Wednesday, May 9, 2012

Fed Clears China's First US Bank Takeover

And you thought RED DAWN was going to happen with foreign soldiers, not foreign bankers.

It (ICBC, China's biggest bank) 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.
Read the rest here. You should have already been doing something else with your money besides sticking it in the bank.


  1. I stick my $$ in the bank (direct deposit) just long enough to pay the bills. Outgo ≈ income. And if things collapse that quickly that I can't write a check to pay the bills, then I won't worry about the bills being paid.

  2. My short position on civilization required that I liquify all my assests some time ago.