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the shares of the banks that were rescued somehow ended up back in the hands of the entities that owned them before the Norwegian goverment saved their butt.

A doo run-run-run, a doo run-run
by ATinNM on Tue Sep 19th, 2006 at 10:48:29 AM EST
[ Parent ]
The stockholders actually lost all of their money. There was alot of grumbling about that at the time, as far as i can remember. The big business banks were really technically bankrupt. The government took them over and then sold their shares for a profit.

So the same interests might have bought them back, but they would have to pay real money for them. When I read about it, i discovered that the norwegian parliament actually passed a bank savings bill which mandated that the Norwegian government kept a "strategic interest" in the biggest business banks. First at 51 percent, then from 97 and on to 2000 at 33,33 percent. The Norwegian government still owns a sizeable part of the shares in the biggest bank consortium in Norway, DnB-NOR (34 percent).

Another one of them was sold off to foreign (Finnish or Swedish) interests however, in contradiction with the set goals of the banking reform law. This after the norwegian Labour got back into power and started playing Blairite disciples.

by Trond Ove on Tue Sep 19th, 2006 at 02:10:54 PM EST
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