(Treasury Secretary John) Snow: Dubai port rejection would be bad signal

[sabra]

http://today.reuters.com/investing/FinanceArticle.aspx?type=businessNews&storyID=2006-02-22T173815Z_01_WBT004841_RTRUKOC_0_US-SECURITY-PORTS-SNOW.xml

Snow: Dubai port rejection would be bad signal


DANBURY, Connecticut (Reuters) - Rejecting an Arab company's takeover of operations at key U.S. ports would have sent a bad signal about investment in the United States from "certain parts of the world," Treasury Secretary John Snow said on Wednesday.

The purchase of a British company that runs several U.S. ports by state-owned Dubai Ports World has created a furor on Capitol Hill, with many lawmakers saying the deal should be overturned because of security concerns.

"Our failing here, if there was a failing, was in explaining this process," Snow told reporters as he visited a plant that makes fuel cells, saying the Bush administration would be "reaching out" to lawmakers worried about the deal.

"Let me say that, having vetted the process, and having concluded that it would not present national security risks, the implication of failing to approve this would be to tell the world that investments in the United States from certain parts of the world aren't welcome," he added.

[MadAsHellNewYorker]

1. Poor guy wont get his kickback, huh?

:nuke:

[Seen the light]

2. Please tell me this is a joke

JOHN SNOW is commenting on this? With his ties to this company? Jesus H. Christ...

[UpInArms]

17. Snow Denial: Snow says was uninvolved in US port deal approval

and who believes this shit?

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-22T214417Z_01_N22219020_RTRIDST_0_SECURITY-PORTS-SNOW-UPDATE-2.XML

TORRINGTON, Conn., Feb 22 (Reuters) - U.S. Treasury chief John Snow, head of the panel that cleared a deal for a state-owned Dubai company to manage major U.S. ports, said on Wednesday he was not involved in deliberations until after the transaction was approved.

In a move that sparked national-security worries among Republicans and Democrats alike, the multi-agency Committee on Foreign Investments in the United States (CFIUS) recently gave Dubai Ports World approval to buy British company P&O (PO.L: Quote, Profile, Research), which runs six U.S. ports including New York and Baltimore.

"I involved myself in it as it came to my attention over the course of the last three or four days. I got involved in it after the approval process," Snow, chair of the panel, told reporters when pressed on the issue during a tour of a building company in Connecticut.

Still, when asked at an earlier stop in Danbury, Connecticut if he thought CFIUS had taken the right step, Snow said: "I have every confidence in this decision. Yes."

...more...

Pretty soon, everyone involved will be issuing their own separate denial of approval of this deal :eyes:

[Patsy Stone]

18. Right

Because this makes at least four people who didn't know about it:

Rummy
Shrub
Snow
Pace

So, who made the decision? Carlucci and Chertoff with a Cheney chaser?

[FSogol]

3. Bad signal for Snow's stock portfolio? n/t

[electropop]

4. Notice how they always say that if they had explained their actions

better, nobody would be upset? Like more elegant wording would make a crime not a crime? This is so Rumsfeldian. :wtf:

[BurgherHoldtheLies]

5. EXTRA! EXTRA! Read all about it! Snow's personal connection...

In 2004, Dubai Ports International (DPI) purchased CSX World Terminals. DPI then changed their name to DPI Terminals. DPI Terminals combined with Dubai Ports Authority = Dubai Ports World. The company purchased by Dubai Ports World, CSX World Terminals is a division of CSX Corporation. The former CEO of CSX Corporation is Treasury Secretary John Snow.

John Snow: Secretary of Treasury
Appointed by Bush as Secretary of the treasury after firing Paul O'neil: John Snow recently stepped down as CEO of CSX. Under Snow's watch, despite raking in close to a billion dollars in pretax profits since 1998, CSX paid no federal income taxes in three of the past four years – magically making all of its profits "pretax." What's more, thanks to a combination of accounting gimmicks and tax shelters, the company was even able to score a hefty $164 million in tax rebates during that time. Tax rebates on taxes that CSX NEVER PAID. After looting the treasury of our tax dollars, Bush has appointed him Secretary of that same treasury.

