posted on February 23, 2006 08:45:36 PM
United Arab Emirates company offered Thursday to delay part of its $6.8 billion takeover of most operations at six U.S. ports to give the Bush administration more time to convince skeptical lawmakers the deal poses no security risks.
The surprise announcement relieves some pressure from a standoff between President Bush and the Republican-controlled Congress, which has threatened to block the deal because of the UAE's purported ties to terrorism.
Under the offer coordinated with the White House, Dubai Ports World said it will agree not to exercise control or influence the management over U.S. ports pending further talks with the Bush administration and Congress. It did not indicate how long it will wait for these discussions to take place.
The company said it will move forward with other parts of the deal affecting the rest of the world.
"It is not only unreasonable but also impractical to suggest that the closing of this entire global transaction should be delayed," Dubai Ports said in a statement.
"The reaction in the United States has occurred in no other country in the world," the company's chief operating officer, Ted Bilkey, said in a statement. "We need to understand the concerns of the people in the U.S. who are worried about this transaction and make sure that they are addressed to the benefit of all parties. Security is everybody's business."
The announcement came as the political furor persisted over the deal, which was supposed to be completed in early March. Concerned about national security implications, Democrats pushed Thursday for a new 45-day investigation into the business transaction.
The delay did not appease some of the deal's harshest critics.
"If the president were to voluntarily institute the review and delay the contract that would obviate the need for our legislation, but a simple cooling-off period will not allay our concerns," said Sen. Charles Schumer, D-N.Y.
"“More Iraqis think things are going well in Iraq than Americans do. I guess they don’t get the New York Times over there.”—Jay Leno".
posted on February 24, 2006 04:46:40 AM
Bear,
UAE needs time for their bribe money to get out to the Conservative lawmakers. Bob Dole became a "LOBBYIST" for the ARAB company this week.
REMEMBER UNDER THE CONSERVATIVES FOR THE LAST 5 YEARS ITS BEEN THE BEST GOVERNMENT AND LAWS MONEY CAN BUY.
