HomePortalLog inRegister

 

  ~  BOYCOTT FOR PEACE ~ FROM NOW THROUGH THE HOLIDAY SEASON ~ WE URGE ALL TO CLOSE YOUR BANK ACCOUNTS AND/OR HELP BY BOYCOTTING BIG CHAIN STORES  ~  WE ACT TOGETHER FOR PEACE TO STARVE THE WAR MACHINE!!


Latest topics
» ★Artwork of the Gods – Farmer’s Land Turned Into Preciious Geometric Patterns★(Documentaries) Good Ones….★
Today at 11:33 am by Herb Lady

» “We’re just going to kill the dollar.” White House, Justice Dept & Treasury do not deny alleged Senior Obama Member statement
Today at 10:33 am by bs4ever

» ★Robin Williams Tribute★Inside the Actors Studio ★ ★ ★
Today at 2:24 am by LavenderRose

» ★NIBIRUs DELUGE SHOCKING PHOTOS of HUGE SUN UFOS, SINKHOLES VIEW OF PLANET X BY OUR SUN
Today at 2:22 am by LavenderRose

» Giant Earth Crack Opens Up Along Costa de Hermosillo in Mexico
Today at 1:58 am by LavenderRose

» Elite Underground Tunnels and City Completely Stocked
Yesterday at 9:16 pm by PurpleSkyz

» Book: Evidence Of Ancient Machining Technology In Egypt
Yesterday at 9:10 pm by PurpleSkyz

» The Matrix Of Consciousness.
Yesterday at 9:08 pm by PurpleSkyz

» Sonora, Mexico: UFO Sighting August 16, 2014
Yesterday at 8:59 pm by PurpleSkyz

» NIBIRU PLANET X ALERT SEPTEMBER 2014
Yesterday at 8:46 pm by PurpleSkyz

» She transforms old city buses into showers for the homeless
Yesterday at 8:28 pm by PurpleSkyz

» Another Suspicious Plane Crash to Boost Globalist Interests in Brazil*
Yesterday at 12:12 pm by PurpleSkyz

» The UFO "Twinklers" are out!
Yesterday at 12:01 pm by PurpleSkyz

» Authenticity: Finding Your Soul Within The Dreams Of Reality
Yesterday at 11:52 am by PurpleSkyz

» Edgar Cayce: The Other Nostradamus (44:35)
Yesterday at 11:42 am by PurpleSkyz

» California Picketers Prevent Israeli Cargo Ship From Docking – 19 August 2014
Yesterday at 11:39 am by PurpleSkyz

» Watch “The Hacker from “They Live””
Yesterday at 11:35 am by PurpleSkyz

» Anonymous - The Ferguson Aftermath
Yesterday at 11:32 am by Herb Lady

» Earth- Pleiadian Key to the Living Museum of Conciousness
Yesterday at 11:27 am by PurpleSkyz

» Dr. Mercola Breaks His Silence on Ebola
Yesterday at 10:27 am by PurpleSkyz

» Friendly Reminder: NO KATHERINE MAY ON THIS SITE!!!
Yesterday at 10:24 am by PurpleSkyz

» The Imaginary Foundation
Yesterday at 10:10 am by PurpleSkyz

» James Gilliland on the : Reunion with ancient ancestors from the stars 16.8.2014
Mon Aug 18, 2014 10:27 pm by PurpleSkyz

» What is ‘The Event’?
Mon Aug 18, 2014 10:16 pm by PurpleSkyz

» For Who the Bell Trolls
Mon Aug 18, 2014 10:13 pm by PurpleSkyz

» Unknown Object over Joshua Tree, CA on Video
Mon Aug 18, 2014 10:11 pm by PurpleSkyz

» Here’s How the Loan Scam Works
Mon Aug 18, 2014 8:51 pm by MartyM

» Welcome New Members & Guests
Mon Aug 18, 2014 5:16 pm by PurpleSkyz

» Separation of phase levels appears in all media of energy
Mon Aug 18, 2014 3:46 pm by PurpleSkyz

