Fed clears China's first US bank takeover (May 10, 2012)

[A Simple Human]

Fed clears China's first US bank takeover (AFP)

Fed clears China's first US bank takeover
WASHINGTON (AFP) May 10, 2012

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 noncontrolling 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.

[crosby]

serious subject here. it will not be long before it engulfs the rest.
corson

[161803398]

So what is behind this?

[sygh]

Well, here's at least one of the other shoes falling 4 years after the market. Hold on to your hats, American land and the housing industry is officially open for buisness to foreign investment. If you'd planned on buying a house, better do it now.

[crosby]

or perhaps not....... depends on depth....... how deep is your pocket....
regards, corson

[GlassSteagallfan]

Posted by sygh (here)
...American land and the housing industry is officially open for buisness to foreign investment. If you'd planned on buying a house, better do it now.

It always has been.

[wynderer]

for what this is worth -- a friend of mine who says she is a Grey clone, & i believe her, has told me that WWIII will break out when China places an embargo on all goods to the States

if so, this is just more of the divide-&-conquer game on a bigger scale

my other Grey clone friend tells me there are many Greys in China

[sygh]

Yes, we always have been open for business but since NAFTA, the stakes have changed. I could be totally wrong so, correct me when I try to explain what I mean.

For many years, Americans have bought land from the government, or, from the banking industry and the government -and the banks sold that land for private use -as if they actually owned the commodity to begin with. Of course, they did buy the land, and land was also obtained by other less scrupulous means, yes, yes, accepted and understood. But the point is, when I think of a commodity, I think of a product, and when I think of a product, I think of the system that works to produce it. No one was responsible for building land, or the natural resources that came with it. That said, the product, or commodity was close to a freebee for the people who initially invested in it and then sold it (even though it took mother nature eons to create).

I feel like this is happening all over again, only its third and forth, fith or sixth generation doing it, and this time the banks own what someone else worked so hard to make of their lives,( i.e. the equity in their homes, their businesses, their retirement funds, etc...) and now, they are selling it over again in order to reap the profits -without having done the work. When our government made the decision to bail out the banks and call that debaucle our debt, the average American was screwed. Did I make sense?

I'm not sure what all of this means. I don't know if I want to jump off a cliff about it just yet -what I would appreciate though is an explanation... maybe someone with banking savvy can explain this list of transactions beginning with 2004-2006... and what it means to us?And I'd like to hear how the Frank-Dodd Act fits in. According to the following link, it matters very little. I'd like to hear a sane conversation.

"Goldman Sachs, Royal Bank of Scotland Group Plc and Bank of America Corp. were among foreign banks that spent a combined $22 billion between 2004 and 2006 to purchase stakes in Chinese lenders ahead of their initial public offerings. Goldman Sachs, which owns ICBC stock directly and through private equity funds managed by the firm, has generated $3 billion in gains on ICBC since the fourth quarter of 2006, according to company filings."


http://www.bloomberg.com/news/2012-0...icbc-sale.html

[sygh]

Can anybody take this on cause, honestly, to me, it feels like there's a party going on out there somewhere at our expense. I'm not talking about how some would have us believe Americans are living under the delusion of some sort of international "entitlement". Anyone with a heart or, a brain cell left to work with can say that the way business was done across the world needed to change. But franklly, from where I sit on the factory line, it hasn't changed; in fact, its gotten worse. As I see it, business being conducted still looks like a swarm of locusts desending with no regard for the future. Can humanity be so dense? Can a group of people be so myopic? Where does taking, taking, taking stop, and balancing begin? Why aren't things changing faster like they should, LIKE THEY COULD? This is business as usual.

[blufire]

Welcome to your new financial and economic cabal and the first steps to a One World Banking system. Probably a fair portion of the financial CEOs on Sabrina's arrest thread opposed China being allowed in to the US banking system and were removed. Puts a different spin on the reason for all the "arrests " doesn't it?

