China begins to take control of U.S. banks.

[Disciple]

This is the beginning of a very bad move by the Fed. communist will now have any info it needs about you when this bank becomes part of the check cashing process.

Nay cum sok it to u linky

The increasingly controversial Federal Reserve offered a green light on Wednesday 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.

More at link.

Pretty frightening.
WTF was the Fed THINKING?!?!

China has lots of money, little debt, an unbelievable trade surplus and some think that the Chinese Renminbi will replace the US Dollar as the world's standard, just as we replaced the Pound Sterling.

Last one out, turn off the lights please?