» LaRouchePAC August 15th, 2014 Webcast
Mon Aug 18, 2014 9:33 am by PurpleSkyz


OUT OF MIND DAILY NEWS

Enter your email address:

Delivered by FeedBurner

Subscribe to Out Of Mind

CURRENT MOON

STEP OUT OF MIND ~ CLICK THE PIC TO GO TO ~ DINAR DAILY ~ RV "News and Roos"


~~ FEATURED MEMBERS SITES ~~ ~ Vision Keeper ~

~ Nannee Rose ~

~ Nosmos ~
Share | 
 

 U.S. Senator Questions Fed on Chinese Bank Decision

View previous topic View next topic Go down 
AuthorMessage
godsfool713



Posts: 958
Join date: 2012-01-04

PostSubject: U.S. Senator Questions Fed on Chinese Bank Decision   Sat May 12, 2012 1:42 pm

http://www.businessweek.com/news/2012-05-11/u-dot-s-dot-senator-questions-fed-on-chinese-bank-decision

U.S. Senator Questions Fed on Chinese Bank Decision
By Jim Rubin on May 11, 2012 Tweet Facebook LinkedIn Google Plus 3 Comments

A Federal Reserve decision to let Chinese banks acquire U.S. lenders was challenged by Senator Bob Casey, who said it could open the way for Chinese government-run institutions to undercut U.S. banks.

“I worry that these banks and their U.S. subsidiaries will use their state support as a way to underprice U.S. banks,” Casey, a Pennsylvania Democrat and chairman of the Joint Economic Committee, said in a letter yesterday to Fed Chairman Ben S. Bernanke.

Industrial & Commercial Bank of China Ltd. won approval from the Fed on May 9 to buy a U.S. lender in the biggest opening of the American banking market to Chinese companies. The Fed allowed ICBC to operate as a bank holding company, buying a controlling stake in Bank of East Asia Ltd. (23)’s U.S. unit. The Fed also let Bank of China Ltd. and Agricultural Bank of China Ltd. (601288) open U.S. branches.

The decision marks the first time that regulators have allowed a Chinese bank to buy a majority stake in a U.S. depository institution. ICBC Chairman Jiang Jianqing has spent more than $6 billion on acquisitions in regions spanning Asia to South Africa and the Americas over the past three years, seeking to triple the share of profit coming from abroad to 10 percent.

“China has a long and well-documented record of undercutting U.S. companies and workers,” Casey said in a statement. Its “history of flouting international trade rules requires that any involvement in the U.S. banking system needs close scrutiny.”

In his letter, Casey said he intends to press Bernanke to explain the Fed’s decision when he testifies before Congress’s Joint Economic Committee on June 7.

Toehold for Growth
The $140 million acquisition of 80 percent in Bank of East Asia’s U.S. arm gives Beijing-based ICBC 10 branches in California and three in New York, a toehold for U.S. growth. The initial agreement in January 2011 was among as many as 60 signed by Chinese and U.S. firms during President Hu Jintao’s visit for talks with President Barack Obama.

China Construction Bank Corp. (939), the nation’s second largest, is in talks to buy the South American assets of WestLB AG, the Wall Street Journal reported, citing a person it didn’t identify. The bank seeks the assets to pursue commercial banking in the continent in a deal that may be valued between $200 million and $300 million and wrapped up by June, the newspaper said.

ICBC was the largest bank in China at the end of 2011, with $2.5 trillion in assets, and is about 71 percent-owned by the government, according to the Fed’s order. Bank of East Asia, based in Hong Kong, is run by the family of Chairman David Li.

Bank of China, the third-largest Chinese bank by assets, received approval to open a federal branch in Chicago, while Agricultural Bank, the fourth largest, obtained approval to open a state-licensed branch in New York, according to the Fed.

To contact the reporter on this story: Jim Rubin in Washington at jimrubin@bloomberg.net

To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net
Back to top Go down
 

U.S. Senator Questions Fed on Chinese Bank Decision

View previous topic View next topic Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
Out Of Mind ::  ::  :: -