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Chinese government owned bank opens in NYC |
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Written by Stumo
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Tuesday, 21 October 2008 |
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The Industrial and Commercial Bank of China (ICBC) is a special bank. It is the world's largest bank by market capitalization. It is also wholly owned by the Chinese government.
It recently opened offices in New York City, Dubai and Sydney. I'm sure the WSJ editorial board is supportive because they only decry socialism in America, but elsewhere it is fine because we don't want regulations to intrude on foreign government strategic motives.
As China's largest commercial bank, the ICBC has been expediting the extension of overseas network and widening the field of business, in a bid to promote the strategy of internationalization. ...
By the end of June 2008, the ICBC has set up a total of 126 branches and subsidiary banks in 15 countries and regions, with another 1,360 correspondent banks in 122 countries and regions.
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In the news
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The following was written by Charles Blum, founder of the International Advisory Services Group, Ltd. and a Director of the Coalition for a Prosperous America.
RISKY BUSINESS
Bernie Madoff literally made off with billions of unsuspecting people’s cash by promising consistent annual returns that were too good to be true. His $50 billion Ponzi scheme bilked a wide range of rich folks, including a Hollywood mogul, a wealthy US senator and several sports team owners. For some of them, the losses will be significant but not crippling; for others, their entire financial future has gone down the drain. Several charities let the allure of high returns undo the generosity of donors and their ability to perform their mission.
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