Now Obama is insourcing our U.S. banks to China? Communist China!! He’s not even that flexible yet! This is what he means by moving FORWARD?
By the way, what happened to Chen Guangcheng? Have we no regard for the human rights views of the people we do business with?
The Chinese force abortions on women and leave dead babies and adults in the street like so much rubbish. They torture and jail people for little reason or no reason. They commit genocide. We now think it is okay to borrow from them and to allow them entry to our banking system?
They will have all kinds of access they never had before. These are the people who spy on us and hack our critical systems.
Obama approves because it is part of his global world view – the rich U.S. must share all technology and trade secrets with the world. Obama is America’s worst enemy as he sells us out to China.
Breitbart:…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…Keep Reading…
Now we are not only outsourcing under this administration, we are insourcing and we are insourcing something as vital to our survival as banks because?
Forbes isn’t worried about it but I have my concerns and wonder if we have any prinicples left?
Here are the Forbes reasons which, to me, are inconsequential –
- It’s not timely for Beijing to launch a big U.S. bank push because of their many problems. [Not yet]
- They don’t really know how to operate in foreign markets like the U.S. and lack manpower. [Not yet]
- Their current deal is “tiny.” [They have their foot in the door thanks to Obama and Bernanke]
- China’s banks are likely not strong enough for a big U.S. move. [Not yet]
- There is domestic backlash against China’s big banks in China that will limit their growth. [All they have to do is throw the people in Gulags.]..Read about Forbes lack of concern here.