Local Gov’t Stories, Events
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Health Care & Environment
03.23 Two Ohio coal-fired plants to close, deepening industry decline [hurrah!]
03.22 Carbon fibre: the wonder material with a dirty secret [making solid-state carbon products removes carbon from the atmoshere, diminishing CO2 as a warming factor]
03.22 World Water Day: one in four children will live with water scarcity by 2040 [watch and learn: "conservatives around the world will fight public water projects to support privatization and for-profit (mafia-like?) "solutions"]
News Media Matters
03.20 Google braces for questions as more big-name firms pull adverts [practice confers unmerited legitimacy to extremist videos]
US Politics, Policy & 'Culture'
03.24 Healthcare bill hangs in balance as Republicans agonise over Trump's vote gamble [cross your fingers and make a wish]
03.23 Has the Trump Budget Blown Republicans’ Cover? [an immoral focus]
03.23 Trump’s Spending Cuts Would Create the Black America He’s Been Talking About [an immoral focus]
03.23 Trump-Russia inquiry in 'grave doubt' after GOP chair briefs White House [0:56 video]
Economics, Crony Capitalism
03.21 Forbes billionaire list: Trump loses $1bn as elite club gets 233 new members [how're YOU doin?]
03.19 Why transaction laundering is turning into a huge financial blindspot [what happens when bad actors–usually Republicans–weaken or stop effective regulations to avoid taxes]
03.21 Paul Manafort, Former Trump Campaign Chief, Faces New Allegations in Ukraine [birds of a feather...]
03.20 UN asks UK to suspend work on Hinkley Point [why allow the potential of a Fukushima catastrophe?]
Bush Approves Sale of US Military Parts Suppliers to UAE Government
Dubai International Capital LLC (which is owned by the UAE) lists both the Carlyle Group and Kravis Roberts & Co. (KKR) as co-investments.Outgoing White House Press Secretary Scott "Scottie" McClellan announced Friday that George W. Bush approved the sale of 9 US defense-related production plants to Dubai International Capital, owned by the government of the United Arab Emirates, in a $1.24 billion takeover of the British firm Doncasters Group Ltd. Among the plants sold is the sole supplier of turbine fan parts for the US military's Abrams tank fans.
Since "...the plants make turbine blades for tanks and aircraft, the deal was reviewed by the Committee on Foreign Investment in the U.S., which sent it on to Bush for a decision, a step used only when the potential security risks or political considerations are particularly acute," according to CBS' Market Watch. "...One official who was briefed on the Doncasters transaction said there would be provisions in the agreement protecting American military secrets. But it was unclear whether that would satisfy Congressional objections."
"The committee almost never met, and when it deliberated it was usually at a fairly low bureaucratic level," Richard Perle said. Perle, who has worked for the Reagan, Clinton and both Bush administrations added, "I think it's a bit of a joke."
"The formal CFIUS review is not the most important element in the approval process. CFIUS does not require unanimity among all the agencies involved, but a disputed decision to approve a sale would be escalated to the cabinet level or to the President for appeal....In 1993, Congress amended Exon-Florio to require foreign, government-controlled companies to obtain CFIUS approval before acquiring U.S. companies when the foreign purchaser is 'controlled by or acting on behalf of a foreign government' and the acquisition 'could result in control of a person engaged in interstate commerce in the U.S. that could affect the national security of the United States."
Established in 2004, Dubai International Capital LLC. [DIC] is a Dubai-based international investment company owned by the government of the United Arab Emirates that primarily focuses on private equity. The deal was originally announced by DIC.
George H.W. Bush (41), former U.S. President, was a Senior Advisor to the Carlyle Asia Advisory Board from April 1998 to October 2003, almost two years after his son took office.
Among its various military projects, the Carlyle Group is, through its various investments, a major contractor for the US Missile Defense System, which has been expedited by the Bush Administration prior to its being fully tested. The system is the single costliest defense budget item for the current budget year.George W. Bush (43) was on the board of directors from 1990-1992 of a Carlyle investment gone bad (Caterair), which was later sold at a loss. Then as Governor of Texas, Bush appointed several persons to the board of Texas teachers' pension funds, which later decided to invest $100 million dollars of public money in the Carlyle Group.
Among the Carlyle Group notables are: current Secretary of the Treasury and chairman of CFIUS John W. Snow; former Secretary of State Colin Powell; and former Secretary of State and 2000 Bush campaign advisor James Baker III.
According to Doncasters, "This investment follows a series of strategic, value-driven investments by DIC"--Dubai International Capital – including "a US$1 billion investment in DaimlerChrysler."
Chip Yost is a progressive activist who can be read daily on Chip's blog.
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This story was published on May 1, 2006.