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Bank of China open to buy US banks
t ^ | 29 Sep 2008, 0047 hrs IST,REUTERS

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."


TOPICS: Business/Economy; Extended News; Foreign Affairs; Government
KEYWORDS: bailout; china; communist; financialcrisis
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1 posted on 09/28/2008 1:44:16 PM PDT by DeaconBenjamin
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To: DeaconBenjamin

Oh swell. Not.


2 posted on 09/28/2008 1:45:51 PM PDT by hershey
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To: DeaconBenjamin

Communism, er, capitalism at work.


3 posted on 09/28/2008 1:46:57 PM PDT by Jim Robinson
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To: DeaconBenjamin

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.


4 posted on 09/28/2008 1:46:57 PM PDT by screaminsunshine
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To: hershey; DeaconBenjamin

Ah yes, just like when the Japanese bought our entire country in the 80s...oh that’s right, how’d that end up?


5 posted on 09/28/2008 1:48:14 PM PDT by sam_paine (X .................................)
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To: screaminsunshine

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.


6 posted on 09/28/2008 1:50:40 PM PDT by Jim Robinson
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To: DeaconBenjamin

They do this, they’ll own part of the country.


7 posted on 09/28/2008 1:51:23 PM PDT by wastedyears (Now sadly living in the DPRNYC [Brooklyn])
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To: DeaconBenjamin

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).


8 posted on 09/28/2008 1:52:37 PM PDT by familyop (cbt. engr. (cbt), NG, '89-'96, Duncan Hunter or no-vote)
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To: Jim Robinson

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.


9 posted on 09/28/2008 1:52:44 PM PDT by screaminsunshine
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To: DeaconBenjamin

I really need to learn some really dirty and offensive chinese words.


10 posted on 09/28/2008 1:52:44 PM PDT by cripplecreek (Paying taxes for bank bailouts is apparently the patriotic thing to do. [/sarc])
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To: screaminsunshine

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.


11 posted on 09/28/2008 1:52:45 PM PDT by rovenstinez (#)
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To: DeaconBenjamin

Never, EVER trust the bastards!


12 posted on 09/28/2008 1:52:46 PM PDT by WellyP
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To: screaminsunshine

I’m hardly Ron Paul’s biggest fan but he’s been right about our financial crisis all along.


13 posted on 09/28/2008 1:53:52 PM PDT by cripplecreek (Paying taxes for bank bailouts is apparently the patriotic thing to do. [/sarc])
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To: rovenstinez

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.


14 posted on 09/28/2008 1:54:39 PM PDT by screaminsunshine
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To: DeaconBenjamin
We have enough in China without adding to it. Bank of America, for instance. B of A is owned by a Chinese company. I don't remember the name but I'm sure someone in here knows.
We need to correct our own problems and not rely on anyone else.
15 posted on 09/28/2008 1:55:44 PM PDT by antiunion person (Obama, the end of our country as we know and love it.)
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To: sam_paine

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.


16 posted on 09/28/2008 1:56:37 PM PDT by Wolfie
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To: cripplecreek

“I’m hardly Ron Paul’s biggest fan but he’s been right about our financial crisis all along.”

Except for his most favored trade nation votes for China.


17 posted on 09/28/2008 1:57:19 PM PDT by AuntB ( "During times of universal deceit, telling the truth becomes a revolutionary act." - George Orwell)
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To: cripplecreek
WHEN, not if, John McCain wins the election, I think Ron Paul needs to nominated to be in charge of our financial system.
18 posted on 09/28/2008 1:57:29 PM PDT by antiunion person (Obama, the end of our country as we know and love it.)
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To: sam_paine

More proof that we don’t need no stinking bailouts!


19 posted on 09/28/2008 1:57:31 PM PDT by Left2Right ("It's going to be a long eight years...maybe not!")
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To: Jim Robinson

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....


20 posted on 09/28/2008 1:58:13 PM PDT by DeaconBenjamin
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To: screaminsunshine

Even kooks are right occasionally. But he’s still a kook. He should go way out of his way to avoid 911 truthers.


21 posted on 09/28/2008 1:59:07 PM PDT by Jim Robinson
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To: wastedyears
>>>They do this, they’ll own part of the country.<<<

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.

22 posted on 09/28/2008 1:59:13 PM PDT by HardStarboard (.......this should demand a revolt - but against who? They are all guilty.)
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To: screaminsunshine

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.


23 posted on 09/28/2008 1:59:46 PM PDT by Wolfie
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To: Jim Robinson

I do nt give a hoot about truthers. I care about the Constitution that is being taken out by a bunch of TRAITORS!!!


24 posted on 09/28/2008 2:00:41 PM PDT by screaminsunshine
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To: PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; Roy Tucker; GOPJ; dervish; ...

The Money, Banking, and Financial Markets Ping List.

FR Keyword: moneylist

This can be a high-volume ping list at times.

To join, send Freepmail to rabscuttle385.

25 posted on 09/28/2008 2:00:50 PM PDT by rabscuttle385 (No to bailouts, no to amnesty, no to carbon credits, no to Big Government!)
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To: screaminsunshine
"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."

Ron Paul's followers are only assuming that whatever is out of musket range is not a threat.


