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The clearly predicted financial meltdown is upon us with a fury. Asset values are collapsing all over the world: residential and commercial real estate, stocks, all forms of credit and some $750 trillion in the fabricated derivatives markets. |
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Whether bankers are basing their business decisions on greed, ignorance, foolishness or all three, the result is the same: They are turning the financial world upside down. Millions are suffering because of it: foreclosures, bankruptcy, etc. Unfortunately, we are far from seeing an end to it, and they are planning their own taxpayer-funded bailout. |
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Three out of four largest state-owned banks in China now have major participation by western global banks. The latest "investment" involves the largest of these banks, Industrial and Commercial Bank of China (ICBC). |
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"Birds of a feather, flock together." If all goes well, BofA will own up to 19.9% of China Construction Bank (CCB) by the end of 2005. Funding for the deal starts at $2.5 billion (for the first 9%) and goes up from there. Given the systemic corruption at CCB -- it's lost two chairmen of the board in the last five years -- we can expect lots of future stories on this marriage. |
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