Do you still feel like celebrating now? ?

[sygh]

Posted by blufire (here)
Welcome to your new financial and economic cabal and the first steps to a One World Banking system. Probably a fair portion of the financial CEOs on Sabrina's arrest thread opposed China being allowed in to the US banking system and were removed. Puts a different spin on the reason for all the "arrests " doesn't it?

Do you still feel like celebrating now? ?

Did I feel like celebrating prior to this? I'm not looking for probabilities. I've already thought about the death of a business man, and arrests made in China. I'd like to hear some real investigative information, not something gleened from questionable sources.

[Pete]

From a common sense perspective I would have to say that in order for a global monetary system to work without allowing massive manipulation and fraud it is necessary to have a global currency backed by some true material value. With this in place the fact that there is no need to provide foreign exchange rates it sets the basis of an equitable system as there is no need for trading of currencies and commission on money spent internationally. It sets a level playing field for all.

The only reason Tptw also are looking for a similar thing is that they don't expect many people to be left holding much money after their plans had come to fruition. They would have achieved their goal with the past system by plunging the worlds economy in debt and enslaving the nations peoples with the payment of that debt.

The way to tell whether the proffered new banking system is for the good or bad is to look out for debt forgiveness. We all know the debt is a fraud so go with the system that recognises this and clears the books on a national and personal level.

And people, we also know that we feed the problem by focussing our thoughts which in turn creates fear and panic, I can't help but mention that the forum seems to have a less positive vibe than it had 3 months a go. Lets remind ourselves of where we were 3 months a go, and look at what has transpired since. there is real proof of things moving in the right direction actual tangible evidence of a rising awareness.

Come on look at the half full glass and keep positive.

[sygh]

Pete, that is exactly why I want to understand it. I'm not seeing those in charge talking about this and explaining it to the people who have to live with it -and make it work. People died for this. These are the same corporations who brought us to the dance. Further, there are billions of lives at stake so, I want to understand it. Is asking for an explanation from any good person who can explain it to us - a glass half-full? Is that negative? In relation to what... buying into what Drake is selling? To me that's a cop out. Sorry.

Am I negative for not believing Drake is gonna be the one who leads us in the next American Revolution? Is it mibad for not buying Fulford's hype? Do I think these fellows have a seat at the big boy's and girl's table? What I see is a lot of ineffectual sabor rattling. Like I said before in another thread, I firmly believe when the revolution starts in the US, and I won't appoligize for thinking one is coming because the ****e is getting deeper and deeper, we won't need Drake to tell us its happening. As of now, nobody knows what's really happening because nobody has enough focus to stay on top of what's really going on. Which exactly the reason for the unrest in, and of itself.

I am a very positive person -and I don't give up easily. Anyone whose been here for a while can tell you that. My main focus outside of this forum is sustainable energy solutions. Having said that, looking back on the last how many years????? I can honestly say our resources have been totally mismanaged. And we haven't understood enought about the system to do anything about it. I have been working toward that sustainable flag for years. I've put a lot of time and money into it (money of my own, a lot to me, a wee bit to others). I don't suffer from illusions of grandure but I am doing my part. I'm one of the many people who are looking at making the electrical grid, and businesses more energy efficient, as well trying very hard to contribute to R&D in the field. If you will look at the recent grades we've (the U.S.) has recieved with regard to our infrastructure, you'll get a better idea of the hill we're climbing. I am, and people like me are working very hard every day to bring forth things like wireless energy transmission, mass transit, and passive solar building constructs, as well as environmnetally friendly communities, fish farming, and shrimp farming, forestry, and plans for water restoration etc.. but it isn't easy to find the funds for such endevors -and pushing them out to dates far into the future, dates like 2035 -here in Wilmington, NC -for one) doesn't sit well with me.

Being able to understand what's going on requires a working knowledge from beginning to end, in essence, one has to understand the system, and then apply critical thinking to the issues at hand. If that's negative, what's positive?

