More of America sold to China as distressed assets

China Investment Corp, a $200 billion sovereign fund, is set to spend $2 billion buying U.S. distressed assets from property to infrastructure via three funds, including one managed by Goldman Sachs, sources briefed on the plan said on Tuesday.

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10 largest banks in the world at end of 2008

Here is a list of the largest banks in the world at the end of 2008:
1. Industrial & Commercial Bank of China, ICBC (China)
2. Bank of America (US)
3. HSBC Holdings (UK)
4. China Construction (China)
5. Bank of China (China)
6. JPMorgan Chase (US)
7. Citigroup (US)
8. Wells Fargo (US)
9. Banco Santander (Spain)
10. Mitsubishi UFJ Financial, MUFG (Japan)

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First shots fired in global economic war

If subprime issues and tainted paper sold around the world didn’t start a global economic war a recent move might do so. Investors in bank debt are threatening to boycott lenders that follow Deutsche Bank in breaking an unwritten rule and failing to exercise a call option on subordinated debt.
In a coordinated action, angry bond investors are writing to bank treasurers and investor relations heads telling them that any failure to exercise a call option will be considered a breach of trust that could cause all the issuer’s debt to be shunned.

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