Fortis legally consist of a myriad of entities.Last edited by Colonâ„¢; September 28, 2008, 17:05.DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.Comment
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Belgium is injecting €4.7 billion, the Netherlands €4 billion and Luxemburg €2.5 billion in return for a 49% share in the banking activities of the respective countries. There won't a participation in the insurance activities and the parts of ABN Amro Fortis acquired recently are to be sold again (most likely to ING).
I'd tentatively say they passed the hurdle of organising a speedy and coherent response across borders.DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.Comment
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