THE CREDIT CRUNCH, THE ECONOMIC RECESSION AND MAJOR FRAUDS SCHEMES

Lawyers are having a heyday

Many countries, companies and private individuals are suffering severely from the credit crunch, the economic recession and the various fraud schemes (Madoff, Stanford, Enron, etc.). However, what causes misery to some represents opportunity to others, in this case, the lawyers.

The financial meltdown, for instance, has resulted in governments interfering in financial institutions, people being sacked, and litigation. Securities fraud results in litigation. It seems like a lawyers’ paradise, however let’s not forget that many lawyers are feeling the impact of the crisis as severely as everyone else.

It is however fair to say that …
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17
Mar 2009
CATEGORY

Legal

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DUTCH GOVERNMENT INJECTS $13 BILLION IN ING GROUP

Restoring confidence is key

Recently, the Dutch government acquired all shares in the capital of the Dutch subsidiary of Fortis, i.e. Fortis Bank Nederland, including ABN AMRO Bank.

Furthermore, the Dutch government has set aside $27.5 billion of capital to protect the financial institutions of the Netherlands. Although there are many banks that have enough capital to get them through this period of market turmoil (a ‘credit tsunami’, according to Alan Greenspan), many of these financial institutions are not in a position to lend money at the levels that are necessary to support the Netherlands …
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22
Oct 2008
CATEGORY

Finance

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