Fed lets China firm buy Morgan Stanley shares

The Federal Reserve on Tuesday approved a proposal by Chinese sovereign wealth fund China Investment Corp. to buy up to 10 percent of the voting shares of Morgan Stanley.

Webmaster's Commentary: 

Chinese business professionals are masters at horizontal integration into other countries' financial markets.

This is very significant, but why does the Fed - a private bank no more "Federal than "Federal Express" - have to approve such a deal?!?

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