Source: EconomPic Data
Monday, December 22, 2008
They might have overpaid
Last year a consortium of banks took over ABN Amro. Barclays made the first bid (67 billion euros). Then a couple of weeks later RBS, Fortis and Santander put a bid out for 70 billion euros. That bid was accepted and the banks split up ABN geographically. Fortis got the Dutch and Belgian operations, Santander got Brazil and Italy (the better part of the deal) and RBS got ABN's wholesale operations as well as Asia. At that time it seemed like a ridiculous (not smart) deal. Today, it looks even worse.
Source: EconomPic Data
Source: EconomPic Data
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2 comments:
Disclosure: Your bank was lucky enough to get beat out by the other unlucky guys...
The idea that the bedrock of the united states economy can be a country of bankers financial planners financial researchers dealing with numbers marketing consultents' lawyers is completly false. I could go on and on but I need not. The intangable economy of sorts must be replaced with a economy that produces or provides useful products and services that are really needed. Otherwise we will end up with a few bright CPA's with master degrees siting behind desks making a good living and everybody else cleaning the carpeting and emptying the wast paper baskets.For three dollars an hour. One other thing stay away from banks and financial services companies stocks.
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