WASHINGTON (AP) - The Federal Reserve has for the first time given approval for a large Chinese bank to purchase a U.S. bank. It also gave approval to two other large Chinese banks to expand their operations in the United States.
The Fed board announced Wednesday it was approving the application of the Industrial and Commerce Bank of China Limited, China's largest bank, and two other Chinese firms to purchase The Bank of East Asia U.S.A., located in New York City.
The Fed also approved an application by the Bank of China to set up a branch in Chicago and an application by the Agricultural Bank of China Limited to establish a branch in New York City.
http://money.msn.com/business-news/arti … d=15089740
China is gaining more control over US businesses and government;It is a little disconcerting
Normally, I wouldn't be too thrilled about something like this...
But if some foreign banks were to wander in here and set up fee structures, credit card interest rates, and contracts that didn't rob the customers blind, unlike what most of our current banks and credit card companies do, then maybe it might force our banks and others to do the same to remain competitive. Not sure...
China is already buying Idaho. Why not our banks as well?
Im just waiting for them to buy walmart, now that would be funny.
OMG THE CHINESE ARE GOING TO BUY AN EAST ASIAN BANK... CLEAR EVIDENCE THEY ARE INVADING THE U.S.
America is doomed from within. The Chinese don't actually have to do anything else but wait for our own lack of critical thinking skills to make us implode.
China has wanted to get their hands on the US for a really long time. We should really just hand over our government and say "here China, you can have the US." That's basically what we're saying if we let them buy our banks. We're already indebted to them for how much? They own our country simply because it's collateral. I mean come on, how stupid can our government be? The government just smells money and is intoxicated by it. Nothin like getting a country drunk on money and then going "hahaha we own you."
Hopefully, I'll be dead before China actually takes power.
by GL Bell7 years ago
Just saw this on morning news...If this is true than we have seen nothing yet...
by pgrundy7 years ago
This is hitting South Bend now, where I grew up. I have a house there with a renter in it that I"m about to lose:http://www.nytimes.com/2009/03/30/us/30 … y.html?hpwIt's so bizarre. The industrial midwest is...
by Mathi P6 years ago
ha ha LOL - are u know ?
by Stacie L6 years ago
Hate your bank? Saturday is 'Bank Transfer Day'Big banks may have scrapped plans to charge fees for debit card use, but many customers are still angry and taking their money elsewhere.By MSN Money partner on Fri, Nov 4,...
by starme778 years ago
or money that just kind of disappeared from your account and things just didn't add up?
by Jyoti Kothari9 years ago
Many European banks are now in distress. Be it in Germany,Netherlands or UK. Govts. in Europe are coming forward to bailout them but they have to face the consequences of American bubble bust.Jyoti Kothari
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