US authorities blocked Chinese bank Minsheng from acquiring an American lender in a decision that may have cost almost $300m of taxpayers' money and $1.4bn from an industry insurance fund, according to people familiar with the matter.
Minsheng, a private bank, had applied to acquire United Commercial Bank, a San Francisco lender, but its application was not ruled upon before UCB was seized by the Federal Deposit Insurance Corporation.
“This may rank up there in the top 10 mistakes by the government in dealing with the financial crisis,” said Ken Thomas, an independent bank analyst and economist.
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