Thursday, December 20, 2007
Chinese are taking over Wall Street
Morgan Stanley has become the third top bank in a month to raise capital from a foreign state wealth fund. China Investment Corp has paid $5 billion for a 10% stake in the company. CIC, which invests China's $1,300 billion of foreign reserves, also paid $3B for 10% of Blackstone while CITIC has bought 10% of Bear Stearns, raising concerns that the Beijing regime is flexing its financial muscle to take control of key Western assets.