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jdmartin
Intermediate Crude
Joined: May 19, 2005
Posts: 759
Location: Merry Ol' USA
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 Posted: Sat Jul 12, 2008 9:28 pm Post subject: Fortis CEO gets the boot |
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Votron gets the boot
Wasn't this the guy that we had the post in here on a couple of weeks ago talking about half the US banks failing?
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eXpat
Intermediate Crude
Joined: Jun 08, 2006
Posts: 853
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| Posted: Sat Jul 12, 2008 10:41 pm Post subject: Re: Fortis CEO gets the boot |
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He may get vindicated very soon (if the US economy tanks).
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IslandCrow
Intermediate Crude
Joined: Sep 12, 2005
Posts: 772
Location: Finland
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| Posted: Sun Jul 13, 2008 1:52 am Post subject: Re: Fortis CEO gets the boot |
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One problem was that he did not come clean early enough with the shareholders about the problems the bank was facing and had earlier said everything was fine.
| Quote: | Jean-Paul Votron's resignation comes after he proposed a controversial plan to raise cash that involves cutting the shareholder dividend.
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But the plan has angered investors who were shocked by the sudden change of heart after Fortis previously said the dividend was safe and its capital reserves were healthy. |
The Link (BBC report)
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Nano
Heavy Crude
Joined: Jan 16, 2005
Posts: 289
Location: Delft, Netherlands
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| Posted: Sun Jul 13, 2008 4:11 am Post subject: Re: Fortis CEO gets the boot |
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| IslandCrow wrote: | | One problem was that he did not come clean early enough with the shareholders about the problems the bank was facing and had earlier said everything was fine. |
That's right. Last year, Fortis bought a part of ABN Amro bank for 24 billion euro's (about 30G$ I think, at the time.) I guess they suffered extra now because they are having to find the funding for this in the middle of the credit crisis. The problems of Fortis are very different from most other large banks.
I don't think Votron made mistakes that other CEO's didn't make. I bet the other CEO's were just as foolishly oblivous to the current, not unpredictable implosion in the financial sector. His 'mistake' was not to publicise the specifics of Fortis' unique predicament, which I imagine has favourable for investors during the recent scramble for affordable credit, I suspect, although I am no expert on the subject. |
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sameu
Intermediate Crude
Joined: Aug 18, 2005
Posts: 524
Location: Belgium, Europe
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| Posted: Sun Jul 13, 2008 6:02 am Post subject: Re: Fortis CEO gets the boot |
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| jdmartin wrote: | Votron gets the boot
Wasn't this the guy that we had the post in here on a couple of weeks ago talking about half the US banks failing? |
no, Votron is the CEO of Fortis
The guy that predicted a 'financial meltdown' the coming days to weeks is Lippens, the chairman of Fortis
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bl00k
Heavy Crude
Joined: Sep 17, 2005
Posts: 143
Location: The Netherlands
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| Posted: Sun Jul 13, 2008 3:50 pm Post subject: Re: Fortis CEO gets the boot |
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I read that Fortis as a whole (including recently bought ABN Amro Bank) is now worth less than what Fortis paid for ABN Amro. 
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