It Begins: For The First Time Ever, China Takes Over An Insolvent Bank
It actually “began” quite a while ago. Years ago in fact. But this is an ominous sign and might indicate another stage in the Chinese economic shakeout.
(From Zerohedge)
There was a time when in the years following the financial crisis, every Friday the FDIC would report of one or more small and not small banks failing, as their liabilities exceeded their assets, who were taken over by larger peers with a taxpayer subsidy to cover the capital shortfall. And while this weekly event, also known as “FDIC Failure Friday” has faded from the US, for now, it has made a grand appearance in China.
http://www.againstcronycapitalism.org/
Source: https://www.ac2news.com/2019/05/it-begins-for-the-first-time-ever-china-takes-over-an-insolvent-bank/
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