BO stands by while COMMUNIST China's ICBC Purchase US Bank Subsidiary....

snell/GOD & COUNTRY-zero cliques 2012/05/10 03:46:33

Federal Reserve allows China bank ICBC to buy US subsidiary of Bank of East Asia

The decision marks the first time a Chinese institution has been allowed to buy a US bank.

Customers leave an
ICBC branch in Beijing after the bank came in second place on a list of
the 50 most valuable Chinese brands released on December 13, 2011. (MARK
RALSTON/AFP/Getty Images)

The Federal Reserve has given the green light to Industrial &
Commercial Bank of China to buy the US subsidiary of the Bank of East
Asia, the Financial Times reported today.

The decision marks the first time a Chinese institution has been allowed to buy a US bank.

"The Board has concluded that consummation of the proposal would not
have a significantly adverse effect on competition or on the
concentration of banking resources in any relevant banking market," the central bank said in a statement cited by Agence France-Presse.

The Fed also noted that Chinese bank regulators supported international
agreements "that address money laundering or terrorist financing" and
that there was no reason to believe proper supervision would be lacking,
according to Market News International.

ICBC is 70.7 percent owned by the Chinese government and is the country’s largest bank with $2.5 trillion in assets.

The US unit of Bank of East Asia operates 13 branches in New York and California and has $780 million in assets.

According to MarketWatch, the Fed also agreed to let the Bank of China and the Agricultural Bank of China expand their operations in the United States.

Reuters said the announcement comes days after the annual US-China Strategic and Economic Dialogue talks in Beijing.

More from GlobalPost: Bank of America annual meeting draws 100s of protesters

Does China Now Own us??

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Top Opinion

  • Rodney 2012/05/10 04:21:40
    Why not. Barry is selling us off anyway. Sold off our sovereignty to the UN, our whole economic health to China and others, our oil production to Brazil and arms to Mexico.

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  • dominic garcia 2012/05/19 00:35:44
    dominic garcia
    Yes, just about.....we need to learn to speak chinese.
  • zbacku 2012/05/15 04:28:43
    Obama is just giving his backers back some equity.
  • stevmackey 2012/05/12 18:56:30
    In WWll the US had an interest in the Central Bank of China. I have a couple of bills that were printed for them by E.Wright Banknote Company in Philadelphia. That was lost when the reds took over the mainland.
    It does not surprise me that a politically ignorant President does understand what he is losing.
  • Jack Sprat 2012/05/11 23:09:21
    Jack Sprat
    He as to, as he has to stand by an "watch" the Chinese give the Phillipines war rattles, some where between incompetence, cowardice (leading from behind my ass, running in reverse), and agreeing with the out come if the Chi-coms take over.

    However for a "Hong Kong" based bank doing business here has some rational.
  • Chi~Cat Jack Sprat 2012/05/11 23:45:35 (edited)
  • snell/G... Chi~Cat 2012/05/12 03:00:23
  • Chi~Cat snell/G... 2012/05/14 04:40:46
    ty, me snell! I know YOU know!
  • Broken 2012/05/11 04:54:59
    One more step in the dismantling of the USA.
  • snell/G... Broken 2012/05/12 03:01:31
    snell/GOD & COUNTRY-zero cliques
    VERY good to see you back on here Broken - its been years since i last saw you on here as 'Broken'......GB
  • Broken snell/G... 2012/05/12 23:31:13
    Thank you.
  • Ann 2012/05/11 01:23:40
    He wasn't actually "standing by"--he basically ensured the transaction!
    Let's get Obama out of office before his sells everything to china! No Obama 2012!
  • ed 2012/05/11 00:58:25
    he would sell his wife to China if he felt like it. sell wife china felt obama is the most anti american president ever
  • ReconMa... ed 2012/05/11 09:23:11
  • jere.ch... ed 2012/05/11 14:40:36
    No one would buy her!
  • ed jere.ch... 2012/05/13 23:23:06
    you're right about that.
  • srini 2012/05/10 23:49:38
    He wasn't actually "standing by"--he basically ensured the transaction!
  • pumpkin1960 2012/05/10 23:33:26 (edited)
    I guess if we let them have their way we will have to just enjoy our memories of how life was. You know, like when I say "remember how nice it was when my knees did not hurt", and "I miss not having to wear glasses to read". Of course the nice people from the govt. will probably send me to a govt. "enlightenment school" to re-educate me. Arbeit macht frei you all.
  • ALPEAUX 2012/05/10 22:47:58
    And growing. A credit card can NOT pay off a damned debt Obammy! Alpeaux
  • Space Invader 2012/05/10 21:34:07
    Space Invader
    China has owned this country for awhile; but BHO is now giving it away!!
  • marcuss....PHART 2012/05/10 19:59:44
    Yet this IDIOT still has his clowns that support him.
  • snell/G... marcuss... 2012/05/11 01:17:01
    snell/GOD & COUNTRY-zero cliques
    hey, just so you don't get in the way of their beer n' pizza on Friday nites - they don't care!
  • belle 2012/05/10 19:27:35
    Little by little they will take over all USA own companies with Obama's help
  • ღ♥ღ ℒea ღ♥ღ 2012/05/10 18:52:00
    ღ♥ღ ℒea ღ♥ღ
    we just lost another pawn
  • snell/G... ღ♥ღ ℒea... 2012/05/11 01:18:13 (edited)
    snell/GOD & COUNTRY-zero cliques
    you kiddin' me - we've been [their] pawn for gosh knows how long.....all they gotta do is pay OUR bills.
  • ღ♥ღ ℒea... snell/G... 2012/05/11 05:35:59
    ღ♥ღ ℒea ღ♥ღ
    I was meaning if we were playing chess.
  • 4570GOVT 2012/05/10 17:24:50
    I Don't See Anything Wrong with It .............. IF YOU ARE COMMUNIST CHINESE !

