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08.11 DeVos Ends Obama-Era Safeguards Aimed at Abuses by For-Profit Colleges [an Administration that's consistent in its predatorial immorality—helping the rich by hurting the poor and uninformed]

08.11 'Disaster Capitalism Strikes Again!': Puerto Rico's High Court Gives Green Light to Charter Schools, Vouchers [Drinking Betsy DeVos' poisoned Kool Aid]

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08.14 As America Burns From Climate Change, Trump Officials Attend Denial Conference to Discuss Why Climate Change is Fake [stunningly stupid—killing everything to maximize fossil asset profits]

08.13  Sweltering cities  Halfway to boiling: the city at 50C

08.11 Toxic Corruption: The Chemical Industry Keeps Pulling EPA's Strings

08.11 'It's heartbreaking': Killer whale continues carrying dead calf for 'unprecedented' length of mourning [extinctions like this can be minimized if humans try...]

08.10 Banning Single-Use Plastics: Can Armenia Take Out the Trash for Good?

08.10 'Major Victory for Public Health': Court Orders Trump EPA to Ban Pesticide That Harms Kids' Brains

08.10 Jacinda Ardern says New Zealand will ban plastic bags

08.09 Solar With Storage Surges as Gas Falls

08.09 Why We Need More Women Involved in Creating Environmental Policy

08.08 Medicare for All Makes A Lot of Sense [greed trumps morality, so far...]

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08.13 More than 100 US newspapers plan editorials decrying Trump media attacks [do Trump's childish opinions define Truth?]

08.10 The White Nationalists Are Winning

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08.14 How the House Judiciary Committee’s Makeup Will Shape Impeachment

08.14 Public Sector Workers Should Have the Right to Strike

08.14 A Change Is Gonna Come': Poll Shows Democratic Voters Like Socialism More Than Capitalism

08.12 Conservatives call for constitutional intervention last seen 230 years ago [wackos want ‘freedom’]

08.11 Confused By Emoluments? The Founding Fathers Would Have Impeached Trump in a New York Minute [Intents purposely written into “living documents” by the Founding Fathers should not be destroyed by literal strictures demanded by present-day Federalist Society judges]

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08.11 'Absolute Failure': DNC Passes Perez Resolution Reversing Ban on Donations From Fossil Fuel PACs [its amazing so many are tone-deaf/blind on these issues]

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08.10 'Can You Imagine Living Like This?' Pregnant Woman and Toddler Among Those Killed in Israel's Latest Vicious Assault on Gaza

08.10 'We Just Bombed a SCHOOL BUS': Outrage After US-Backed Saudi Coalition Slaughters Children in Yemen

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08.12 Why Public Banks Are Suddenly Popular

08.10 Buried in the Fine Print, Trump Rule Would Give $2.5 Billion Tax Cut to Big Bank Fat Cats

08.09 Rick Gates Delivers a Public Lesson on Money Laundering and Political Corruption

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08.14 Israel, This Is Not Who We Are

08.13 Turkish lira crisis: central bank action fails to quell contagion fears

08.10 'A devastating scenario': Brazil sets new record for homicides at 63,880 deaths

08.09 The Guardian view on Saudi Arabia: time to back Canada

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  Bush Approves Sale of US Military Parts Suppliers to UAE Government

COMMENTARY:

Bush Approves Sale of US Military Parts Suppliers to UAE Government

by Chip Yost
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."

While reporting on the Dubai Ports deal, CBS News political analyst Gloria Borger noted that the Committee on Foreign Investments (CFIUS), "is not run by high-level cabinet members listed on its Web site. Instead they usually rubber-stamp decisions made by staffers."

"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.

Dubai International Capital LLC lists both the Carlyle Group and Kravis Roberts & Co. (KKR) as co-investments.

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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Copyright © 2006 The Baltimore Chronicle. All rights reserved.

Republication or redistribution of Baltimore Chronicle content is expressly prohibited without their prior written consent.

This story was published on May 1, 2006.

 

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