DP World's acquisition of US operations (backed by Pres. George W. Bush) has been sold to a subsidiary of AIG Global Investment Group. "Sold" as promised (to appease a majority of Democrat Senators) who killed the deal...
This was singularly the worst decision, to loose connection with Dubai. I actually felt disappointed that my country would be so blind as to pursue their fears and prejudices without the slightest merit (or substantiated fact) while over-looking the quality and expertise of this organization. I also felt embarrassed that US would base their judgments solely upon the Nationality of our trusted ally and neighbor. After so much pressure and lengthy hearings DP graciously backed down.
While not admitting that they (Democrat lead objection) denied this sale solely on the basis of client ethnicity; Schumer (one of the most vocal opponents to DP World's bid to operate US ports) had this little to say:
"The winning bidder should be a good partner for America's commerce and security and I expect it will go through the regulatory process smoothly, easily, and successfully." (And then said)..."This transaction is happening in the broad light of day, where it should have been all along," said Schumer.Followed by Democratic Representative Ed Markey:
"It also should serve as a reminder of the urgent need for vigilant congressional oversight of Bush Administration policies, so that we do not lose control of critical infrastructure without debate or consensus."Forgetting that this Briefing intelligence (pdf) on Dubai Ports World Purchase of Peninsular & Oriental Steam Navigation Co. gained full approval from all Senators in regular attendance. It was embarrassing to say the least!
This should surely make for a very confusing (and long) two years...