    Once Again , Another " O.M.G. Moment " ! What Next ?????
  • cindy 2012/05/10 17:22:45 (edited)
    Obama is Destroying this Country from within, by Giving away America's sovereignty
  • Cry_Baby_Obama 2012/05/10 16:46:40
    Canadian Finance Minister Jim Flaherty said: "Creating jobs and growth in our economy is our top propriety. ... We are creating the conditions for businesses to successfully compete in the global economy by investing in Canada and creating jobs and growth for all Canadians. Through our government's low-tax plan ... we are continuing to send the message that Canada is open for business and the best place to invest."
  • Annette 2012/05/10 16:45:38
    I think, IF WE KNEW THE TRUTH, that China has owned us for some time now. This has not JUST happened within the last 3-1/2 yrs. The FED has been at work for a long time setting up the United States to fall, and they finally have the leverage financially against us to make this kind of move, and they also have in place the worm or a president that would allow this kind of thing to happen.
    The hints and innuendos are no longer subtle, but blatant and in our face, with no one within the gutted congress or in top level positions to say no. Instead those high level positions have been handed down from the traitor at the top to a fellow traitor to help engineer. Good luck America - we're going to need a whole lot more than good luck in the near future, and no one is going to like what is coming.
  • snell/G... Annette 2012/05/11 01:21:15 (edited)
    snell/GOD & COUNTRY-zero cliques
    like 'the man' - BO says: I'm all FOR social re-structuring (engineering), from top
    to bottom.
  • keeper 2012/05/10 16:43:52
    Well, China already owns 3 Trillion of American debt, so what is the surprise? Where do you think BHO and Geithner have gotten all of the money they have been spending??
  • Tully 2012/05/10 16:35:08
    Romney would have stood by as well...
  • jere.chievres 2012/05/10 15:59:58
    Well now we know how stupid the man REALLY is.
  • snell/G... jere.ch... 2012/05/11 03:22:10
    snell/GOD & COUNTRY-zero cliques
    actually 'the man' isn't as stooopid as we keep saying he is - he's clever, cunning, and a planned strategist dictator.
  • Jack Sprat snell/G... 2012/05/11 23:14:57
    Jack Sprat
    Stooopid as a snake in the grass, sneaky isn't necessarily smart, cunning, clever or strategic, look at how much actually blows up in his face, the sad thing is that no one does anything about it. There are tons of "high crime's and misdemeanors" that could qualify for his impeachment, but congress is scared of repercussions. He hides behind a wall of weak willed liberals and moderates, unlike Nixon who didn't win the popularity contest and was in the wrong party.
  • Max 2012/05/10 15:58:12
    That's three of China's Central Banks moving into the U.S. and this move is on top of these recent moves I posted at my site:

    U.S. and China Team Up to Stop CyberAttacks


    Michigan Town near Ohio Could Become ' China City'


    What does all this mean for U.S. citizens?
  • Striker 2012/05/10 15:41:26
    Just for now, after checking the links within and doing a bit of googling, I question the implications of this article, which state that "TheFed agreed to allow ICBC", as if TheFed had such powers over the investments of foreign nations or individuals. So at most TheFed may have "acquiesced". The Bank of East Asia already has 13 branches in the USA; ICBC is merely participating in the global markets which operate all day every day around the world.

    I'd say that's neither good nor bad, it's just facts. Would we have been happier if it were England or Germany or Venezuela? Did this even require the consent of Pseudo-Prez? It bothers me more that somehow the "consent" of the IMF was apparently part of the scenario.

    And then, it bothers me most that the USSA is unable to compete with communist China. Now THAT has everything to do with the GOVERNment of our supposedly free country.
  • snell/G... Striker 2012/05/11 01:23:07 (edited)
    snell/GOD & COUNTRY-zero cliques
    that was the main premise to the blog - selling out to COMMUNISTS.

    ANYtime Americans tolerate 'negotiating' with the enemy who has time and again sworn to pound us into powder - most conservative (non-communist, facist, marxist,socialist liberals) would call it 'selling out or playing footsies under the cover
    of social engineering and tolerance.
  • Striker snell/G... 2012/05/11 02:01:07
    Okay, who is selling out? Then who is buying? Who gets a cut? Not TheFed, not Obama, not Bush, not the USSA - payday goes to the owners selling. $780 million doesn't buy a helluva lot in the world of high finance.

    So, what SHOULD we be seeing, and why, and how does it happen?
  • snell/G... Striker 2012/05/11 03:37:20 (edited)
    snell/GOD & COUNTRY-zero cliques
    The Chinese already hold a huge influence in America. They've sold their junk to Americans and have for decades. We like chumps have swallowed the kool-aid. They now are making investments in America and thats where America owes them and this has been going on for years. The Chinese businesses and govt have accrued so many interests (in Treasury bonds, mutual funds), from America, and now the U.S. owes (among lesser nations who likewise owe China), them close to $900B. China's annual trade with U.S. is close to $450B. The Chinese will sooner or later demand it. Although, they in reality don't need to ask for it - they have waited until they totally own us - and thereby take jabs and political swipes at us which are at the point where we are at our most politically weak.

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