CNBC is reporting that Dubai Ports World will transfer the ports that they would have run as part of their takeover of P&O to a US Entity.There is no link in the above blog, but here is the story from the Washington Post:
Senator John Warner was on the floor of the Senate announcing the transfer of the US ports to a US investor. I think they gave him the news because he has been one of the few voices of reason in the Senate on the issue.
The United Arab Emirates company that was attempting to take over management operations at six U.S. ports announced today that it will divest itself of all American interests.This has always struck me as a tempest in a teapot, but it illustrates how difficult this administration seems to find comminicating its ideas. I suspect that Bush, who ran as a "compassionate conservative" in 2000, has never really understood the philosophical underpinings of conservatism. This was abundantly clear as he fumbled with the definition of "judicial activism" in his explanation of the Harriet Miers nomination, and his earlier inability to persuasively argue his support for the Federal Marriage Amendment. (Hint: They were both bad ideas to start with.)
The announcement appears to head off a major confrontation that was brewing between Congress and the Bush administration over the controversial deal.
It was not immediately clear how the divesture would be handled or what U.S. company would take over the operation.
Warner's announcement came just hours after Republican leaders from the House and Senate met with President Bush to tell him Congress appeared ready to block the deal.