It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Fed clears China's first US bank takeover

page: 2
12
<< 1   >>

log in

join
share:

posted on May, 10 2012 @ 02:16 PM
link   

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




posted on May, 10 2012 @ 02:52 PM
link   
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 like the media is asleep or are in the employ of global corps.



posted on May, 10 2012 @ 03:36 PM
link   

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


www.bloomberg.com...



Nope, I was correct, you are not grasping the first story I linked to.

CCB bought out BofA in 2006

BofA had 8% of ownership in but sold all but 1% of said ownership in CCB.

CCB had 8% stocks as an offset purchase agreement in BofA back in 2006 when it bought them out in Hong Kong and still held those shares as of 2010. Not that they are worth anything now.

The reason I read why 8% on both was that China would not allow BofA to own more of CCB, hence the even share percentage to make the deal work.

Read the first story I linked too

Sirric
edit on 10/5/12 by sirric because: (no reason given)



posted on May, 10 2012 @ 03:43 PM
link   
reply to post by Surfrat
 


I am all for buy American if in fact thats what it truly is, but alas this to is in most cases false. Many of the buy American brands are simply companies owned and operated out of America but their goods are still made in China. I think it was 60 minutes did an expose on it a few years ago. Shame really, because all it really did was show how a large portion of this counties jobs have gone to China for cheap labor costs.

There is a bright side however., because the Chinese people have started getting wise to the fact that they are making pennies for lots of work, they are demanding more now and refusing to make alot of stuff. Aperently they all want to make IPads now...lol So now we have manufacturing starting to increase here. Those corps. that took the jobs over to China are starting to come back. One at a time. Slowly but they are coming back. I see it in my field of work.
edit on 5/10/2012 by CaptGizmo because: (no reason given)



posted on May, 10 2012 @ 03:48 PM
link   
reply to post by sirric
 

They bought the banking operations in Hong Kong and Macao, not the entire BOA corp. sorry that's what it sounds like you are saying. Two banking operations in China do not come close to the total Banking operations that BOA owns. China bought a very small fraction. Believe me I am no way in agreement with any of it, but I think this sort of stuff happens all the time and we just don't know about it. China's future in my opinion is looking rather bleak to me as of late.

edit on 5/10/2012 by CaptGizmo because: (no reason given)



posted on May, 10 2012 @ 04:32 PM
link   

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.


The Japanese experienced an unsustainable economic boom in the 80s which was bound to collapse, this artificial unsustainable boom was partially caused by the Japanese central back expansionary monetary policy.They actually never really recovered from this collapse, the US innovated and came with the whole ICT sector, those were the golden 90s. I still think the US with their broad knowledge from the best universities in the world have more potential to innovate than the Chinese, that is what essentially determines a superpower imo, only time will tell..Chinese btw also artificially influence their currency for export interest, their economic growth is also bound to collapse some day, if only due to their dramatic demographic future/ageing problems .
edit on 10-5-2012 by Foppezao because: (no reason given)



posted on May, 10 2012 @ 04:46 PM
link   
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.



posted on May, 12 2012 @ 09:40 AM
link   

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.


Yep check this out.
www.businessinsider.com...
They are starting to feel it just like everyone else now.



posted on May, 21 2012 @ 05:45 PM
link   
China can now bypass Wall Street when buying U.S. government debt and go straight to the U.S. Treasury, in what is the Treasury's first-ever direct relationship with a foreign government, according to documents viewed by Reuters.
The relationship means the People's Bank of China buys U.S. debt using a different method than any other central bank in the world.
The other central banks, including the Bank of Japan, which has a large appetite for Treasuries, place orders for U.S. debt with major Wall Street banks designated by the government as primary dealers. Those dealers then bid on their behalf at Treasury auctions.
www.reuters.com...



posted on May, 30 2012 @ 01:07 PM
link   
reply to post by Chance321
 


Of course, the ones who caused this will be banking off the interest rates. They even tell you interest rates will be higher...




top topics



 
12
<< 1   >>

log in

join