Posted on 02/22/2006 10:34:21 AM PST by jimbo123
DANBURY, Connecticut - Rejecting an Arab company's takeover of operations at key U.S. ports would have sent a bad signal about investment in the United States from "certain parts of the world," Treasury Secretary John Snow said on Wednesday.
The purchase of a British company that runs several U.S. ports by state-owned Dubai Ports World has created a furor on Capitol Hill, with many lawmakers saying the deal should be overturned because of security concerns.
"Our failing here, if there was a failing, was in explaining this process," Snow told reporters as he visited a plant that makes fuel cells, saying the Bush administration would be "reaching out" to lawmakers worried about the deal.
"Let me say that, having vetted the process, and having concluded that it would not present national security risks, the implication of failing to approve this would be to tell the world that investments in the United States from certain parts of the world aren't welcome," he added.
Rep. Nancy Johnson, a Connecticut Republican who held a roundtable discussion with Snow earlier on Wednesday, took issue with the Treasury chief's remarks as the two met with reporters outside the plant.
She suggested the process followed by the Committee on Foreign Investments in the United States, an interagency task force, should be brought under tougher scrutiny in light of the ports controversy.
Johnson suggested that CFIUS, which has approved the deal, use the extended 45-day investigation process available to it.
"And the Congress during that 45 days has a chance also to look at it," she said.
She noted that the law underlying the CFIUS process was written many years ago and said many laws and processes should be reviewed and rethought.
"We are in a different world," she said. "Certainly during that 45-day review, we could learn a lot more about the whole issue of how the ports are secured. We've been conscious that that's a weakness of our work at Homeland Security to this point ... so there's a lot to be learned here."
She added: "And then there certainly has got to be the ability to look publicly at a government-owned entity having control of companies that manage aspects of our port work."
Asked if he was confidence the port decision was the right one, Snow said: "I have every confidence in this decision. Yes."
ping
Some type of kickbacks maybe?
"Dubai Ports World purchased the global port assets of U.S. freight rail company CSX Corp. (CSX.N: Quote, Profile, Research) in 2005 for $1.15 billion. U.S. Treasury Secretary John Snow is a former chairman of CSX, but left the company a year before the Dubai deal."
This is the person with possible business ties to the deal. Stay tuned.
I'm curious how much booty is about to be "donated" to "fund the Presidential library".
I say let the UAE have the deal. But repeal the PATRIOT Act at the same time. If we're not going to screw with the Arabs, then lets not screw with our own citizens.
I just want to know what the rush is? Why not take a little extra time and care and make sure all the proper investigations are not only completed, but communicated. If it all washes out clean, then hey, let's do it. It's too soon to say and it's also too soon (IMHO) for the administration to just rubber-stamp it with an 'OK.' I want to believe W when he says it's a safe deal, but, what is with the (apparent) attempt to keep it so low-key? Smells a little funny at this point.
I don't know much of anything about this, but if there is an issue, this is it, unions aside. It won't rise to the level of Teapot Dome, which was a gross violation.
As our banned FRiend biblewonk once said, Rush's motto could be something like, "The love of money is the root of all good."
I would bet a bottle of my favorite bourbon there was.
I don't think Snow is much involved with the Arab states,
The Texas Oil Mafia prefer to deal directly with the OPECkers themselves.
Snow was given the task of arranging similar deals with COSCO and the Chicoms.
However, I still do not get a warm fuzzy at the idea of Muslims controlling our ports.....
"Why the rush, Mr. Snow?"
Good point. Why not take another look?
Bush Admin's actions here might be their "Jump the Shark" moment.
I can just see it now -- in the late 1930'w letting Germany run our ports -- so they can report what shipments go when and where. And now the UAE company will be in charge of two ports where the military sends gear out -- NO THANKS!!!
George Bush, I voted for you, you disapoint me! Our war on terror is a joke -as we leave our Southern Border exposed! Our War on terror is a joke as we say we can do one thing and than not allow the only ally we have Israel respond as we do. George - I should have voted for my husky, she knows a rat when she sees it, you don't or you don't care.
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