Friday, March 10, 2006

Bush-Rejecting Ports Deal Sends Bad Message

You think???

WASHINGTON -- President Bush today expressed concern that a scuttled deal for a state-owned Arab firm to manage some U.S. port facilities would send the wrong message to Middle Eastern allies in the global war on terrorism.

He also reiterated his conviction that his administration had acted properly in approving the arrangement for Dubai Ports World, which is partly owned and operated by United Arab Emirates, to operate port facilities in New York, Newark, Philadelphia, Baltimore, Miami and New Orleans.

Now let's see how things progress. The way the deal stands now Dubai Ports World is to sell the American terminal interests to an American company. No American company even bid on the original deal, possibly because they didn't want the foreign terminals, maybe so they could pull a fast one late in the deal (that would be now). There is no reason to expect the UAE to take a loss on this sale so I will be closely watching which politicians try to steer this deal to their contributors for pennies on the dollar, while we the taxpayer get screwed once again. Early money is on Maher and Menendez.

Original port post on this blog from 2/20.

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