Power Flow Reverses For Wall Street And China

Not so long ago, Wall Street banks were recapitalizing insolvent Chinese state-owned financial institutions as well as leading companies in the state-controlled economy.

Now the money is beginning to flow the other way, as evidenced by the $5 billion bailout of Morgan Stanley (nyse: MS - news - people ) by a Chinese government-owned fund, China Investment Corp., that was announced Wednesday.

Exactly a decade ago, Morgan Stanley became the first Wall Street bank to gain a foothold in China, taking a 34% stake in the first investment bank set up in China, the government-controlled China International Capital Corp., known as CICC.

Read Full Article from Forbes

- Posted: 2007-12-20 09:29:36

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