Another one bites the dust - Fortis Monday, October 06, 2008
After a turbulent week for Fortis, it finally ceased to exist last night. Following the nationalisation of the Dutch operations of the Bank on Friday, the Belgium Government's urgent hunt for a buyer for the remainder was concluded last night when BNP bought the remainder of Fortis in an all share deal.
This has ramifications in many areas of the banking and securities industries including
- the impact on the RBS consortium that bought ABN, of which Fortis was a part
- the new exchanges such as Chi-X which rely on Fortis to provide central counterparty services, albeit BNP will almost certainly wish to continue with this service
It appears that European Multilateral Clearing Facility, the Fortis Bank subsidiary that provides clearing services to Instinet Chi-X and Nasdaq OMX, has been passed to the Dutch government as part of the EUR16.8 billion rescue package.
- At 5:51 PM, said...
Recently an insurance company nearly wind up....
A bank is nearly bankrupt......filing chapter 11 protection.
How it affect you? Did you buy insurance? Did you buy mini note or bonds?
They bailout trouble finance company, but they will not bail out your credit card bills……You got no choice, and no point pointing finger but you can prevent similar things from happen again……
The top management of the Public listed company ( belong to "public" ) salary should be tied a portion of it to the shares price ( IPO or ave 5 years ).... so when the shares price drop, it don't just penalise the investors, but those who don't take care of the company.....If this rule is pass on, without any need of further regulation, all industries ( as long as it is public listed ) will be self regulated......because the top management will be concern about their own pay check……
Meanwhile if company was being acquired, there will be a great movement in terms of staff……
Some might feel that it sound stupid….. as there is long and Short position…but in reality there is still many different caliber CEO…..so there is still long and short…..They can ban short selling definitely they can do something about this.......
Are you a partisan?
Sign a petition to your favourite president candidate, congress member, House of representative again and ask for their views to comment on this, and what regulations they are going to raise for implementation.....If you agree on my point, please share with many people as possible.... Finance and Media are the two only industries can shaken politics ( Maybe Hackers can ), please help to highlight also...