Friday, 26 September 2008

Tip n Run

All financial blogs seem to be written by people who think they know whats happening in the financial markets so i thought that i would join the tipsters and try a bit of crystal ball gazing.
Trying to predict which bank will fail next - not easy - as they are all in dire straits!

Fortis takes a pounding as shares continue to plummet

Newspaper reports from Holland suggested Fortis would have to sell off some of its core activities to raise liquidity and there were also reports of a run on branches of ABN Amro, the Dutch consumer banking operations of which Fortis purchased last year.

The end of the world as we know it and i DONT feel fine

ECB’s Wellink who is in Chicago at a Chicago Fed conference had to cancel his speech and fly home – Fortis owns part of former Dutch bank ABN-Amro.

So there you have it - a bank share price at 13 year low... selling assets to raise liquidity.... and a big cheese in the European Central Bank hastily cancelling planned engagements.

Oh ... and theres allready reports of a run at some of its subsidiary bank branches. We will see how things go next week.

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