The Fed approves the first-ever Chinese purchase of a U.S. bank, giving the green light to...

The Fed approves the first-ever Chinese purchase of a U.S. bank, giving the green light to ICBC's (IDCBF.PK) purchase of 80% of Bank of East Asia. The Fed also approves applications by the Bank of China (BACHY.PK) to establish a branch in Chicago and Ag Bank of China to open a branch in NYC.

Comments (5)
  • TAS
    , contributor
    Comments (4063) | Send Message
    What's next.


    The Bank of Havana?
    9 May 2012, 06:43 PM Reply Like
  • Oceanstats
    , contributor
    Comments (65) | Send Message
    They have landed and the red carpet was rolled out right up to Capitol Hill. We could changing currencies, again. As of Feb, China is now #2, only behind the SS Trust Fund for owning US Debt. China owns 13.2% of all U.S. debt. 10 months ago it was 8%.
    9 May 2012, 07:13 PM Reply Like
  • JohnLocke
    , contributor
    Comments (383) | Send Message
    Who gave the FED this power...


    We may need to stop calling them the FED as they are not a "Federal" Institution, The name FED is a simple obfuscation to give the impression of power granted by the people...


    Sounds like a great Idea to let a bunch of Communist, currency manipulating, people enslaving, degenerate morons do business in the USA, Oh wait, I guess that would include our White House so disregard that last quip...
    9 May 2012, 07:48 PM Reply Like
  • alphagamma
    , contributor
    Comments (11) | Send Message
    This is nothing new, just like NYC, foreign banks have been doing business in Chicago for years.
    9 May 2012, 08:38 PM Reply Like
  • lawbert
    , contributor
    Comments (5) | Send Message
    May I know the source of this news? Bank of East Asia is a Hong Kong local bank. Who says it is a US bank? I don't think it is even listed here.
    20 Aug 2012, 07:39 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs