Monday, December 3, 2007

More Erosion (update 12.04.07)

Remember the brouhaha, Dear Gentle Reader(s), about the United Arab Emirates company, Dubai Ports World, which was poised to take over the operations of six U.S. ports? That kerfuffle resulted in the company deciding against assuming control of the ports.

Last week the two local newspapers, The Press-Enterprise and The Desert Sun carried an AP story which reported on a $7.5 billion intention of the Abu Dhabi Investment Authority to help invest in Citigroup Inc., one of the major financial institutions in the country. Joe Bel Bruno's story includes this statement by Sheik Ahmed Bi Zayed Al Nahayan, "[Citi is] a premier brand and with tremendous opportunities for growth."

What that means, DGR(s), is that our gas prices are allowing "premier" companies to become heavily dependent on Middle East oil profits to maintain their "tremendous opportunities for growth."

There has been no kerfuffle nor brouhaha over this "investment," which makes the city-state of Abu Dhavi one of the "bank's largest shareholders"

The logic is elusive: they mayn't have our ports, but our banks are on the market.


Trust, but verify.

Update: Zip over to Frank J. Gaffney, Jr.'s, column at It's entitled "Sharia's Trojan Horse." It should give pause to all of us. This theocracy is a danger. We must guard against it.

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1 comment:

  1. I am glad you bring this issue up. I was wondering the same thing. Why are we hearing no outrage about a Middle East buy into our banks when there was so much outrage over the port deal. Could the ports think been just politics. Say it ain't so, Gene.


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