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NY Post-PORT DEAL ON HOLD 45 DAYS
Monday February 27, 2006From NY Post:
PORT DEAL ON HOLD 45 DAYS
By GEOFF EARLE in Washington and JOHN MAZOR in
POLS HAIL DELAY
WASHINGTON — New York lawmakers yesterday hailed a new deal that will delay for 45 days a United Arab Emirates company's controversial plan to take over the operations at six major U.S. ports.
The delay had been sought by the firm, which hopes to avoid a political showdown by asking for a second
"We expect this to be carried out in a rigorous and independent manner, giving us the opportunity to exercise our independent judgment," Sen. Hillary Rodham Clinton (D-N.Y.) said alongside Sens. Chuck Schumer (D-N.Y.) and Robert Menendez (D-N.J.) at a Battery Park press conference.
They are among a number of politicians and citizens to have spoken out against the $6.8 billion sale of the British company that now runs the terminals to Dubai Ports World.
Schumer called the delay a "significant step forward" and said it might remove the need for congressional action. He added that the investigation shouldn't be secret.
Rep. Pete King (R-Long Island), chairman of the House Homeland Security Committee, called the delay a "very positive step" — and said he saw no need to immediately confront President Bush, who has said he would veto any legislation aimed at killing the deal.
But King told NBC's "Meet the Press" that he was still concerned that the UAE was a "Johnny-come-lately" when it comes to supporting U.S. security — and wondered whether members of its government who backed the Taliban in Afghanistan were still in power.
The agreement triggers a review by the Committee on Foreign Investment, the multi-agency panel that failed to call for a full review despite Homeland Security Department protests over the sale.
According to a source familiar with the deal, Dubai Ports World agreed to abide by the panel's decision but not to give up its legal right to seek damages if the deal's terminated.
With congressional Republicans and Democrats alike slamming the sale, the administration seems to be counting on the delay to defuse an explosive situation.