Fed clears China's first US bank takeover

Fed clears China's first US bank takeover
news.malaysia.msn.com...
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.
We are making a big mistake to allow this to happen. People forget that China is slowly eliminating the dollar and pushing the yuan currency. This will only undermine the dollar as world currency and once we lose global currency your interest rates will go up significantly resulting in our deficit to accelerate.

A comunist taking over america by the use of capitalism, ironic.

2nd.

reply to post by Surfrat


Un-freaking-believeable! Do they know just what kind of door they opened doing this? Oh wait, yeah, I'd be willing to bet they do. So now the question to ask is what will china dig their fingers into next?

You have got to be kidding me. But, quick question, how many do the US Own in China??

The Chinese can not own land in China outright, but so instead they are purchasing land here in the United States.

And how are they finding the land to buy?

By using United States Banks and the IRS to find land that was foreclosed on or was taken by the government because they couldn't afford the property tax in a tough economy or a year of bad crops.

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

reply to post by Trolloks


Why not? We watched China move from Communism to Capitalism. I should really make a post about my theory regarding Russia, China, Iran, Germany and their long and patient infiltration and conquest of America. It is by No Mistake that Putin is back in office........ I will add that all those Nations are older and more patient than America.

It's going to be an interesting ride.

Originally posted by Trolloks
A comunist taking over america by the use of capitalism, ironic.

2nd.

yea, and let me add that the collapse of the dollar is inevitable. what is happening right now is just part of the food chain, no country lasts forever

Originally posted by tw0330
The Chinese can not own land in China outright, but so instead they are purchasing land here in the United States.

And how are they finding the land to buy?

By using United States Banks and the IRS to find land that was foreclosed on or was taken by the government because they couldn't afford the property tax in a tough economy or a year of bad crops.

That does point to the bigger question the concerned should be asking. There was never any uproar when the bank of east asia (bea is a chinese bank based in hong kong) purchased the grand national bank, which was a us bank, and establishing a us based subsidiary.

Now that the industrial and commercial bank of china (icbc) is purchasing an eighty percent share of bea (us) from bea (hk the parent company) the immediate reaction is directed at currency.

The question that needs to be asked is, How much investment was made by bea (us) into the mortgage backed securities market?

Because if you are concerned, what you need to be concerned about is not your currency being uprooted, that is happening whether you like it or not, but rather how much real estate in the us is the icbc coming into an eighty percent ownership of and whether or not they will keep it or sell it to other nation states.

Spooky.. huh?



reply to post by sirric


You are correct they are not being told the whole truth.

reply to post by Surfrat


How is it any worse then the dollar collapsing and taking everything with it? This sounds like China is trying to solve a much bigger problem. Granted Americans including myself will suffer but the world as a whole might be better off because of this. I'm not an economist though so I have no way of proving my thoughts. They are just my thoughts. Take them with a grain of salt and educate me.

reply to post by Surfrat


Do we get a free fortune cookie when we open an account,
or just chopsticks?

Maybe Charlie Chan and his Number 1 Son will solve this
mystery for me. Once and for all.

Hoo Haa! www.youtube.com...

S&F

reply to post by Wildmanimal

Isn't a majority of the us debt owed to china anyway? I wonder what collateral the us gov't used on these debts

reply to post by dorkfish87


Government "owned" land is the main collateral backing the Bonds that china bought.

At least that is the way it is structured as I know it.

reply to post by sirric


Thanks for your quick response.
Will have to look into what qualifies as government owned land.
It's sad really.
Bush made it bad.
Obama made it worse.
We're all screwed.


Won't be long now until imminent domain laws take massive amounts of land from the people to give to china to pay for our debts.
Let's hope they'll take Alaska.

Originally posted by dorkfish87
Isn't a majority of the us debt owed to china anyway? I wonder what collateral the us gov't used on these debts

No, that is a common misconception, perpetuated by the doom-screamers.

CHINA--Total Holdings of Treasuries: $1.16 trillion Percent of US Debt that they own: 8% Read more: www.businessinsider.com...-15#ixzz1uU3dIuzb

www.businessinsider.com...

Here's the big idea: Many people — politicians and pundits alike — prattle on that China and, to a lesser extent Japan, own most of America's $14.3 trillion in government debt. But there's one little problem with that conventional wisdom: it's just not true.[/]

While the Chinese, Japanese and plenty of other foreigners own substantial amounts, it's really Americans who hold most of America's debt. Here's a quick and fascinating breakdown by total amount held and percentage of total U.S. debt, according to Business Insider:

Hong Kong: $121.9 billion (0.9 percent) Caribbean banking centers: $148.3 (1 percent) Taiwan: $153.4 billion (1.1 percent) Brazil: $211.4 billion (1.5 percent) Oil exporting countries: $229.8 billion (1.6 percent) Mutual funds: $300.5 billion (2 percent) Commercial banks: $301.8 billion (2.1 percent) State, local and federal retirement funds: $320.9 billion (2.2 percent) Money market mutual funds: $337.7 billion (2.4 percent) United Kingdom: $346.5 billion (2.4 percent) Private pension funds: $504.7 billion (3.5 percent) State and local governments: $506.1 billion (3.5 percent) Japan: $912.4 billion (6.4 percent) U.S. households: $959.4 billion (6.6 percent) China: $1.16 trillion (8 percent) The U.S. Treasury: $1.63 trillion (11.3 percent) Social Security trust fund: $2.67 trillion (19 percent)

So America owes foreigners about $4.5 trillion in debt. But America owes America $9.8 trillion.

globalpublicsquare.blogs.cnn.com...

*yawn* Who cares really? back in the late 70's/early '80s recession and mini (by today's standards) economic collapse everyone was freaking out because the Japanese were buying-up real estate like there was no tomorrow. The same arguments were being made: 'Their economy is stronger and going to take over the U.S.'. How'd that work out for them?

reply to post by jtma508


How'd that work out for them?

Well in all fairness they are kind of radioactive at the moment,,,and someone has too pay for the issured cost of cleanup at least,,right G.E?,, i mean they were the insurer's of record right?

It ain't over yet either,,the clean-up,,some say could take 2-3 thousand years,,hope the funds are there.

Me.

reply to post by BobAthome


Yea... that's a whole other kettle of (glowing) fish. But lookj at what happened to real estate values since they went on their buying spree. I'd venture that the banks won't be worth much more in a few years either.

reply to post by Trolloks


China isn't communist

USA isn't capitalist

You make no sense