26 posted on 09/28/2008 2:02:10 PM PDT by familyop (cbt. engr. (cbt), NG, '89-'96, Duncan Hunter or no-vote)
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To: screaminsunshine

Looky here, even Kooky Kucinich is right occasionally:

Kucinich On Bailout: “I’m not just gonna vote no, I’m gonna vote hell no!”

http://www.freerepublic.com/focus/f-news/2092588/posts

Kooky Kucinich for President!! Whoopee!!


27 posted on 09/28/2008 2:02:46 PM PDT by Jim Robinson
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To: Jim Robinson

lol


28 posted on 09/28/2008 2:03:57 PM PDT by meanie monster
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To: wastedyears
You can bet our fine leaders like Bush, Paulson, Pelosi & Reid would have no problem with this.

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!

29 posted on 09/28/2008 2:04:04 PM PDT by adm5 (WE HAVE TO STOP THE PAULSON BAILOUT SCHEME!)
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To: TigerLikesRooster

"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

30 posted on 09/28/2008 2:06:19 PM PDT by Travis McGee (--- www.EnemiesForeignAndDomestic.com ---)
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To: DeaconBenjamin

wachovia, how’s your mandarin?


31 posted on 09/28/2008 2:20:06 PM PDT by ken21 (people die and you never hear from them again.)
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To: DeaconBenjamin

Guess that’s why Communist China doesn’t want to lend us the bail-out money. They would rather OWN us.


32 posted on 09/28/2008 2:23:13 PM PDT by Sun (Pray that God sends us good leaders. Please say a prayer now.)
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To: DeaconBenjamin

Finally, the Chinese are buying American products, for once. LOL.

They are not stupid like the Japanese: buy high and sell low.


33 posted on 09/28/2008 2:23:25 PM PDT by Fishing-guy
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To: Paperdoll; roamer_1; fetal heart beats by 21st day; Pinkbell; AuntB; Calpernia; lakey; ...

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.


34 posted on 09/28/2008 2:45:19 PM PDT by Sun (Pray that God sends us good leaders. Please say a prayer now.)
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To: wastedyears
Don't look now, wasted, but when any country buys another's debt they own a part of that country, same as when China holds tons of dollars. Those dollars are part of the U.S.
When the U.S. imports from China it trades notes repayable in banks, farms, businesses, you name it.
35 posted on 09/28/2008 3:06:05 PM PDT by count-your-change (You don't have be brilliant, not being stupid is enough.)
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To: DeaconBenjamin

“Please press 1 for Mandarin, 2 for Spanish, 3 for Arabic, and 4 for English.”


36 posted on 09/28/2008 3:06:09 PM PDT by gotribe (The right pick!)
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To: Sun
But their reason is that they would rather own us and are “open” to buying our banks.

And I would do the same thing in their position -- if I thought there was a good investment.

37 posted on 09/28/2008 3:14:33 PM PDT by DeaconBenjamin
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To: adm5
Paulson is too chumy with the Chinese, imo. He needs to be given his walking papers immediately!

So is Bush & has been from day one can we do the same for him as well?

38 posted on 09/28/2008 3:18:28 PM PDT by cva66snipe ($.01 The current difference between the DEM's and GOP as well as their combined worth to this nation)
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To: Sun

BTTT


39 posted on 09/28/2008 3:18:50 PM PDT by WalterSkinner ( In Memory of My Father--WWII Vet and Patriot 1926-2007)
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To: Sun; Paperdoll; roamer_1; fetal heart beats by 21st day; Pinkbell; AuntB; Calpernia; lakey
But their reason is that they would rather own us and are “open” to buying our banks.

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.

40 posted on 09/28/2008 4:01:20 PM PDT by roamer_1 (Globalism is just Socialism in a business suit.)
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To: DeaconBenjamin

GREAT! Just great.


41 posted on 09/28/2008 4:41:42 PM PDT by Lexinom (I've got a bracelet, too!)
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To: cva66snipe

Bush is such an unbelievable disappointment.

4 months and he’s outta there.


42 posted on 09/28/2008 5:30:07 PM PDT by adm5 (WE HAVE TO STOP THE PAULSON BAILOUT SCHEME!)
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To: rovenstinez

Well - one out of four ain’t bad! :(


43 posted on 09/28/2008 5:39:40 PM PDT by 21twelve (Ever Vigilant, Never Fearful)
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To: hershey

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.

:-(


44 posted on 09/28/2008 6:51:23 PM PDT by gogogodzilla (Live free or die!)
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To: DeaconBenjamin

“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.


45 posted on 09/28/2008 9:19:44 PM PDT by Sun (Pray that God sends us good leaders. Please say a prayer now.)
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To: roamer_1

“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.”


46 posted on 09/28/2008 9:23:46 PM PDT by Sun (Pray that God sends us good leaders. Please say a prayer now.)
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To: Sun
The important thing is what would you do if you were in OUR position.

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.

47 posted on 09/29/2008 5:46:06 AM PDT by DeaconBenjamin
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To: screaminsunshine

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!


48 posted on 09/29/2008 9:09:01 AM PDT by Paperdoll (Duncan L.Huntr for Secretary of Defense!)
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To: wastedyears

>They do this, they’ll own part of the country.<<

They already do. What do you think the collateral for past loans is?


49 posted on 09/29/2008 9:11:05 AM PDT by Paperdoll (Duncan L.Huntr for Secretary of Defense!)
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To: Sun

50 posted on 09/30/2008 12:40:41 PM PDT by cartoonistx
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