29-09-2008, 01:27 PM
Jim Norman Wrote:I think the short answer is "yes." Despite about EUR6bn of writedowns over the past year, Fortis is still carrying about EUR42bn of assets with about EUR 37bn of that in "credit spread" investments. A detailed breakdown of the balance sheet is available here: http://www.fortis.com/shareholders/media...tation.pdf. See pp 71-81 for specifics on the portfolio.
Even though it has already reserved for about 60% of its June 30 problem loans, the bank apparently must be facing massive further value errosion since this 2Q report in August. DJ Marketwatch says Euro central banks have stepped in with a EUR16bn bailout (see: http://www.marketwatch.com/news/story/ho...t=hplatest). China's Ping An (5% owner of Fortis) is also being hammered.
Thanks Jim. My guess is that the EUR16bn bailout is just the first tranche...
Btw, I have posted a question about your new book THE OIL CARD in the books section: http://www.deeppoliticsforum.com/forums/...11#post111
If you are able to provide some more detailed insights without hampering sales, I'm sure we would all be interested in what you have to say.
The shadow is a moral problem that challenges the whole ego-personality, for no one can become conscious of the shadow without considerable moral effort. To become conscious of it involves recognizing the dark aspects of the personality as present and real. This act is the essential condition for any kind of self-knowledge.
Carl Jung - Aion (1951). CW 9, Part II: P.14