Word: banks
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...Europe, Santander has come out ahead with its 2007 purchase of a chunk of ABN Amro. Santander joined forces with the Royal Bank of Scotland and Belgium's Fortis to buy the ailing Dutch giant for $103.7 billion. But while both RBS and Fortis are now on the casualty list themselves, Santander's $17 billion stake in the Brazilian wing of ABN Amro is worth about $49 billion after merging with Santander's existing business in Brazil. In 2007, the firm spent just under $10 billion for Italy's Banca Antonveneta, which it promptly sold off for a $3.74 billion...
Santander still has to prove itself in the U.S., however. In 2006, the Spanish firm spent $2.9 billion to buy 25% of Sovereign Bancorp, a regional bank in the northeast. By October 2008 Sovereign's stock had fallen 85% and Santander exercised its right of first refusal to buy the remaining 75% for $1.9 billion. Now it has to hope Sovereign is worth more than the peanuts Santander paid for it. "If a bank is strong, it is not for sale. Banks are sold, not bought," says Juan Rodríguez Inciarte, Santander's director general and an architect...
...were] ready with the money. It’s in the bank,” VanderClock said. “Then we discovered this problem with the land...
...sell polluting permits to those who exceed it. It's speculative capitalism with a bright green tint. For the idea to work, the private-investment community needs TLC from government policy: transparency, longevity and certainty. "That's what investors are looking for," says Kevin Parker, global head of Deutsche Bank's asset-management division. "But they're not getting it at the global level." (See the top 10 scientific discoveries...
...This isn't the first time that Vietnam has detained staff from a foreign company after losing money. In 2006, the Vietnamese government arrested four employees of ABN AMRO, a Dutch bank, for fraud after the government lost money on a foreign currency contract. To end the dispute, ABN AMRO paid $4.5 million to a Vietnamese state-owned bank, apparently to secure the release of the four Vietnamese employees who faced the death penalty. Many investors hoped this was a small bump on the path to further economic reforms, and it didn't slow Vietnam's entry into the World...