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Fortis blames state for share price collapseFriday 31 October 2008 The prime minister, finance minister and central bank president are all to blame for the fact that shares in Fortis are now almost worthless, says the financial services group. And Fortis shareholders who want to claim damages should take the Dutch state to court, the company said in a statement that was part of a court hearing in Amsterdam on Thursday. Shareholders lobby group VEB wants the company court to order an investigation into mismanagement at Fortis and the role of the state in rescuing the company. Since getting into financial difficulty in late September, Fortis has been split up. Fortis Nederland has been nationalised and parts of Fortis Belgium sold to BNP Paribas. © DutchNews.nl
Attacking Governments for the last act of a tragedy ignores the fact that the management and the Board are responsible for the first four acts. The position is totally disingenuous. By georges ugeux | October 31, 2008 7:54 PM Those in Fortis' management were those that were "kicked out" of ABN and in a personnal vendetta wanted to buy ABN to make a personnal statement. It proves once again that personnal power fights are not good business, it is sad to see that they managed to convince the rest of Fortis to pursue ABN deal! Smart Santander to buy and sell Antonveneta (ABN) at a profit! Look at RBS .. same issue after getting its share in ABN deal By Gina | November 6, 2008 4:50 PM
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The only people to blame are those that make up Fortis management.
They wanted ABN at every cost, they were unable to manage it, the shareholders didn't believe in them and now they don't want to pay the consequences and blame it on the Dutch government. They should be grateful that the government stepped in and saved them. If ABN hadn't been involved in the deal, I doubt that the Dutch government would have bothered forking out any money for Fortis.
By LS | October 31, 2008 5:27 PM