Dubai company calls it quits, page 1

This should be interesting. When congress told the president that they were prepared to buck him, the Dubai company saw the writing on the wall. This is good.

www.washingtonpost.com
By Jonathan Weisman and Daniela Deane
Washington Post Staff Writers
Thursday, March 9, 2006; 2:00 PM

The United Arab Emirates company that was attempting to take over management operations at six U.S. ports announced today that it will divest itself of all American interests.

The announcement appears to head off a major confrontation that was brewing between Congress and the Bush administration over the controversial deal.

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Sen. John Warner (R-Va.) announced on the Senate floor shortly before 2 p.m. that Dubai Ports World would "transfer fully the operations of U.S. ports to a U.S. entity." Warner, who had been trying to broker a compromise on the issue, said DP World would divest itself of U.S. interests "in an orderly fashion" so as not to suffer "economic loss."

It was not immediately clear how the divesture would be handled or what U.S. company would take over the operation.

Warner's announcement came just hours after Republican leaders from the House and Senate met with President Bush to tell him Congress appeared ready to block the deal.

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At least somebody in this insane deal had the common sense to call it quits, unfortunately it wasn't the president. I was trying to explain this to a friend and what finally came out was that it wasn't the fact that a company from another company was prepared to take over the ports, it was that a company that was a subsidary of the government of a foriegn country that was preparing to take them over. I just got this news and I have no other links to it.