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Originally posted by sirric
This report is misleading at best.
I know for a fact that (CCB) China Construction Bank bought out BoA in 2006.
HONG KONG, Aug. 24 2006 — The China Construction Bank, one of China’s four main state-controlled banks, agreed on Thursday to buy the retail banking operations in Hong Kong and Macao of the Bank of America for $1.25 billion.
It was the first time a big Chinese bank had bought such significant operations from an American bank.
CCB buys BOA
BoA owns 1% of CCB BoA sells stake in CCB
CCB owns 8% of BoA
Originally posted by CaptGizmo
I think you have your figures backwards on this one. Bank of America just sold all of it CCB shares for 10.8 billion. CCB did not buy Bank of America. That wont happen I think since Bank Of Americas assets are in the tune of 2.8 Trillion Dollars....not billions
Originally posted by Surfrat
I remember the 90's when there was a huge outcry about the Japanese snapping up US assets with US dollars. The politicians and the media were chanting "Buy American". I'm not sure what happened since then. Seems likethemedia is asleep or are in the employ of global corps.
Originally posted by Foppezao
I would like to add that the Chinese are in a way "addicted" to their 7 to 10% growth, if that growth declines thousands if not hundred of thousands students and farmers (moving to the city) will be unemployed, that with the lack of political rights will cause unrest.