Don't forget! DNC: Port Deal to Close BEFORE 45-Day Investigation Complete

[NVMojo]

Posted on Mar. 3, 2006
Reuters:

WASHINGTON - Dubai Ports World’s $6.85 billion acquisition of Britain’s P&O will close on Friday or Monday, despite an additional 45-day review by the U.S. government in response to security concerns, a U.S. Treasury Department official said on Thursday.

“My understanding is that the deal will not close today,” Deputy Treasury Secretary Robert Kimmitt told a Senate panel. “Although they had announced March 2 as the closing date ... that deal will not now close until tomorrow or Monday.”

more...

http://www.truthdig.com/eartotheground/item/20060303_ports_deal_to_close_monday/

and this ...


3/3/2006 3:55:00 PM


--------------------------------------------------------------------------------

To: National Desk

Contact: Karen Finney of the DNC Press Office, 202-863-8148

WASHINGTON, March 3 /U.S. Newswire/ -- President Bush is allowing Dubai Ports World to move forward and complete its controversial ports deal early next week, before the U.S. government has a chance to finish its 45-day security investigation. The move undermines the mandatory national security review of the foreign government-owned company's bid to control operations at six major U.S. ports, and follows the Bush Administration's pattern of ignoring warnings, staying on the sidelines on security matters, and putting business interests ahead of the safety and security of the American people.

DP World told the House Armed Services Committee that it would finalize the ports deal early next week. Only days into the 45- day security review, the foreign government-owned company will pay the existing shareholders $6.8 billion to complete the purchase of P&O, the company that currently manages the six major U.S. ports. (Agence France Press, 3/3/06)

more...

http://releases.usnewswire.com/GetRelease.asp?id=61824

[napi21]

1. I have a question about this deal.

As I understand it, the "deal" is between P&O and DPW. One is a British Company and the other is a Dubai Company. How in the world can the US stop this deal? What authority does the US have in foreign transactions?

[MessiahRp]

2. Frankly we should pull all international port deals.

When it comes to security we should be employing American companies and it should be a no brainer that we should pull all contracts and give them to American firms.

Maybe that's the isolationist approach, but when it comes to our security we should have our people handling it.

Rp

[AzDar]

3. Sounds like good common sense to me. Not to mention providing

jobs for Americans....

[Clarkie1]

6. Wes Clark brought up an interesting point this morning.

Actually, several.

One is that what most matters is security at FOREIGN ports. Think about it. If a terrorist loads a bomb onto an American-bound ship, they don't need to unload it here to do damage. It could be set to go off right when the ship reaches the port. So, we need to go after the source of the problem.

My gut reaction to this was the same as yours, until I began getting more educated about the ports issue. But another problem is that so many companies today are multinational....there is foreign ownership in many American companies and American ownership in some foreign companies. So the issue is not the company, but port security. Port security begins when the ship is loaded, not when it is unloaded. And, at the time of the unloading, the company operating the terminal is not perfoming security functions. This is true whether or not it is an American company operating the terminal. Security is the responisibilty of the coast guard and other agencies, but they do not have the resources do their job.

The issue here is that this administration has failed to secure our ports, and in this particular instance failed to review this arrangement before the deal was signed. There is no way to understand fully the security implications of this arrangement without the mandatory 45-day review.

[OneTwentyoNine]

4. Simple,we OWN the ports,not them. We can cancel at any time..

So what if there is a $$ penalty? Pay it and be done with it. All our ports should be 100% under our control,not the Government of another nation terrorist or not.

[Sensitivity]

5. Port Terminal operations is one of few businesses where U.S. jobs are

increased with foreign investments. Jobs have not being outsourced for the last
20 year that most U.S. port terminals have been restructured and expanded by
Asian and European investments.

Globalization 101: Some jobs are local -- terminal ops, massage, cooking -- other are portable -- data entry, call-center, manufacturing -- and it does not make much diff whether the business is owned by IBM, Lloyds of London, or the Emir of Dubai.

We need to learn a little about the Sea Terminals industry before we go on an on and on and on ....