Are the Chinese bankers smarter than U.S. bankers?
Industrial & Commercial Bank of China (ICBC) said
that it plans on avoiding any further investments in the U.S. because the worst is yet to come.
CEO Jiang Jianqing said:
“Recently, the U.S. government and the Federal Reserve have taken a series of steps, and the financial markets have
recovered somewhat. But we think the real impact of the problems isn’t yet over.”
It appears the risk is still great. In China’s capital
market, people always say we should buy at the bottom of the market. But we don’t know whether we are already at the
foot level. We may be only at the waist level.”
ICBC’s profits soared by 65% in 2007 so these guys aren’t stupid. In fact, that is a profit report that any banks in
the U.S. would kill for.
