Fed clears China's first US bank takeover

Yahoo ^ | May 09, 21012 | GeorgeWashingtonsGhost

[GeorgeWashingtonsGhost]

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.

As part of the deal ICBC and two state-backed financial firms -- China's sovereign wealth fund the China Investment Corporation (CIC), and Central Huijin Investment -- will be recognized as bank holding companies, regulated as commercial US banks.

The broad expansion of China's footprint in the US market comes amid a series of financial reforms in China that could begin to open the lucrative market to US firms.

More at link..

[GeorgeWashingtonsGhost]

China's tentacles are spreading far and wide and WITH OBAMA'S HELP.

[allmost]

“Please can I have some more melamine sir?””

[BenLurkin]

The Ameican government has made itself into the enemy of the American people.

[ColdOne]

hey did you hear obama supports gay marriage?
another reason he did this today I am thinking.

He is the enemy. All of his kind are.

[allmost]

Yes and strangeness and such.

[unixfox]

The Ameican government has made itself into the enemy of the American people.

Hate em back. Works for me.

[Carry_Okie]

Quick! Sell them derivatives, mortgage-backed securities, carbon futures!!!

[familyop]

All of China’s banks are state-owned. Both US political parties work for the same class of constituents. No vote! No sales! Have fun. Enjoy the slide.

[the_daug]

The Ameican government has made itself into the enemy of the American people.

You have a limited vocabulary or or you're practicing copy paste Your post has the same error at U.S. Will Negotiate with Terrorists After All American.

[familyop]

And BTW, that story couldn’t be true, because according to the sponsored propaganda for over 5 years now, China’s been collapsing for 5 years. ;-)

The bond collapse and haircuts are coming. And for every quarter that the dollar is artificially propped up in this debt regime with inadequate manufacturing, the end of the default process becomes worse.

[combat_boots]

0bama and crew just paying their ‘interest’ on loans by the Communist Chinese.

[PubliusMM]

0bama is, in fact, the most successfully ANTI-American pres__ent to ever occupy the White House. This crap must be stopped, and the damage must be reversed.

[Repeat Offender]

Enjoy the slide.

http://www.youtube.com/watch?v=r_zGw3hYkgo

[onyx]

Branches in NY and CA. Of course.
This is the administration from Hell. Send it back.

[BenLurkin]

Awesome. A spelling nazi double play!

[cva66snipe]

China's tentacles are spreading far and wide and WITH OBAMA'S HELP.

Along with all U.S. POTUS and Boot Licking China loving congressman in both parties as well in the last 22 years. Their NWO has arrived. Make no mistake those we elected GOP & DEMs alike sold U.S. OUT.

[Captain7seas]

The American government has made itself into the enemy of the American people.

Provably true.

[EBH]

And they said it could not happen here....

[Son House]

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

Gee, can we sell it all to state controlled entities who's capitol is more fantasy then our own?

[GraceG]

Well, good thing we got the President saying how great Gay Marriage is because there are going to be a lot of lonely Chinese men due to the one child policy and they will want their happy ending after we become beholden to them.....

[GeorgeWashingtonsGhost]

Nothing like a little ‘I support gay marriage’ announcement by Obama to smother this story in the press.

[Aglooka]

This isn't just Obama’s fault. There are people in both parties that support this.

A bank owned by a dictatorial, police state that practices forced abortion is not welcome here.

Let me be the first to say it, China is not our friend.

[chessplayer]

Is this what China got in return for allowing Chen to study abroad?

[Squantos]

Whats to lose ? Open em up on Tuesday and seize their assets on Wednesday ..... It’s the Chicago way !

2 Trillion in the bag ...cha chink errr cha ching ! ...ummm

Never mind.

BTTT !

[GeorgeWashingtonsGhost]

But a conservative, AMERICA-LOVING, AMERICAN SOVEREIGNTY-LOVING President would not have allowed it, nor would he had his little worker bees pimping for it.

[katiedidit1]

Already posted

[katiedidit1]

duplicate..http://www.freerepublic.com/focus/f-news/2881891/posts

[GeorgeWashingtonsGhost]

HOW COME WE'LL IMPORT CHINA'S BANKS BUT NOT CANADA'S OIL?
Oh that's right, the banks deal benefits CHINA and the oil deal would've benefited US!

[GeorgeWashingtonsGhost]

Uh, excuse me.. This post was posted BEFORE your post. Nice try though.

[ilovesarah2012]

Like Clinton didn’t give China enough!

[af_vet_rr]

China's tentacles are spreading far and wide and WITH OBAMA'S HELP.

We have invited them into Texas to invest billions in Texas oil and gas resources (something Obama can't take credit for) and the person responsible was quite happy and quite comfortable with it. This is the way things are going.

