DPW Withdraws

Here is a twist. Let's the President off, as well as all of the knee-jerking politicos.

Bowing to ferocious opposition in Congress, a Dubai-owned company signaled surrender Thursday in its quest to take over operations at U.S. ports.

"DP World will transfer fully the U.S. operations ... to a United States entity," the firm's top executive, H. Edward Bilkey, said in an announcement that capped weeks of controversy.

I wonder who that United States entity will be. Or will all this go to bid again and be turned over to another foreign company that isn't Middle-Eastern. If these politicians had the least scrap of integrity, they'd ensure legislation to define who is allowed and who isn't. Will, that happen? I'm extremely skeptical.

Sen. Charles Schumer, D-N.Y., a chief critic of the deal, reacted cautiously.

"This is obviously a promising development, but the devil's in the details," he said. "Those of us who feel strongly about this issue believe that the U.S. part of the British company should have no connection to the United Arab Emirates or DP World."

Why is Chuckles dubious? They have said they are withdrawing. Is there something that isn't reported here that we aren't hearing? I think this WaPo article gives a clearer statement.

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.

So, who will get the contract? China Ocean shipping Company? APM Terminals (Denmark)? APL (Singapore)? Hanjin Shipping (South Korea)? Kawasaki? Kisen? Kaisha Ltd? Mitsui O.S.K. Lines? Ceres Terminals?

I can't wait to see what legislation doesn't come out in response to this round pound.