The Chicoms are Coming

I just got this in a email a few minutes ago, and I still cannot believe it.
I was not even aware the Fed was considering allowing the commie banks to set up shop and thus gain a foothold here in Amerika, but that is exactly what is in the works.
I guess I should not have been surprised.

Fed clears China’s first US bank takeover

By Veronica Smith
The United States on Wednesday opened its banking market to ICBC, China’s biggest bank, 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 overseas.
According to the Fed the bank has total assets of roughly $2.5 trillion.
It 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 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 meeting, the US Treasury noted China had made “encouraging progress” on a number of issues sought by the Obama administration, 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.
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.


If the republicans will not go verbally ballistic over this atrocity, then they can all go straight to Hell, but not before being thrown out of office, arrested, prosecuted, been thrown under the jail, and the concrete floor poured on top of them.
Nothing good will come of this, and congress needs to step in and stop it, and they need to do it TOMORROW FRIGGIN’ MORNING!
(h/t: My friend Earl)

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But Obama supports gay marriage! All is well in the world!
Nothing to see, move along.
Not holding my breath the repubs doing anything about this.

Al Thompson

The government in Washington is communist, so I don’t see why you are so concerned. Obviously, a retail Chinese bank is a new thing, but if you look around your house, I’ll bet a lot of what you own was made in China. The government of Washington sold us all down the river many years ago. They have funded many of the wars and have instigated untold misery upon mankind. The Congress won’t stop it because they are communists themselves, they just don’t admit to it. I wish I was wrong, but I’m not. This is a sore spot with… Read more »


The Top Three threats to National Security 
The News Media is the number one threat to National Security. Dual Citizenship is the second threat to National Security. Foreign Owned Banks is the third threat to National Security. 


Man I am so disturbed over this sinister turn of events. We are being swallowed by the dragon


A foreign owned bank in our country is just like a mosquito. They will suck the life blood our of the population financially. If we ever have international agreements fail they can use leverage will the account holders. I could go on all day long about this danger.


Hit your knees America! The one and only way outa this is prayer people!!!


Throw away the ketchup folks, and break out the soy sauce. (Chinese food, actually, is my favorite food, but keep in mind the peasants only get white rice. LOL) In all seriousness, though, this is almost unbelievable. Twenty or fifty years ago it would have been unthinkable. This, my friends, is TREASON.


Who said that this son of a whore wasn’t destroying America. The Bastard needs to be in Leavenworth, Kansas, for the rest of his worthless useless life! Giving part of Alaska to Russia should have put the Bastard in chains, What the Hell is this asshole Congress waiting on, waiting until he gives the rest of America to the muslums? Semper Fi.


Just an accessory to their campaign financed
commie/Alynski illeagal alien pResident…
cheap commie food , commie slave labor dishes,clothes and
shoes….have their price


right sage. rumor has it if the US media would start reporting on it the big bankers are coming down along with alot of political figures and current politicians. They won’t have a choice but to report it here pretty soon.


You are right on, Sage. It’s the sad truth.


I see quislings at the helm. I won’t be surprised when there’s a military coup. I am already witnessing the beginnings of an “American Spring” ie. the “Occupy Movement” for all the world to see. Uncle Scam better watch his step with these folks and be careful not look like a hypocrite in the eyes of the world. This brash notion that Americans are just gonna roll over and be invaded from within is a pipedream doomed for failure. They just don’t have the “ass” to do it. There is no “omnipotent” power here or there to make it so.… Read more »