Fed clears the way for first Chinese takeover of a US bank

[robav8r]

YHGTBSM . . .

http://ca.news.yahoo.com/3-big-chinese-banks-enter-us-banking-market-185200086.html

 

[gparks1989]

What's the issue?

EDIT: That's a horribly misleading title. ICBC is taking a controlling stake of a Hong Kong-owned bank's ~12 branches in the States.

 

[HAL Pilot]

Hopey-Changey strikes again.

 

[Renegade One]

Well, if you kinda-sorta believe in the free market system, I guess you have to take the warts too...

 

[Brett327]

Yawn

 

[nittany03]

And they still claim to be Communists.

 

[Fog]

2 comments: (a) This is a government-owned entity making the investment, and (b) no U.S. banks own 100% of any banks in the PRC, nor does our government have an interest in any chinese banks. IOW, this investment is inherently unfair. But then, they're still buying US Treasuries - so we can't callout our masters on this hypocrisy.

 

[gparks1989]

2 comments: (a) This is a government-owned entity making the investment, and (b) no U.S. banks own 100% of any banks in the PRC, nor does our government have an interest in any chinese banks. IOW, this investment is inherently unfair. But then, they're still buying US Treasuries - so we can't callout our masters on this hypocrisy.

While those points may be correct, they're moot because ICBC isn't buying an American bank.

 

[jmcquate]

gparks is right. It's a foriegn bank with US retail assets. Not uncommen.

 

[Fog]

I beg to disagree w/ you, fellas. It's the U.S. subsidiary of a Chinese bank. That means it has a banking charter issued by the U.S. government and the State of California. The U.S. subsidiary is a legally-chartered banking corporation in the United States of America. It is NOT a branch of the parent Chinese bank. I did spend 33 years in banking, and 20 of that in international banking (including running International Banking for a Texas bank), so I have been down a few of these roads.

 

[squorch2]

So... if I read this right... the sky is falling?

 

[gparks1989]

I beg to disagree w/ you, fellas. It's the U.S. subsidiary of a Chinese bank. That means it has a banking charter issued by the U.S. government and the State of California. The U.S. subsidiary is a legally-chartered banking corporation in the United States of America. It is NOT a branch of the parent Chinese bank. I did spend 33 years in banking, and 20 of that in international banking (including running International Banking for a Texas bank), so I have been down a few of these roads.

Well, a Hong Kong-bank. So, again, what's the big deal? It's a U.S. subsidiary of a Chinese bank....becoming a U.S. subsidiary of a Chinese bank?

 

[Brett327]

So... if I read this right... the sky is falling?

Isn't it always, though?

 

[Flash]

Why does this matter at all anyways? Are their ATMs going to have too much lead content or something?

 

[Brett327]

Why does this matter at all anyways? Are their ATMs going to have too much lead content or something?

Everything Chinese is bad... except for those 6-packs of tube socks at WalMart for $3.99 - those are OK.