Fortis May Fail Monday

#2
What's the rush? We need to make sure that any bailout plan makes sure that Democratic cash cows reap benefits from the deal.


http://volokh.com/posts/1222499614.shtml


If the Repubs won't vote for giving ACORN and La Raza nice big payouts as part of the bailout deal, well then they can just take the blame for the failure of the global economy, can't they?

Win/win for the Congressional Democrats. Too bad for you.
 
#5
tomahawk6 said:
http://www.weeklystandard.com/Content/Public/Articles/000/000/015/636zbhel.asp

The huge European bank Fortis is apparently about to fail. The ripple effect on the American banking system could be disastrous, with bank runs, liquidity crises, and stock sell offs possible Monday. Wachovia may well fail next week. As Larry put it, this really will be 1933 soon if we don't move rapidly to stabilize the banking system
Don't you just love the way the 'dishonest' selling of sub-prime mortgages in the US to those who couldn't really afford it, then the repackaging of said loans by US financial institutions into 'toxic' instruments around the world, then the failure of those US mortgage holders to pay their way, and suddenly, according to tomahawk6, it's the failure of a euro bank that's going to have a "disasterous effect on the American banking system."

This shite started on your side of the Atlantic. Stop trying to pass the buck elsewhere...
 
#6
Rent Day is on Tuesday (30 Sep); I wonder how many firms/shops are busy clearing out the premises this weekend?

The newspapers have MFI in their sights. I wonder who else will go bust?

Litotes
 
#7
Big business such as MFI going down is one thing to watch, and I guess there are many in a similar state from the Leisure, furniture and building industry where the effects of a slowdown on high street spending are going to be very quickly felt.

The worst impact however is on small business, where 2 or 3 people are employed, nobody reports these businesses failing, and many of these disappearing through the recession is going to increase the dole queues by thousands.

The country is in a poor state to weather this storm, money has been wasted on a vast scale, and there is very little scope to do things like reducing taxation which may allow the economy to improve. How people can see Brown/Darling as being competent to handle the economy I just dont know, they have had their hands on the tiller for the past 11 years, and have steered us into this.
 
#8
Litotes said:
Rent Day is on Tuesday (30 Sep); I wonder how many firms/shops are busy clearing out the premises this weekend?

The newspapers have MFI in their sights. I wonder who else will go bust?

Litotes
well on the up side it will clear TV of those constant sale's ad's with there mahhosive saving to be made and 1 years interest free credit...


but the knock on effect is starting too roll downhill... here in the SW jobs are dropping daily a few 100 here a few hundred there... so they don't get the news worthiness out side of the counties involved, that makes its way to One Eyes all is well on HMS Titanic... :x
 
#9
Companies such as MFI or DFS are more finance than furniture, the furniture is the thing that gets customers in the door, to take their "cheap" credit deals. I guess the credit crunch will soon hit these companies hard!
 
#10
bobthedog said:
Companies such as MFI or DFS are more finance than furniture, the furniture is the thing that gets customers in the door, to take their "cheap" credit deals. I guess the credit crunch will soon hit these companies hard!
Exactly and proof positive that we as a nation under the dear leader 'One Eyes' stewardship both in No 11 and No 10 have encouraged that our only real product these days has been in increasing the gambling syndicates rather than solid production of goods as a base of the economy.

Would i be surprised to find that the very goods touted as the bait , for the juicy credit deal isn't even manufactured in the UK...
 
#11
bobthedog said:
Companies such as MFI or DFS are more finance than furniture, the furniture is the thing that gets customers in the door, to take their "cheap" credit deals. I guess the credit crunch will soon hit these companies hard!
I bloody well hope not. DFS uses BlackHorse as their credit provider who are owned by.... Lloyds TSB. If they go under, everyone is fcuked.
 
#12
They have milked us for years with “Great Deals” on credit, loans or mortgages now not only do I have to feel sorry for them for keeping us at the poverty line for years on the never never but now I have to support their shareholders through a wee tough time. I would rather support my local drug dealer who will at least admit to being a criminal.

Why should we help the big banks who have made billions and passed it onto their shareholder, it should be them that the Government are turning to not the tax payer, when our industry (Rover etc) went to the wall did the country rally round no did they fcuk so why should we prop up the banks, “it is to help the country” well I’m sorry it is only to help the fat cats who have just all been promised their “bonuses”.

To steal one of their saying let the market find its own level, let the uneconomic banks fold or merge the same as they would allow for any other business, yes it will be hard for a while but we will end up with a better or at least less corrupt result. Let them sink and rot in hell.
 
#13
the_matelot said:
bobthedog said:
Companies such as MFI or DFS are more finance than furniture, the furniture is the thing that gets customers in the door, to take their "cheap" credit deals. I guess the credit crunch will soon hit these companies hard!
I bloody well hope not. DFS uses BlackHorse as their credit provider who are owned by.... Lloyds TSB. If they go under, everyone is fcuked.
we all ready are we produce no marketable goods of note that dont have a foreign company at the helm... ie HONDA, we control little of our strategic assets Water transport Power inc Nuclear...

We have exported swathes of service industry 'bank' call centres and even government support and administration jobs too India 'NHS' records being one off the top of my head.

and the queue to flip burgers for the chavs is filling with illegals or EU workers...

Good time to invest in... erm 8O
 
#14
It's so tempting to do the 6 clicks to happiness on JPA and sod off to New Zealand...
 
#15
bobthedog said:
The worst impact however is on small business, where 2 or 3 people are employed, nobody reports these businesses failing, and many of these disappearing through the recession is going to increase the dole queues by thousands.

The country is in a poor state to weather this storm, money has been wasted on a vast scale, and there is very little scope to do things like reducing taxation which may allow the economy to improve. How people can see Brown/Darling as being competent to handle the economy I just dont know, they have had their hands on the tiller for the past 11 years, and have steered us into this.
I've let 3 out of 17 go in the last few months. If we don't get anything in asap there'll be another 3 to go. We are metal bashers in the construction industry. We have diversified fairly recently and shouldn't have to lose any more but subcontractors arrses must be nipping now - most projects mothballed here.

Brown has steered us into this mess and the cupboard is bare. Add in PFI and the borrowing figures are disastrous. Last man to leave switch off the lights :D
 
#18
Go East young man, go east. I and others have seen the future in the last three weeks, and East is where it is at...
 
#19
It makes no great economic sense to rescue any of these failing banks using taxpayers hard earned, asset stripping the saleable parts of Bradford and Bingley and leaving the rotten core of the business in the taxpayers hands is not the solution.

If a successful company wants the "assets" of the B&B they need to take on the debt, business is a risk business and we (the taxpayer) should not be feather bedding this particular company. Until the directors and owners of banks (such as B&B who took the poor decisions) actually feel pain in their pockets (by losing their livelihood and potentially their homes) we will have bad decisions taken in running them. I for one am not happy that the country is now saddled with something to the tune of £120Bn in bad risk investments. I run life and finances so I dont run out of cash, and dont overstretch myself, time the banks did the same.
 
#20
Fortis was dumb enough to buy the Dutch bits of ABN Amro whilst RBS and Santander hoovered up the rest. They paid €24 Billion for it and have discovered, surprise surprise, that it contained a crock of sh1t as well as the Dutch retail banking business

A few months back Fortis had to raise €8.3 billion to prop up their balance sheet and their chief executive had to resign as their share price plunged so it has been looking sick for quite a while.

The "good" news is that it is not just a problem for Belgium: the Dutch are in the cack as well.
 

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