Skip to comments.Bank of China open to buy US banks
Posted on 09/28/2008 1:44:16 PM PDT by DeaconBenjamin
TIANJIN (CHINA): Bank of China, the country's largest foreign exchange lender, is open to buying into US banks in the wake of the global financial crisis, a senior executive said on Sunday.
Banking industry observers in China are torn over whether the fall in the share prices of many US financial firms presents more of a risk or a buying opportunity. Zhu Min, vice-president of Bank of China, did not shy away when asked whether his bank was currently considering making investments in Wall Street. "We are open. From a business point of view, we are looking for all the possible deals everywhere," Zhu told a meeting of the World Economic Forum being held in this northern port city.
While Zhu did not elaborate, his remarks contrast with more cautious comments by senior executives of other Chinese banks on their plans for expanding overseas. Guo Shuqing, chairman of China Construction Bank Corp said on Saturday that CCB would be relatively careful in considering whether to make purchases abroad, especially in the US.
Jiang Jianqing, chairman of Industrial and Commercial Bank of China, said that the country's biggest lender would be careful in exploring US acquisitions during the current turmoil. However, Antony Leung, chairman of greater China for US private-equity house Blackstone Group, said on Sunday that the recent fall in asset prices could present good buying opportunities for Chinese investors, including China Investment Corp (CIC), the $200 billion sovereign wealth fund.
"Right now, whether we're talking about CIC or other investors, I think it's a chance you see only once a century," Leung told the forum. "When the market is good, it's hard to even get the opportunity to buy a relatively big strategic stake in a good-quality company overseas. Now you have that chance."
Oh swell. Not.
Communism, er, capitalism at work.
Perfect. Another great day for the USA. Wake up people. Ron Paul is not a KOOK. It is as plain as the nose on your face. We are the KOOKS for not believing him.
Ah yes, just like when the Japanese bought our entire country in the 80s...oh that’s right, how’d that end up?
Appearing on 911 truth kook shows makes him a kook. Surrendering to terrorism makes him a kook. If it talks like a kook and walks like a kook, it’s a kook.
They do this, they’ll own part of the country.
While all of the banks in China are state-owned. Some here have replied with the relativistic and fallacious argument that some of the US banks are now state-owned. Do you see where we’re going, and who is taking us there?
Most of our business leaders are now with the far left in many ways. There’s little or no public discussion of the globalism that brought us to the “bailout” and even the previous “bailout.” We need to be building more than houses (mansions at that).
Look at the headlines on these articles. Figure it out before it is too late to save yourself. We ARE getting screwed. Paul is obviouly right about this. When you are right...You are right.
I really need to learn some really dirty and offensive chinese words.
Countries come to en end. #1. Incapable of defender themselves in a military situation. #2. Economic collapse. #3. Moral corruptness #4. Family disintegration and social implodes.
Never, EVER trust the bastards!
I’m hardly Ron Paul’s biggest fan but he’s been right about our financial crisis all along.
EARTH TO FREEPERS>>>Our guys are letting us down. This go along get along crap has got to stop. Maybe Shelby can do something but I doubt it.
So far, with us on the verge on financial collapse, at least according to the guys trying to get their clams pulled out of the fire.
“Im hardly Ron Pauls biggest fan but hes been right about our financial crisis all along.”
Except for his most favored trade nation votes for China.
More proof that we don’t need no stinking bailouts!
Russia has a flat income tax. China appears to be expanding individuals rights to own property.
And then there is the US Congress and Bush administration....
Even kooks are right occasionally. But he’s still a kook. He should go way out of his way to avoid 911 truthers.
And they will do it from the profit off of running shoes (and a million other products) American bought from them. Those profits went into US Treasury bills so we could prop up our economy and buy more...
....and now they are buying US!
....this should demand a revolt - but against who? They are all guilty.
Just wait. Once it becomes obvious that Republicans are complicit in this, the kool-aid drinkers will actually start shining this turd called a bailout. Before its over, it’ll be the greatest thing ever AND the reason to re-elect those who supported it.
I do nt give a hoot about truthers. I care about the Constitution that is being taken out by a bunch of TRAITORS!!!
FR Keyword: moneylist
This can be a high-volume ping list at times.
Looky here, even Kooky Kucinich is right occasionally:
Kucinich On Bailout: “I’m not just gonna vote no, I’m gonna vote hell no!”
Kooky Kucinich for President!! Whoopee!!
Especially if selling to China was perceived to "Save America From Financial Collapse".
I'll take a collapse over this alternative.
Paulson is too chumy with the Chinese, imo. He needs to be given his walking papers immediately!
"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."
---Ludwig Von Mises
wachovia, how’s your mandarin?
Guess that’s why Communist China doesn’t want to lend us the bail-out money. They would rather OWN us.
Finally, the Chinese are buying American products, for once. LOL.
They are not stupid like the Japanese: buy high and sell low.
Red China wants to halt lending us money for the bailout which I think is a good thing. Our politicians have been counting on this enemy for far too long.
But their reason is that they would rather own us and are “open” to buying our banks.
“Please press 1 for Mandarin, 2 for Spanish, 3 for Arabic, and 4 for English.”
And I would do the same thing in their position -- if I thought there was a good investment.
So is Bush & has been from day one can we do the same for him as well?
Which is perfectly fine to many hereon, I am afraid.
Duncan Hunter is right, and we would do well to listen to those few true patriots who sound the alarm.
GREAT! Just great.
Bush is such an unbelievable disappointment.
4 months and he’s outta there.
Well - one out of four ain’t bad! :(
Well, if our banks are going to be sold... I’d rather a rich Chinese bank buy it than an oil-funded Islamo-terror one.
“And I would do the same thing in their position “
The important thing is what would you do if you were in OUR position. Our so-called leaders let us down. They run the govt. like the key stone cops.
COMMUNIST China is our enemy, and our dim-witted “leaders” got us into this mess.
“Duncan Hunter is right, and we would do well to listen to those few true patriots who sound the alarm.”
Yep, Duncan Hunter is the best, and knew something like this was coming.
Duncan Hunter quote: “Ominously, China is cheating on trade and using billions of American trade dollars to build ships, planes and missiles at an alarming rate while, at the same time, taking millions of American jobs. I will reverse this one-way street with a new policy of fair trade for the American worker.”
I see the choices as repudiating our debt/the dollar, and letting them obtain value for their dollars. The latter approach did not work poorly with the Japanese, but then the enterprises were not all owned by the Japanese government.
Our so-called leaders let us down. They run the govt. like the key stone cops.
And yet we keep re-electing them.
I seem to recall a man named Duncan Hunter who sounded the alarm on China often. One of the major differences between Hunter and Paul is Hunter’s banner, “Peace Through Strength”.
Read my tag line!
>They do this, they’ll own part of the country.<<
They already do. What do you think the collateral for past loans is?