Under Snow’s leadership CSX has achieved the dubious distinction of being one of the 100 biggest overall campaign contributors to federal candidates and parties, shelling out $5.9 million between 1999 to 2002. Seventy-two percent of that total went to Republicans, including $25,750 to the Bush-Cheney campaign in 2000. In addition, Snow kicked in $75,000 to various federal campaigns.

But he could afford it. During his 12-year tenure at CSX Snow received more than $50 million in compensation. Last year, he made $10.1 million in cash and stock grants and received stock options valued at $8 million.

Alvin “Pete” Carpenter is one of three Pioneers who have worked for CSX railroad (see also Thomas Fiorentino and Joseph Bogosian). President Bush appointed then CSX-Chair and CEO John Snow as Treasury Secretary in December 2002, after forcing out Treasury Secretary Paul O’Neill, who took a nonchalant approach to the nation’s sluggish economy. Carpenter became vice chair of CSX in 1999, the year he organized a 1999 Bush fundraiser that netted almost half a million dollars. He is one of the “Jacksonville Eight,” wealthy executives who raised hundreds of thousands of dollars for Jeb Bush’s 1998 gubernatorial campaign. CSX joined three other major railroad interests in “Destination DC,” a 1999 lobbying effort to prevent Congress from imposing new regulations on the industry through the renewal of the Surface Transportation Board. The 2000 Bush presidential campaign reimbursed CSX $3,800 for rides George Bush took on its corporate jets. Carpenter retired from CSX in 2001 but still consults for the company. Governor Jeb Bush appointed Carpenter to Florida’s Advisory Council on Base Realignment and Closures in 2003 and heads a panel Governor Bush created to study the state’s workers compensation system.

[saberjet22]

13. incredible!

Dear BurgherHoldtheLies: Your post is absolutely incredible. How do you know all this. Are you Mrs. Snow? Seriously, because of the staggering mass of facts and the startling clarity with which you present them, this post is completely amazing. It ought to be made into a television expose(sorry-no accent on this keyboard.).
Really chilling and stunning. Congratulations!

[BurgherHoldtheLies]

14. For sources, links and more information...

Here's the original thread where most of this information is available (the information is included in the original posts and the response posts below it). Enjoy.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=364x489192

[saberjet22]

21. incredible

thanks for your help. i think you are the cat's pajamas!

[Oreo]

6. No mention of his connections in the article of course

good journalism

[BurgherHoldtheLies]

7. Pathetic, isn't it.

:mad:

[NYC Liberal]

8. Translation: I won't get my kickbacks if this deal is rejected.

STFU, Snow! :eyes:

[phoebe]

9. whoa - they look like the ghouls they really are..

n/t

[NYC Liberal]

10. Right after the Astros lost the World Series last October.

;)

[Patsy Stone]

11. Another objective opinion

from someone who's made a bazillion dollars on this circle jerk.

[NoodleyAppendage]

12. I've got a "bad signal" for Mr. Snow --- it involves my middle finger!

Snow has no moral authority on this issue after selling CSX to the same Dubai company. If anything, he should be recusing himself from any decisions given the blatant conflict of interest.

Ethics and Repukes....uh, not so much.

JB

[central scrutinizer]

15. WTF?

If they want to invest in the United States, let them buy some municipal bonds to help state, local and the federal governments, using union labor, run the ports - the bonds would be a nice safe investment.

[Danmel]

16. Why are they suddenly concerned about hurt feelings?

Hasn't stopped them from torture, indefinite detentions without charge, extraordinary renditions, racial profiling........Really, all I can figure out here is that there is lots of money in this sale for them. It can't suddenly be "sensitivity" to Arab feelings? And didn't they blast Kerry for saying he wanted to run a sensitive war anyway?

[ThoughtCriminal]

19. Please try that line under oath

Just learned about it, but knows that it was fully vetted.

Didn't know about it but was on panel that approved it. Did he pre-emptively recuse himself from from discussion before he knew what he was recusing from?

Where's Sgt. Shultz?

[superconnected]

20. snowjobs a liar. Birds of a feather...