ING Woes Over EU Settlement Issues (ING)

Posted in pre-market 
September 15th, 2009

ING Group (NYSE: ING) was active in Amsterdam trading but still fairly light here in the U.S..  Shares are down 3.4% in the U.S. for the ADRs on reports that the European Competition authorities will reject the Dutch government’s 22 billion Euro guarantee of ING’s U.S. Alt-A portfolio.  This is over concerns the terms may be too sweet for the company.  Opinions vary, but the firm could have to come up with a couple billion Euros more. We have only seen 7,600 shares trade as of 8:23 AM EST as it is a NYSE-listed ADR and subject to specialist action and overseas markket action.  But the 3.4% drop is down at $15.48 per ADR, back almost to half of its 52-week high and still more than triple from its lows. JON OGG

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