Bank of America to Boost Stake in China's No. 2 Bank

Bank of America to Boost Stake in China's No. 2 Bank

www.moneymorning.com

Bank of America Corp. (BAC) will almost double its stake in state-owned banking giant China Construction Bank Corp., and will control nearly 20% of China’s second-largest bank when the deal is finalized.

Bank of America received $15 billion from the U.S. government as part of a $250 billion banking-sector rescue package

Following the purchase, Bank of America would own 44.7 billion of the Class “H” shares of China Construction Bank, worth roughly $24 billion

(visit the link for the full news article)

So lets do this...


BoA is one of the banks that did not fold in the meltdown.

They still receive money from the bailout

They take the money from the bailout, and buy stock in China banks...

Therefore, they just got our US goverment to ship them money, money from the tax payer, and debt added to the tax payers, and they take that cash, and buy stock in china



so

goverment takes our money

gives it to their friends

who then buy and invest in china



our money invested in china



Are we cool with this...???


I would think this is a joke or something... things you would see on aprils fools...


What do other people think of this...


www.moneymorning.com
(visit the link for the full news article)

Maybe not on topic but I've always wondered about the investment that China has in America which I believe is a considerable stake. Now if everything went to pot and China finally decided it wanted it's money back.. what options does it have and what stake would it have in America's assests e.g. land and you?

We all know that when a citizen or company go bust the repo men come in but what choices to countries have?

hmm...



Maybe im the only one that finds it disgusting that US Tax Payer Dollars are being used to buy up Stock in China Banks...


Maybe im the only one that finds this odd...

And if you DO NOT find this odd, can you explain why...