US authorities blocked Minsheng, the Chinese bank, from acquiring a Californian lender in a deal that could have saved almost $300m of taxpayers’ money and $1.4bn from an industry insurance fund, say people familiar with the matter.The U.S. and China signed a memorandum of understanding to allow increased Chinese investment in U.S. banks, but I'll believe it when I see it.
Minsheng had asked the Federal Reserve for permission to acquire UCB, a San Francisco bank, but the application was not approved before the struggling US lender had to be seized two weeks ago by the Federal Deposit Insurance Corporation.
SPY Gap Target Reached
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FEEDAnd there it is: we’ve sealed the gap. The bulls have been blasted.
Let’s see if we can do more!
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