I don't mean to offend you, or anyone that reads this post I'm genuinely asking if anyone can explain this to us. And yes, I meditate, not medicate. And thanks to this forum, I am well on the way to creating a food forest too.

P.S. If I come off as unapproachable, I don't mean to. I am actually serious about this though.

[Pete]

I am not singling any particular person out here, I am simply stating that the vibe has changed and it is important that we all check ourselves to see what exactly we are focussing upon.

It really is not that long ago that all we had to talk about was just hot air but it seems to me that there is clear evidence of actual movement, clear evidence of a rise of notable news in the alternative media and even some evidence of those events in the msm, There is definitely an increase in Ufo sightings not only here on earth but within nasa and university web sites researching the sun and weather satellites.

What surprises me is that despite the fact that everyone states they are meditating and clearing chakras and putting their spiritual house in order, there seems little evidence the same people are not trusting their intuition. I do not recognise the hopelessness of the situation that seems to permeate threads like this, to be honest i am tempted just to sit back and say nothing as I have found I am either flatly ignored or someone takes it upon themselves to say that we can't trust anything we hear.

Well for everyone who recognises that we are spiritual beings then it should be a simple step to understand we all possess god within us, therefore we should be able to trust our intuition. My intuition tells me that this whole process is actually moving in the right direction. Yes I would be very surprised if we make a smooth transition but that doesn't stop me envisioning it and recognising the power that we all have, why else did the tptw suppress it in the first place.

I also believe that we are at war and the best general always likes to surprise his rival, stop trying to do the oppositions work for them by questioning what is said, just be there to support and follow through any advantage that is won.

The reason I talk this way is that I don't like to hear the fatalist language and pessimism, there is a growing awareness and acceptance that something is wrong, we at Avalon have the advantage of having come to terms with a story line that to be honest you couldn't make up, The majority of the sheep will have to make a quantum leap in understanding and it will be down to us to calm the panic and ease people into this new paradigm.

I was talking to a very psychic person recently and she said something that really struck a chord of recognition, As you know we all experience deja vu, well how many of you have experienced that recently? she told me that she experienced this very regularly until recently, we are now in a totally new time line, we have never been here before, this is new, something has changed we have punched through a block and we are writing a new chapter in our history.

It does feel scary trusting in your own power but I urge you all to take the leap of faith, I really hope you come to a similar realisation and feel the same sense of entering a new epoch.

[wynderer]

from your post, Pete:

'I was talking to a very psychic person recently and she said something that really struck a chord of recognition, As you know we all experience deja vu, well how many of you have experienced that recently? she told me that she experienced this very regularly until recently, we are now in a totally new time line, we have never been here before, this is new, something has changed we have punched through a block and we are writing a new chapter in our history'

thanks for this -- starting a few years ago, i have been occasionally having deja-vu experiences where it seemed that i was seeing a line of connected deja-vus, starting when i was much younger, & it was like the current deja-vu i was experiencing sort of was the end of that set of them, for each one

i think this may fit in w/what your psychic friend told you --?

just relaized this is way off-topic -- sorry, OP

[Pete]

Just by way of interest there are some new developments on the drake front, you might want to check it out?

http://jhaines6.wordpress.com/2012/0...gns-5-6-12111/

[Rocky_Shorz]

a Hong Kong owned branch in the US is being sold to a Chinese Bank, this means more than most of you understand...

Hong Kong banks are still London Controlled...

you want banks outside of the Fed Reserve System?

when bankers only have enough to keep their pockets packed, this bank might be open for Main Street...

JP Morgan loses 2 Billion and was in immediate contact with London Bankers...

it wasn't until hours later they would take a call from SEC...

10% drop in stock price in after hour tradings and all the other big boys were dragged down too...

who in the world could afford to short Banks?

wonder what Fulford is up to...

