Original Article Here -
The increasingly controversial Federal Reserve offered a green light on Wednesday [May 09, 2012] for banks controlled by the Communist Chinese dictatorship to gobble up American financial institutions and enter the U.S. banking market despite national security concerns, sparking warnings among critics about the rapid spread of the brutal regime’s influence within America. Analysts, meanwhile, called the unprecedented approval a “landmark step” for regulators that could have global implications.
Under the U.S. central bank’s decision, the Industrial and Commercial Bank of China (ICBC), the largest bank in the Communist Party-run country with assets estimated at some $2.5 trillion, will be allowed to become a holding company and acquire the Bank of East Asia in New York. It marks the first time that a Communist Chinese bank — ICBC is more than 70 percent owned by the regime — has been permitted to take over an American bank. All 13 branches of the U.S. institution will be taken over.
As part of the deal, U.S. authorities also granted bank holding company status to the regime’s sovereign wealth fund, China Investment Corp, which participated in the deal. Central Huijin Investment, which holds the regime’s shares in ICBC, was approved for the classification as well. And according to analysts, Wednesday’s decision by the Fed is just the beginning.
The central bank also approved an application by the communist dictatorship’s massive Bank of China to open another branch in Chicago, adding to its existing footprint in America that includes branches in New York and Los Angeles. In a statement released online, the state-run bank — which has an estimated $1.87 trillion in assets — said it would also be expanding into the central and western regions of the country.
Another megabank owned and operated by the Chinese regime, the Agricultural Bank of China (ABC), was given permission to open its first real U.S. branch in New York. The bank already has a “representative” office in America, but with the Fed’s decision, it will now be allowed to expand its operations with a retail branch.
-Continue reading at The New American:
COMMENT FROM BRANDON SMITH, OATH KEEPERS ASSISTANT EDITOR:
For the first time ever, U.S. banks are now open for purchase by the Chinese Government through subsidiary corporations. If you had any doubts before over where global economic power is shifting to, the evidence should be crystal clear now. China is on the move to buy anything of concrete value, including U.S. properties and gold, and is obviously in preparation to expand its financial influence around the world. The point? China is being groomed by globalist organizations to become the next major economic hub, or engine, while America is being set up for massive system failure. The writing is on the wall for anyone with eyes…
Please donate and support Oath Keepers mission, every little bit helps!
SUPPORT OUR BILLBOARD CAMPAIGN
Placing billboards outside of military bases to remind service members of their oath
SUPPORT OUR NASCAR CAMPAIGN
SUPPORT OUR LIBERTY TOUR
Free music concerts for the troops, with direct outreach to them about their oath