The Richter Report
While Fortis’ capitalization issues have received a lot of press coverage, much less attention has been paid to some recent economic projections made by Fortis. Among other things, the bank is predicting that as many as 6,000 U.S. banks will fail within the next year or two. Fortis’ Chairman, Maurice Lippens, recently stated as follows: “The U.S. is doing much worse than we had thought…but the same goes also for Citigroup and General Motors, and thereby starts a complete meltdown in the U.S.” The Bank for International Settlements, the Royal Bank of Scotland, Morgan Stanley, and Barclays have also made similar public predictions within the past month. More
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