[778 neighbour of some guy]

Posted by Rocky_Shorz (here)
a Hong Kong owned branch in the US is being sold to a Chinese Bank, this means more than most of you understand...

Hong Kong banks are still London Controlled...

you want banks outside of the Fed Reserve System?

when bankers only have enough to keep their pockets packed, this bank might be open for Main Street...

JP Morgan loses 2 Billion and was in immediate contact with London Bankers...

it wasn't until hours later they would take a call from SEC...

10% drop in stock price in after hour tradings and all the other big boys were dragged down too...

who in the world could afford to short Banks?

wonder what Fulford is up to...

Just checked his site briefly, nothing there ( yet).

[sygh]

Posted by blufire (here)
Welcome to your new financial and economic cabal and the first steps to a One World Banking system. Probably a fair portion of the financial CEOs on Sabrina's arrest thread opposed China being allowed in to the US banking system and were removed. Puts a different spin on the reason for all the "arrests " doesn't it?

Do you still feel like celebrating now? ?

No, I don't. Ya know this doesn't bode well.

http://en.wikipedia.org/wiki/Dodd%E2...Protection_Act
This act, while it puts a ceiling on what can be earned and stops investment banks from gambling other people's money in the hedge markets, it does nothing to rid us of the actual hedge funds or derivitaves. So, it's still OK to hedge your bets for or against success. And its still OK to ruin someone with that bet.

And now we have this... and the Federal Reserve OK s the sale by Goldman Sachs, and our own President Obama doesn't just stand there, he assists...

http://www.businessweek.com/news/201...-bank-decision

The above should be blocked! No offence to the beautiful Chinese people but... this ain't right and we have had absolutely NO SAY in this decision.

And here's the other side of it.
http://www.thejakartaglobe.com/corpo...vatives/517395
http://www.dailymail.co.uk/news/arti...ts-murder.html

Ummm-hummm. It most certainly doesn't look like the Federal Reserve is losing any power.

Heywood's death after he found out Bo Xilai was going to invest a couple of Billion, where (?), in the US? JPMorgan losing 2 Billion + in supposedly "derivatives" right before the July 2012 cutoff (and ya just know that has to be involved in this)-via the Volcker Rule incorporated into the Frank-Dodd Act???? Then we have this poor small time crook of a Chinese Police Chief knocking on the doors of the American Consulate asking for help. Now, with the poop sooooo deep, who steps in but H. Clinton come to smooth things over.

WOW.

This link is originally from Amber Zo Diplomacy by Deception: http://www.bibliotecapleyades.net/so...eception06.htm

If we don't know how the economy works we will be subjects. How is this favorable? Am I missing something here? It looks like the NWO is moving right along. What's the difference between using debt ridden money with the profit going to another state held bank in a foreign country, which also just happens to be communist -and the federal reserve? Isn't this just like a US state selling the rights to charge a toll on a US highway because the state was bust and the road was in immediate need of repair?

So we have this...
http://www.daytondailynews.com/busin...y-1353026.html
OK, it brings jobs into the local area, good, good but it doesn't stop the NWO, it simply tosses the salad. Do you want to be ruled from the top down?

[sygh]

Hey, if it makes anyone feel any better out there, I'd love it if Drake and his compadres were really doing the do. Right now, I am extremely sceptical and with good reason. Economic policy is something ost of us do not understand which puts us at an extreme disadvantage because we don't know enough to block it before it takes place. We might very well have that chance when the validity of the Federal Reserve to allow a Chinese bank to buy a majority stake in a U.S. depository institution is questioned on June 7, 2012. If we don't know enough about this, or what it means, we may very well lose something that means a great deal to us without ever being able to describe it.

P.S. Just to firm things up, I believe the sale of a majority stake in a U.S. depository institution should be brought to an immediate halt, and not be allowed to take place, until such a time as we can ask questions and see where this is going. All of this is coming from the top down. Keep in mind the Federal Reserve rate is still at Zero.