Let's hope that Communist China businesses fail in the US. It appears we citizens have no say in anything the Federal Reserve does.
Bruce
"The US opened its banking market to ICBC on Wednesday. ICBC is China’s biggest bank and for the first time the way has been cleared for a takeover of a US bank by a Chinese state-controlled company.
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 in New York, just days after high-level US-china economic talks in Beijing.
Analysts, meanwhile, called the unprecedented approval a “landmark step” for regulators that could have global implications."
Read more http://frontporchpolitics.com/2012/05/federal-reserve-approve-communist-chinas-first-us-bank-takeover/
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