China will now have banks in the US

[naturegirl]

Great, won't be long before they control all the $. The Federal Reserve has approved this. Just what we need.

<snip>

The United States on Wednesday opened its banking market to ICBC, China's biggest bank, for the first time clearing a takeover of a US bank by a Chinese state-controlled company.

Just days after high-level US-China economic talks in Beijing, the Federal Reserve approved an application from Industrial and Commercial Bank of China to buy a majority stake in the US subsidiary of Bank of East Asia.

The transaction will make ICBC the first Chinese state-controlled bank to acquire retail bank branches in the United States.

ICBC has been the most aggressive of China's "big four" banks in expanding overseas.

According to the Fed the bank has total assets of roughly $2.5 trillion.

It will buy up to 80 percent of the US unit of the Hong Kong-based Bank of East Asia, which operates 13 branches in New York and California.

Fed clears China's first US bank takeover - Yahoo! News Canada

 

[PLYMCO_PILGRIM]

Great, won't be long before they control all the $. The Federal Reserve has approved this. Just what we need.

<snip>

The United States on Wednesday opened its banking market to ICBC, China's biggest bank, for the first time clearing a takeover of a US bank by a Chinese state-controlled company.

Just days after high-level US-China economic talks in Beijing, the Federal Reserve approved an application from Industrial and Commercial Bank of China to buy a majority stake in the US subsidiary of Bank of East Asia.

The transaction will make ICBC the first Chinese state-controlled bank to acquire retail bank branches in the United States.

ICBC has been the most aggressive of China's "big four" banks in expanding overseas.

According to the Fed the bank has total assets of roughly $2.5 trillion.

It will buy up to 80 percent of the US unit of the Hong Kong-based Bank of East Asia, which operates 13 branches in New York and California.

Fed clears China's first US bank takeover - Yahoo! News Canada

THey have already bought a TON of our land in the country....I don't like the idea of china owning/running banks within the country, especially in light of the govt's propensity to do things like tarp....My mind gets too many bad ideas just thinking of the potential negatives of this.

 

[Katzndogz]

Yet, the nation is dithering about same sex marriage! The pea is hiding under the Bank shell.

This is just the first bank. It won't be the only one, nor the last.

 

[PLYMCO_PILGRIM]

Yet, the nation is dithering about same sex marriage! The pea is hiding under the Bank shell.

This is just the first bank. It won't be the only one, nor the last.

I know right? I mean who really cares about gay marriage that much? Its not going to change how I live my life or cast my ballot after all, the economy is way more important than all these social issues the adminstration keeps bringing up.

 

[Katzndogz]

Call it China of Monte Cristo.

After Edmond Dantes found his treasure, he used it to buy all the debt of his enemies and extended unlimited credit to them. When he owned them completely, he foreclosed. It was part of his revenge. China doesn't want revenge, they merely want the riches our government prevents us from using. They will buy us up like someone eats an elephant, one bite at a time.

 

[blastoff]

Oh, great. Now I gotta practice being able to say, "Withdlawar, prease."

 

[Truthmatters]

you guys seemed fine when we were selling our souls to China under Bush

 

[Dr.Drock]

I mean it's the Federal Reserve, they're all about destroying our economy to even the world playing field.


Wasn't the bipartisan TARP bs supposed to save us from all this?

 

[naturegirl]

you guys seemed fine when we were selling our souls to China under Bush

Quit being a partisan hack, this isn't about Bush, it's about the Federal Reserve. Bush had absolutely nothing to do with this, he's not the President anymore. For once in your life, leave your stupid Dem stuff on the side lines and think what this means.

 

[Dr.Drock]

you guys seemed fine when we were selling our souls to China under Bush

Quit being a partisan hack, this isn't about Bush, it's about the Federal Reserve. Bush had absolutely nothing to do with this, he's not the President anymore. For once in your life, leave your stupid Dem stuff on the side lines and think what this means.

When she goes to Mcdonald's her thought process is "I think Obama would order McNuggets and Bush would order a McDouble."

She can't get involved in any discussion, literally any, and not break into her hyperpartisan bullshit.

 

[Katzndogz]

China might be counting on democrats continually blaming Bush instead of taking responsibility themselves. The Chinese have a free and unfettered ability to take over anything they want knowing that because Bush is blamed and Bush is no longer in office, no democrat can stop them.

Chinese control might be better than democrat control. China is at least transitioning to free markets, democrats want communism the way it existed under Mao. I'm not going to piss and moan about China. They're better than obama.

 

[Katzndogz]

Since China is going to control these banks, it might be time to consider moving your account to one of them rather than an American bank subject to federal seizure any time they feel like it.

 

[PLYMCO_PILGRIM]

Since China is going to control these banks, it might be time to consider moving your account to one of them rather than an American bank subject to federal seizure any time they feel like it.

I'll put my 4 figure savings in the caymans please, thank you

For real though, they give decent interest and my money is more secure in their bank...i just wish the misrepresentation of my Cayman account being a tax shelter were true, unfortunately the caymans report all interest income for us citizens to the us government.

(Remember this tax reporting when people hammer romney on cayman accounts)

 

[Truthmatters]

Bush Administration Mortgages U.S.A. to China Over NAFTA Trade - HUMAN EVENTS

some cons noticed

 

[naturegirl]

Bush Administration Mortgages U.S.A. to China Over NAFTA Trade - HUMAN EVENTS

some cons noticed

Partisan hack!!

 

[Mad Scientist]

Let us be clear about this. This isn't the United States doing this, this is the Privately Owned Federal Reserve doing this. Anyone read anything about Federal Oversight on this?

The Federal Reserve has already said they answer to no one.

But hey, let's get back to more important things like Homosexual Marriage or if Mitt Romney left his dog on top of his car.

 

[PLYMCO_PILGRIM]

Bush Administration Mortgages U.S.A. to China Over NAFTA Trade - HUMAN EVENTS

some cons noticed

Some independants noticed and complained about it then too....and some, like me, even complained under clinton when clinton cozied up to china in the 90's.

What is your point? Pointing to the horrid decisions by clinton and bush with china doesn't lessen the negative view the people in this thread have of china currently buying our banks under the current administration.

 

[eflatminor]

My opposition to the very existence of the Federal Reserve aside, I have to say that I do not fear nor really care about this business transaction. The US subsidiary of the Bank of East Asia wanted to sell its operation. The Industrial and Commercial Bank of China was the highest bidder. Good for the Bank of East Asia! They have the right to maximize their revenue in the deal. To suggest otherwise would go against the tenants of capitalism. That I cannot support.

If you don't like the idea of a Chinese owned bank, don't bank there. The market will determine if it's acceptable or not.

 

[Truthmatters]

Bush Administration Mortgages U.S.A. to China Over NAFTA Trade - HUMAN EVENTS

some cons noticed

Some independants noticed and complained about it then too....and some, like me, even complained under clinton when clinton cozied up to china in the 90's.

What is your point? Pointing to the horrid decisions by clinton and bush with china doesn't lessen the negative view the people in this thread have of china currently buying our banks under the current administration.

it denotes the hypocracy on the right though.

This makes china lend money to us and when they are invested in us they want us to do well.


Pretty interesting way to keep them on our side huh?

 

[Truthmatters]

I just wish our American banks had been concerned about the countrys welfare