The Lou Dobbs show, CNN, 2/22/06:
CHRISTINE ROMANS, CNN CORRESPONDENT (voice over): The oil-rich United Arab Emirates is a major investor in The Carlyle Group, the private equity investment firm where President Bush's father once served as senior adviser and is a who's who of former high-level government officials. Just last year, Dubai International Capital, a government-backed buyout firm, invested in an $8 billion Carlyle fund.
Snow: Who knew?
Then there is the cabinet connection. Treasury Secretary John Snow was chairman of railroad company CSX. After he left the company for the White House, CSX sold its international port operations to Dubai Ports World for more than a billion dollars.
In Connecticut today, Snow told reporters he had no knowledge of that CSX sale. "I learned of this transaction probably the same way members of the Senate did, by reading about it in the newspapers."
But there's much more:
Another family connection, the president's brother, Neil Bush, has reportedly received funding for his educational software company from the UAE investors. A call to his company was not returned.
Conspiracy theory? Let's follow the gagillions of dollars and let the players speak for themselves.
Complete timeline with links to Carlyle and DP World press releases (followed by Lou Dobbs' smackdown) at the Mighty Corrente Building.
Summary:
- 2002/2003 Carlyle Group buys a division of CSX;
- 2003 almost simultaneously Snow is nominated to Treasury
- 2004/2005 Dubai Ports World buys CSX's port terminal business
- 2005 UAE ups it's investment in Carlyle
- 2005/2006 DP World makes bid to buy Peninsular and Oriental Steam Navigation Company ("P&O")
So in the end, the UAE and Carlyle, the Bush Family and their cronies control multiple aspects of US shipping, not just port security. The UAE gets payback for their generosity to the Bush Family. That is why it's so important to Chimpy. It's an incestuous loop with billions of dollars at stake. Everyobody makes out... except US citizens.