According to a story on the
Aljazeera website, Dubai Holding - an investment company owned by the Dubai government - is one step closer to inking a deal to buy out Doncasters, a U.K firm that operates, among other things, nine factories in the U.S. that manufacture precision parts for U.S. military aircraft and the Abrams main battle tank.
The Committee on Foreign Investment in the United States (CFIUS) completed its 45-day security review of the transaction earlier this week and apparently determined everything sounded just ducky and has recommended the Dubai deal.
So CFIUS yesterday sent the transaction along for George's blessing. Bush now has 15 days to ponder whether selling key U.S. weapons factories to a foreign government with terrorist ties presents any kind of security risk for the U.S.
Many in Congress, on both sides of the aisle, came down hard on CFIUS and the administration over the Dubai Ports deal, and some have proposed legislation calling for more congressional oversight on deals such as this, and in some cases have advocated an outright prohibition against foreign government ownership of key U.S. infrastructure assets. The next several weeks will likely bust the issue wide open once again.
In the meantime, what's a President to do?
Approving the deal would grease the great big wheel of fortune that churns out billions of dollars for big players on the transnational scene.
But back home the deal will likely create another firestorm of political heat intense enough to scorch any politician who fails to condemn it.
Any bets on which side George will come down on once he completes his sober deliberations?