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Bank of China open to buy US banks
t ^ | 29 Sep 2008, 0047 hrs IST,REUTERS

Posted on 09/28/2008 1:44:16 PM PDT by DeaconBenjamin

TIANJIN (CHINA): Bank of China, the country's largest foreign exchange lender, is open to buying into US banks in the wake of the global financial crisis, a senior executive said on Sunday.

Banking industry observers in China are torn over whether the fall in the share prices of many US financial firms presents more of a risk or a buying opportunity. Zhu Min, vice-president of Bank of China, did not shy away when asked whether his bank was currently considering making investments in Wall Street. "We are open. From a business point of view, we are looking for all the possible deals everywhere," Zhu told a meeting of the World Economic Forum being held in this northern port city.

While Zhu did not elaborate, his remarks contrast with more cautious comments by senior executives of other Chinese banks on their plans for expanding overseas. Guo Shuqing, chairman of China Construction Bank Corp said on Saturday that CCB would be relatively careful in considering whether to make purchases abroad, especially in the US.

Jiang Jianqing, chairman of Industrial and Commercial Bank of China, said that the country's biggest lender would be careful in exploring US acquisitions during the current turmoil. However, Antony Leung, chairman of greater China for US private-equity house Blackstone Group, said on Sunday that the recent fall in asset prices could present good buying opportunities for Chinese investors, including China Investment Corp (CIC), the $200 billion sovereign wealth fund.

"Right now, whether we're talking about CIC or other investors, I think it's a chance you see only once a century," Leung told the forum. "When the market is good, it's hard to even get the opportunity to buy a relatively big strategic stake in a good-quality company overseas. Now you have that chance."


TOPICS: Business/Economy; Extended News; Foreign Affairs; Government
KEYWORDS: bailout; china; communist; financialcrisis
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1 posted on 09/28/2008 1:44:16 PM PDT by DeaconBenjamin
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To: DeaconBenjamin

Oh swell. Not.


2 posted on 09/28/2008 1:45:51 PM PDT by hershey
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To: DeaconBenjamin

Communism, er, capitalism at work.


3 posted on 09/28/2008 1:46:57 PM PDT by Jim Robinson
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To: DeaconBenjamin

Perfect. Another great day for the USA. Wake up people. Ron Paul is not a KOOK. It is as plain as the nose on your face. We are the KOOKS for not believing him.


4 posted on 09/28/2008 1:46:57 PM PDT by screaminsunshine
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To: hershey; DeaconBenjamin

Ah yes, just like when the Japanese bought our entire country in the 80s...oh that’s right, how’d that end up?


5 posted on 09/28/2008 1:48:14 PM PDT by sam_paine (X .................................)
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To: screaminsunshine

Appearing on 911 truth kook shows makes him a kook. Surrendering to terrorism makes him a kook. If it talks like a kook and walks like a kook, it’s a kook.


6 posted on 09/28/2008 1:50:40 PM PDT by Jim Robinson
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To: DeaconBenjamin

They do this, they’ll own part of the country.


7 posted on 09/28/2008 1:51:23 PM PDT by wastedyears (Now sadly living in the DPRNYC [Brooklyn])
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To: DeaconBenjamin

While all of the banks in China are state-owned. Some here have replied with the relativistic and fallacious argument that some of the US banks are now state-owned. Do you see where we’re going, and who is taking us there?

Most of our business leaders are now with the far left in many ways. There’s little or no public discussion of the globalism that brought us to the “bailout” and even the previous “bailout.” We need to be building more than houses (mansions at that).


8 posted on 09/28/2008 1:52:37 PM PDT by familyop (cbt. engr. (cbt), NG, '89-'96, Duncan Hunter or no-vote)
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To: Jim Robinson

Look at the headlines on these articles. Figure it out before it is too late to save yourself. We ARE getting screwed. Paul is obviouly right about this. When you are right...You are right.


9 posted on 09/28/2008 1:52:44 PM PDT by screaminsunshine
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To: DeaconBenjamin

I really need to learn some really dirty and offensive chinese words.


10 posted on 09/28/2008 1:52:44 PM PDT by cripplecreek (Paying taxes for bank bailouts is apparently the patriotic thing to do. [/sarc])
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To: screaminsunshine

Countries come to en end. #1. Incapable of defender themselves in a military situation. #2. Economic collapse. #3. Moral corruptness #4. Family disintegration and social implodes.


11 posted on 09/28/2008 1:52:45 PM PDT by rovenstinez (#)
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To: DeaconBenjamin

Never, EVER trust the bastards!


12 posted on 09/28/2008 1:52:46 PM PDT by WellyP
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To: screaminsunshine

I’m hardly Ron Paul’s biggest fan but he’s been right about our financial crisis all along.


13 posted on 09/28/2008 1:53:52 PM PDT by cripplecreek (Paying taxes for bank bailouts is apparently the patriotic thing to do. [/sarc])
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To: rovenstinez

EARTH TO FREEPERS>>>Our guys are letting us down. This go along get along crap has got to stop. Maybe Shelby can do something but I doubt it.


14 posted on 09/28/2008 1:54:39 PM PDT by screaminsunshine
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To: DeaconBenjamin
We have enough in China without adding to it. Bank of America, for instance. B of A is owned by a Chinese company. I don't remember the name but I'm sure someone in here knows.
We need to correct our own problems and not rely on anyone else.
15 posted on 09/28/2008 1:55:44 PM PDT by antiunion person (Obama, the end of our country as we know and love it.)
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To: sam_paine

So far, with us on the verge on financial collapse, at least according to the guys trying to get their clams pulled out of the fire.


16 posted on 09/28/2008 1:56:37 PM PDT by Wolfie
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To: cripplecreek

“I’m hardly Ron Paul’s biggest fan but he’s been right about our financial crisis all along.”

Except for his most favored trade nation votes for China.


17 posted on 09/28/2008 1:57:19 PM PDT by AuntB ( "During times of universal deceit, telling the truth becomes a revolutionary act." - George Orwell)
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To: cripplecreek
WHEN, not if, John McCain wins the election, I think Ron Paul needs to nominated to be in charge of our financial system.
18 posted on 09/28/2008 1:57:29 PM PDT by antiunion person (Obama, the end of our country as we know and love it.)
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To: sam_paine

More proof that we don’t need no stinking bailouts!


19 posted on 09/28/2008 1:57:31 PM PDT by Left2Right ("It's going to be a long eight years...maybe not!")
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To: Jim Robinson

Russia has a flat income tax. China appears to be expanding individuals rights to own property.

And then there is the US Congress and Bush administration....


20 posted on 09/28/2008 1:58:13 PM PDT by DeaconBenjamin
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