BREAKING on CNBC: Morgan Stanley may be sold to Chinese bank!!

[democrat2thecore]

Morgan Stanley is trying to work out a deal to merge with Wachovia TONIGHT. It doesn't look like a deal can happen - so they may sell to Citic Bank of China.

Meanwhile, WaMu officially announced they are auctioning off their business.

YES, this relates to the election. That's why I put this in GDP. These days of financial collapse could be the days we remember as the end of ANY chance for McCain-Palin.

http://www.cnbc.com (They are in the middle of a 3-hour special skewering Bush and Chris Cox for being MIA)

HUGE!

[villager]

1. Well. Of course.

n/t

[TexasLady]

2. crap

I dont understand a lot of this, but even I know that sounds bad.

[sixmile]

3. Wachovia is Chinese?

I remember hearing that Bank of America is Japanese. That leaves Citibank which is...?

[democrat2thecore]

9. No - they are trying to work out a merger with Wachovia before selling to Chinese bank -nt

[bulloney]

23. I think the Saudi royal family owns a chunk of Citibank, don't they?

[orwell]

26. Saudi Prince al-Waleed...

...owns about 4% of Citibank.

[bulloney]

24. By the time this whole mess settles, just who will own our asses?

[Doremus]

4. Chinese ownership of a US bank? That will go over well with the populace.

NOT.

This just might nail it for us.

[Pale Blue Dot]

5. Watch out: you're going to told that you're trying to panic people.

The happened a couple of nights ago with AIG. Apparently it is better for people NOT to tell the truth, because otherwise we will cause a panic and it will be all OUR fault that the economy collapsed.

Just wait. They'll be here shortly.

[AlCzervik]

10. Morgan Stanley had the big brass balls to accuse the short sellers of his stock

downfall today, yeah it's the shorts, not the fault of the institution.

[doublethink]

6. Basically China does have us by the balls then huh?

Thanks Repubs and bush .... Geesh .....

[Wetzelbill]

8. at least by one anyway

Unfortunately I think the Saudis have a grip on the other one. Ouch.

[doublethink]

13. Yep. sigh ..... n.t.

[pretzel4gore]

19. grover norquist and the kristols/neocons all admired Lenin

as in Vladmir, whose beloved older brother was executed by Tsar Alexander 3rd when Vladmir was a kid- and Lenin never forgave the Romanovs or the European gentry ....Lenin's basic philosophy was 'power first' then apply it for the benefit of workers later. Getting power became the obsession of Lenin and his cronies, almost an end in itself. Stalin later killed the whole lot of bolsheviks off during the great purge, in part because they used trust against anyone who had it. But it's strange to see reactionary rightwing neocons adulate the cold blooded single minded drive of someone like Lenin (who begat Uncle Joe Stalin, who took a 3rd world argicultural backwater like USSR and made it a nuclear power and a society that only quit its man-on-the-moon program because the US would get there 5 years before the Soviets could, so there was no point...)
i betcha very few people realize the brainiacs behind the bush2 phonomena had picture of Vladmir Lenin on their walls (david horowitz was co-editor of Ramparts magazine during late 60s, early 70's!)
and now China picks up the pieces :shrug:

[FrenchieCat]

7. That's when you know the shit has hit the fan......

[rateyes]

11. The Chinese own Lehman Brothers and AIG now...

we had to borrow the money from the Chinese to bail out their sorry asses. The Chinese own the whole damned country, thanks to McCain.

[calico1]

20. I thought Barclays bought a big chunk of

Lehman. Is Barclays owned by the Chinese?

[1corona4u]

12. I don't see Wachovia doing that.

They are trying to get back up too. They just got a new CEO in July, and he is very optimistic about thier future. Looking at their current situation, I'd say if they don't extend themselves, they might be ok.

[democrat2thecore]

15. Interesting listening to the speculation on CNBC

This three hour special has been really good. You only need watch for a few minutes to realize that this is far from over. Ludlow took a big deep breath and said, "Who's next?"

[curious one]

14. I maybe mistaken but is US financial falls under national security? Where is Bush?

Are we handing everything to Chinese?

[democrat2thecore]

16. Chris Matthews asked this tonight. Why isn't he explaining what is happening?

You know, Oval Office address (remember those?) to explain unprecedented actions by the U.S. government to rescue failing institutions. Just small stuff. But Bush is M.I.A.

[David Zephyr]

17. I'd rather have the Chinese buy Morgan Stanley than the taxpayers be straddled with it.

I have a lot of mutual funds with MS and I'd rather have a sound Chinese banking crowd buy the firm then to have yet another taxpayer bailout of yet another U.S. firm.

We might as well all get used to this.

The Chinese have been very smart and minded their own "business" while our Nero fiddled and made wars around the world and played cronyism for all it was worth.

The Chinese are the good guys in all of this.

[democrat2thecore]

21. Very true, David. No more socialized risk/privatized profits -nt

[David Zephyr]

25. I hope this goes through. I've got a lot of my life's savings invested at MS.

I trust the Chinese a lot more than I do these bloodthirsty vampires and graduates of Wharton.

[Skidmore]

18. Now let's hear the freakin' Republicans start screaming about

national security and foreign powers.

[nadinbrzezinski]

22. Now for MANY personal reasons this is FUNNY

don't ask... but this is hysterical