Fortis is a large bank and insurer in the Netherlands and Belgium. It took over ABN Amro last year, together with RBS and another bank. Last Thursday, its share lost 17% because Fortis attracted foreign capital.
I was shocked when I read the following, which was brought out 4hours [June 28, 2008 3:45] ago:
American ‘meltdown’ reason for money injection Fortis.
28th of June, 9:10
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”
This fits in the picture, with the other press releases last week, like the short advise of Goldman Sachs and some other of the same messages last week.
The original text appears to be in Dutch. I cannot confirm the translation.