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vhf

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4 Major Banks on the Edge

posted on Sep 28, 2008 07:13PM

Given below are highlights of articles that describe the current status of 4 major banks on the verge of closing.

Considering a tentative deal to the Paulson Plan has been reached and the fact that it is likely to be approved by Congress tomorrow, it is most unusual that Asia is not responding too well. Presently, most Asian markets are down about 0.5-1.5%. Only the Nikkei is up a modest 0.46%. Keep in mind that most of the short squeeze fuel has been used up globally due to recent rule changes so any gains this week will only be derived from PPT or equivalent intervention. Even the DOW futures are -80 pts. at this time.

Regards - VHF

German mortgage bank near bankruptcy: report

Sun Sep 28, 4:31 PM ET

BERLIN (AFP) - Germany's Hypo Real Estate, a mortgage bank, is on the brink of bankruptcy, the daily Financial Times Deutschland reported in an advance copy of its Monday edition.

HRE would have to pick up the tab for the refinancing, estimated to be in the double-digit billions of euros (dollars) range, according to the report.

"It is highly unlikely at the present time that HRE will be able to come up with that amount," the FTD wrote.

A bank spokesman declined to comment.

Fortis thrown €11bn lifeline by governments

Financial Times

By Peter Thal Larsen in London, Michael Steen in Amsterdam, and Tony Barber in Brussels

Published: September 28 2008 19:56

Fortis was thrown an €11.2bn (£8.8bn) lifeline on Sunday night as the Belgian, Dutch and Luxembourg governments combined to inject capital into the embattled banking and insurance group in a last-ditch effort to shore up confidence among savers.

The partial nationalisation was announced in Brussels by Yves Leterme, Belgium’s prime minister, after a frantic weekend of talks involving ministers, central bankers and financiers.

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Financial crisis: Bradford & Bingley nationalisation will cost taxpayers £150bn

British taxpayers will be liable for more than £150 billion of potentially toxic mortgage debt following the nationalisation of Bradford & Bingley, one of the country’s biggest mortgage lenders.

The Telegraph

By Robert Winnett and Harry Wallop
Last Updated: 1:34AM BST 29 Sep 2008

Alistair Darling, the Chancellor, will announce on Monday that the Government is taking over the bank’s mortgages and selling off the savings business and the branches. Savers are reassured that their money is safe although people owning shares in the bank will lose out.

The Government may merge the bank, which has mortgages worth more than £40 billion, with the nationalised Northern Rock. Every taxpayer in Britain will be exposed to the equivalent of £5,500 in mortgage debt as a result.

Citigroup and Wells Fargo Said to Be Bidding for Wachovia

New York Times

By ERIC DASH and ANDREW ROSS SORKIN

Published: September 28, 2008

Federal regulators on Sunday night were pressing for the sale of yet another troubled bank — this time, the Wachovia Corporation — in a move that would concentrate power within the nation’s banking industry in the hands of a few giant lenders.

Wachovia, the nation’s fourth-largest bank, was negotiating to sell itself to Wells Fargo or Citigroup. Although the Federal Reserve and Treasury Department were pushing for a sale, the government was resisting pressure to provide financial guarantees to the buyer.