Chinese Buy Stake in Bear Sterns
Posted By: Dr. Frugal in Economics on 10/23/2007 at 05:19:43
For the first time ever, the Chinese government has purchased a significant share in a major US Bank. Scary stuff. As if we didn't already owe China trillions of dollars now they're hedging their bets by actually snatching up the banks. Granted, it's only a 9.9% share but still--that's plenty. The shares were purchased by Citic Securities and it appears there will be no obstacles in terms of trade regulations.
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