On the plus side, the more they buy into our financial system, the less chances are that we'll go to war with them. On the down side, they can destroy our economy without firing a single shot.

[GeorgeWashingtonsGhost]

That’s the end game. Conquering us without destroying anything. That’s the most ingenious form of war; A mix of Sun Tzu and Saul Alinsky.. Saul Tzu!

[katiedidit1]

Then I sincerely apologize to you.

[dragnet2]

The American government has made itself into the enemy of the American people.

I'm just happy more and more people have finally come to that conclusion. It's become so painfully obvious.

[RicocheT]

The camel’s nose is not just in our tent, it’s up our butts. No good will come of this as Communist China is not only our biggest lender, being inside our banking system provides them with unlimited access to manipulate our economy.

[JudgemAll]

Foreign state sponsored bank to destroy our domestic banks. This is so illegal. They cannot be sued but we sheeple bankers will get destroyed.

[caww]

My gosh Onyx...our country is being bought up from so many foreign powers it's worse than frightening Imo. I read some small community in our nation was bought by Vietnamese. Arabs and M. Easterner's too are buying vast properties and companies...by proxy.

We are soooo loosing our culture....and this evil administration doesn't bat an eye, rather paves the way for it all to happen.

[caww]

China is not only our biggest lender,... being inside our banking system provides them with unlimited access to manipulate our economy.

Now that's a frightening thought...but moreso will the banks be compliant? They are all bent on crashing the dollar....looks like it's coming one way or another.

[NVDave]

Another “win” brought to you courtesy of the “free trade” movement.

Without the huge current account surpluses of “free trade” with the US, China would have no reason, nor the huge financial position, to do something like this.

[JDW11235]

“there are going to be a lot of lonely Chinese men due to the one child policy”

I believe I read that it was projected to be nearly 300 MILLION by 2050. Then the invasion starts. The number is currently over 40 Million more males than females (under age 65, about 35 if you include the elderly). 300 Million (or 40 Million, but it WILL be MUCH higher than that) is a lot of grunts. I wish I was wrong, but I’m, unfortunately, not.

[dragonblustar]

I believe I read that it was projected to be nearly 300 MILLION by 2050. Then the invasion starts.

They can invade San Francisco. They'll be waiting, bent over with cheeks spread.

[VanShuyten]

I wonder how much in overseas donations Pres. Obama will get this time around? Hmmmm... Chinese-controled US bank issues $1 billion in pre-paid credit cards....

[mowowie]

Yea, that was pretty slick research.
lol

If only he could channel that energy into discovering obama’s past......

[rurgan]

China was in the stone age 25 years ago.

Now China makes everything (destroying U.S. ability to manufacture). And so since China makes everything then they have all the money to buy everything and lend to us (U.S.) so that we can buy more China crap.

China has all the technology, factories and so money. How come I and Pat Buchanan have figured this out but many on here ( free traders) and politicians haven't? The free traders are allowing China to destroy the U.S. and U.S. sovereignty.

Obama is the worst.

[headstamp 2]

Quid pro quo

[khelus]

... How come I and Pat Buchanan have figured this out but many on here ( free traders) and politicians haven't? ...

R or D, they don't care. Their only interest is power and campaign contributions.

... The free traders are allowing China to destroy the U.S. and U.S. sovereignty. ...

Yup. Globalists and Free Traders are international communists/marxists/fascists in business suits. i.e. Cultural Marxism for the right. Marx advocated free trade devoid of patriotism and ethics to speed up the arrival of global communism. He also advocated central control of credit, aka the Fed.

[rurgan]

Yup. Globalists and Free Traders are international communists/marxists/fascists in business suits. i.e. Cultural Marxism for the right. Marx advocated free trade devoid of patriotism and ethics to speed up the arrival of global communism. He also advocated central control of credit, aka the Fed.

Yeah and many “free” traders here tell me that they are for freedom and so so conservative , little do they know they agree with Marx , Obama and democrats on free trade.

[ichabod1]

I’d like MORE sawdust in my dumplings please, thank you.

[RedMDer]

FReepers who believe in and support our pro-life, pro-family, pro-limited government conservative causes, enjoy reading and participating on FR, think it’s a worthwhile endeavor and would like to help us keep it going. Please click the link. The Republic you save may be your own.

FReepers who believe in and support our pro-life, pro-family, pro-limited government conservative causes, enjoy reading and participating on FR, think it’s a worthwhile endeavor and would like to help us keep it going. Please click the link. The Republic you save may be your own.

---

FReepers who believe in and support our pro-life, pro-family, pro-limited government conservative causes, enjoy reading and participating on FR, think it’s a worthwhile endeavor and would like to help us keep it going.
Please click the link.
The Republic you save may be your own.

[printhead]

I thought HSBC was a chinese takeover. I remember when they were Marine Midland.