Capital flight or capitol fight: Why is so much money fleeing China, and what is the biggest ramification?
An obscure Chinese company is buying the Chicago Stock Exchange. The February 5 announcement stirred a tumult on Capitol Hill. Members of both parties of Congress denounced the takeover, calling for the Treasury Department to investigate the proposed sale.
Yet the founder of the Chongqing Casin Enterprise Group (Casin Group), which is buying the Chicago Exchange, assured regulators that his intentions were purely financial in nature. He planned on keeping the United States management team in place and said he would use information learned from the Chicago Exchange “to help develop financial markets in China over the longer term and to bring exciting Chinese growth companies to U.S. investors.”
So what’s the problem?
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Chinese companies buying up foreign groups at alarming rate
(TRUNEWS) Chinese groups are scooping up foreign and U.S. companies at a record rate.
According to Business Insider, lawmakers are concerned about the growing trend, so 45 members of Congress signed a letter to the Treasury Department asking them to take some action.