It’s Historic! Obama Administration Allows China to Take Over U.S. Bank

Anyone else think the reason Obama re-announced his support for Queer Marriages today was to slip this pile of dookie in under the radar?: 

Fed clears China’s first US bank takeover

By Veronica Smith | AFP

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.

ICBC has been the most aggressive of China’s “big four” banks in expanding overseas.

According to the Fed the bank has total assets of roughly $2.5 trillion.

It 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 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.


Explore posts in the same categories: Chinese Connection, Communism, Money, Obama Sucks, politics

9 Comments on “It’s Historic! Obama Administration Allows China to Take Over U.S. Bank”

  1. AgileBulletDodger Says:

    I find this irresponsible. First we give the Chinese government multi-million dollar construction contracts (employed by Chinese workers) that was originally earmarked for US Citizens… now we have to give them access to our financial systems too? In dealings with unscrupulous companies like Huawei, I have seen first hand that they have proven to not be trustworthy and they will do anything they can to get their hands on confidential information. I don’t know what businesses, personal finances, etc. this bank has interest in today but giving that to China through this transaction is just plain irresponsible. Obama and his administration has run amok!

  2. Big Frank Says:

    One more incident of the ‘enemy within’ inviting the enemy in.

  3. kimberly tenney Says:

    is this a surprise to anyone? really?? I’ve known for 4 years what was gonna happen! Lets not stop here, lets see what 4 more years will do for us! PEOPLE WAKE FOR GOD’S SAKE!

  4. Big Frank Says:

    Correct me if I am wrong, our ‘Dear Leader ‘ took an oath to “protect our nation from all enemies foreign and domestic” . To date he has failed us.

  5. Sam Says:

    Folks, President Obama didn’t make this decision, Fed Chairman Bernanke did. And he, by the way, was appointed by George W. Bush. President Obama isn’t out to get you, nor is he bent on detryong America. Your posts make you look like a bunch of uneducated morons. Now, take a deep breath, and stop being so hysterical.

    • ASD Says:

      Not even on this topic, obama has done nothing thus far to help USA. He may not be out to get you, but its not like he’s not doing anything to help.

  6. t.w. Says:

    the isamists said they would tearour country apart from within, so who bettewr to help them them the overlord in the white house or is it sh@thouse.

  7. Big Frank Says:

    Not only a US bank our dear ‘friends’ the Chinese have just purchased the AMC movie theater chain. It looks as if they are buying our country one slice at a time with the profit from all of those ‘high quality’ goods we buy from them.

  8. Big Frank Says:

    We as nation owe China Billions of dollars which we have borrowed and must pay interest . It has been said” that the borrower is the slave to the lender”.

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