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 Fed clears China's first US bank takeover

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PostSubject: Fed clears China's first US bank takeover   Thu May 10, 2012 8:51 am

Fed clears China's first US bank takeover

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The United States opened its banking market to China's biggest bank ICBC, 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 abroad.
Outside China, it operates subsidiary banks in Asian countries and has branches in a number of countries including Germany, Japan and Singapore.
According to the Fed, the bank has total assets of roughly $2.5 trillion.
ICBC 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 Fed said the takeover may not occur before May 15, or later than three months from Wednesday.
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 talks in Beijing, the US Treasury noted China had made "encouraging progress" on a number of issues, including taking steps toward a more open and market-oriented financial 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.
"The combined deposits of the relevant institutions in the Metropolitan New York banking market represent less than one percent of market deposits," the central bank noted.
ICBC already has banking and financial services in the United States through its New York branch and its subsidiary broker-dealer.
The competition includes Bank of China branches in the New York metropolitan area, and CIC, which has a controlling stake in Morgan Stanley.
ICBC will pay $140 million to buy an 80 percent interest in Bank of East Asia USA, China's state news agency Xinhua reported in January 2011, at the time the deal was signed.
"This unprecedented acquisition of a controlling stake in a US commercial bank by a mainland bank is strategically significant," Xinhua quoted ICBC chairman Jiang Jianqing as saying.
The Fed said its Board also consulted with the China Banking Regulatory Commission, the country's main banking regulator, and pointed to steady improvement in regulation since its founding in 2003.
"For a number of years, authorities in China have continued to enhance the standards of consolidated supervision to which banks in China are subject, including through additional or refined statutory authority, regulations, and guidance," it said.
In other Fed board decisions, Bank of China, the third-largest bank, won approval for a branch in Chicago. Bank of China operates two insured federal branches in New York City and an uninsured branch in Los Angeles.
Agricultural Bank of China, the fourth-largest bank, was set to establish a branch in New York City, where it already operates a representative office.


GET READY - IT IS COMING!!!

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PostSubject: Re: Fed clears China's first US bank takeover   Thu May 10, 2012 4:08 pm

I dont get it. How is this possible?
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PostSubject: Re: Fed clears China's first US bank takeover   Fri May 11, 2012 5:24 am

The dogs robbed their piggy bank and came to the US with cash money to throw around!!! That is exactly how it happened. JMHO!! What a deal!!!

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PostSubject: Re: Fed clears China's first US bank takeover   Fri May 11, 2012 3:24 pm

Maybe they can do better than the bankers we have. They show me nothing but loses.
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PostSubject: Re: Fed clears China's first US bank takeover   Sat May 12, 2012 6:46 am

Can't do anything any worse!!! LMAO!!

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PostSubject: Re: Fed clears China's first US bank takeover   Sat May 12, 2012 12:48 pm

I'm sure of it. We have flunkys in charge of the banking industry. I just may work.
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PostSubject: Re: Fed clears China's first US bank takeover   Mon May 14, 2012 2:00 pm

More articles in the news today about this but it appears there has been no objection to the process and it appears to be going through!!! OMG!!! What next!

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PostSubject: Re: Fed clears China's first US bank takeover   Mon May 14, 2012 4:04 pm

Maybe we will be annexed.
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PostSubject: Re: Fed clears China's first US bank takeover   Mon May 14, 2012 6:43 pm

Hawaii was first! Japan took it over long ago!! JMHO!! Now the banks on the mainland are under attack!!! We shall see!

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PostSubject: Re: Fed clears China's first US bank takeover   Tue May 15, 2012 2:47 pm

They are slowly giving our country away to any enemy of ours they care to do business with.
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PostSubject: Re: Fed clears China's first US bank takeover   Wed May 16, 2012 4:54 am

It sure does not look good to me! This is just crazy!

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PostSubject: Re: Fed clears China's first US bank takeover   Wed May 16, 2012 3:42 pm

Dogboy little hitler is giving it ALL away.
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PostSubject: Re: Fed clears China's first US bank takeover   Thu May 17, 2012 5:05 am

Unfortunately I believe that more and more every day that goes by!!!

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PostSubject: Re: Fed clears China's first US bank takeover   Thu May 17, 2012 3:35 pm

Maybe not for too much longer.
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PostSubject: Re: Fed clears China's first US bank takeover   Sat May 19, 2012 3:12 pm

All I hope for is that there is still a little something left when we get his arse out of there!!! TWIT!!!

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PostSubject: Re: Fed clears China's first US bank takeover   Sat May 19, 2012 5:19 pm

Very little is what we will have.
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PostSubject: Re: Fed clears China's first US bank takeover   Mon May 21, 2012 3:45 pm

If anything!!! JMHO!!

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PostSubject: Re: Fed clears China's first US bank takeover   Tue May 22, 2012 2:54 pm

I guess i'll just go fishing.
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PostSubject: Re: Fed clears China's first US bank takeover   Wed May 23, 2012 3:32 pm

Something again along the line of;

Goldwater 64'

Hotwater 68'

Redwater shortly after!!!!


Or something like that!! My memory is not always the longest and most accurate!!! GGG!!

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EXPERIENCE IS WHAT YOU GET WHEN YOU DON'T GET WHAT YOU WANTED!

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PostSubject: Re: Fed clears China's first US bank takeover   Thu May 24, 2012 4:43 pm

What's Redwater? Redwater Texas???
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PostSubject: Re: Fed clears China's first US bank takeover   Sun May 27, 2012 6:13 am

Think back to the time and the biggest fear was the Commies! Red water - get it? Just a political slogan that was used back then that has stuck in my brain forever!!! LMAO!!!

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PostSubject: Re: Fed clears China's first US bank takeover   Sun May 27, 2012 11:56 am

I still fear the commies, more now then ever. Thanks for the lesson.
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PostSubject: Re: Fed clears China's first US bank takeover   Mon May 28, 2012 6:57 am

China belongs up there with the rest of them now! Appears it is coming out that the Chinese owe about 20,000 US investors over $1T dollars from debt that goes back many years. There was an article about the attempt to recapture the money now that China is able to repay and there is a lot of political flap. Bottom line - China stole many investors' money by not repaying on their debt to us. They refused to pay the US what it owed them by saying they could not afford it but the individual investors that were ripped off is another different story. We will hear more on this subject in the next year or so as it develops!!!

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PostSubject: Re: Fed clears China's first US bank takeover   Mon May 28, 2012 1:46 pm

Very interesting, I did not know this. But it sounds like business as usual.
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PostSubject: Re: Fed clears China's first US bank takeover   Tue May 29, 2012 8:59 am

And one other verse to the song!!! Yesterday I saw where China and Japan were going to start trading one another's currencies!!! How about them apples!!!

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There are only two defining forces that have ever offered to die for you!
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