Monday, May 14, 2012

Foreign Affairs....

Ah-h-h so!
Hope you didn't miss the approval, given by the Federal Reserve last week, for the purchase of an American bank - The Bank of East Asia USA - by the Industrial & Commercial Bank of China (ICBC).  ICBC, a bank in which the Chinese government owns a 70% stake, has over $2.5 trillion in assets.  

The Bank of East Asia USA is a $780 million institution, with offices in NYC and San Francisco, which focuses on business lending.  And, let's see; last time I checked for-profit banks are obligated to pursue the best interests of their investor-owners.... h-m-m-m!?   

It is difficult to understand why the US Congress continues to refuse to give American owned and controlled credit unions limited additional authority to make business loans in their communities, while welcoming the Chinese government with open arms.

If you can't understand that logic either, perhaps you should ask your US Senators and Congressman to explain it to you - before the next election.

Perhaps your Representatives believe that loan decisions affecting American businesses can be better made in Beijing than on Main Street USA....... Be sure to ask publicly and for the record!

Be sure to tell 'em your members are starting "to see red" on the business lending cap issue...

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