3rd largest bank in the world predicts US financial market meltdownSubmitted by flavio on Sat, 06/28/2008 - 15:08
Fortis is a very large Dutch-Belgian bank, and the 20th largest corporation in the world in terms of revenue.
They recently raised a lot of capital and cancelled their dividend, leaving a lot of people worried about their own solvency. Here's what they had to say:
BRUSSELS/AMSTERDAM - Fortis expects a complete collapse of the US financial markets within a few days to weeks. That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion. "We have been saved just in time. The situation in the US is much worse than we thought", says Fortis chairman Maurice Lippens. Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also Citigroup, General Motors, there is starting a complete meltdown in the US
If you guys don't have a vegetable garden, get one going. It's a good investment at any time, and especially now.
EDIT: by the way guys, if you want to keep informed on financials I suggest you check out Ticker Forum, and Karl Denninger's blog. They're really good sources of information, and you'll get news which aren't available through American sources. Karl founded Fed Up USA, a group that organizes public action against the Federal Reserve.