Now this is wonderful news
From
Yahoo/AFP:
Fed clears China's first US bank takeover
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.
And of course, our masterminds in Washington are spinning this as a good thing:
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.
After the May 3-4 meeting, the US Treasury noted China had made "encouraging progress" on a number of issues sought by the Obama administration, including taking steps toward a more open and market-oriented financial system.
Of course the Communist Chinese will agree to anything we want -- just let them gain a toehold on our banking system.
The Fed said Wednesday that the ICBC proposed acquisition, which is "relatively small," would not have much of an impact on the banking market.
It's called the
Camel's nose you moron.
Less than 200 days until the election. Time to clean house (and Senate)
Posted by DaveH at May 10, 2012 10:18 AM