Let's call the whole thing off
Okay, I give up, I can’t be funny about the credit crunch any more. Just this weekend:
Fortis - which was on top of the world just a year ago, part of the team that paid a stupendous 70 billion euros for ABN Amro - has been sold, apparently to BNP. (Ed note: in five years, the ABN Amro takeover will be regarded as the AOL/Time Warner of the financials bubble - the massively overpriced super-transaction that marks the peak of the bubble. You heard it here first.)
Oh, by the way, Iceland’s banking system is broken and there’s a run on the krona.
So the liquidity crisis is now taking Europe by storm, after demolishing Lehmans, Wachovia, WaMu, Merrills, and AIG. Does this mean it’s headed for Asia next?