AP: DP World to Sell U.S. Port Operations (to AIG)

[Eugene]

DP World to Sell U.S. Port Operations

By DEVLIN BARRETT
The Associated Press
Monday, December 11, 2006; 9:33 AM

WASHINGTON -- Dubai Ports World, the company whose planned
takeover of major U.S. port operations ignited a political firestorm
earlier this year, has agreed to sell those operations to AIG Global
Investment Group.

The company announced the deal Monday. The operations at six
major U.S. seaports in New York/New Jersey, Philadelphia, Baltimore,
Miami, Tampa and New Orleans were valued at approximately $700
million, but DP World did not disclose the sales price.

The deal also involves stevedoring operations in 16 locations along
the eastern seaboard and Gulf Coast and a passenger terminal in New
York City.

"While we are disappointed to be exiting the U.S. market, the price
we received was fair," Sultan Ahmed Bin Sulayem, the chairman of DP
World, said in a statement announcing the deal.

-snip-

Full article: http://www.washingtonpost.com/wp-dyn/content/article/2006/12/11/AR2006121100298.html

[izzie]

1. I think we will see even more of this in the next 2 years.

The President thinks govt. does a bad job and to give it all away to private firms is the way to go. It has moved into every agency in the govt. and his men run the place. With no over sight you get even more corrupt agencies.

[annabanana]

2. The article describes AIG thusly:

"AIG Global Investment Group is an asset management firm with more than $635 billion in assets".

Why no curiosity on the part of the reporter about whose assets they manage?

[catnhatnh]

3. AIG-sweet people....

a little background info-
http://www.fromthewilderness.com/free/ciadrugs/part_2.html
Drugs, check
Money laundering,check
CIA involvement,check
PNAC involvement,check

Yep-just the folks we need....

[seafan]

4. AIG under investigation by DOJ and SEC for municipal bond bid-rigging

So now, the big news is that Dubai Ports World (DP World) is selling its U.S. ports unit to AIG....



Just like layers of onionskin, more murky depths of corruption:


Four more firms pinched by DoJ muni probe


AIG and Genworth Financial among nearly 30 firms subpoenaed in municipal bond bid-rigging investigation.

November 17 2006

NEW YORK (Reuters) -- Four more companies confirmed Friday they received subpoenas from the antitrust division of the Justice Department and the U.S. Securities and Exchange Commission in a probe of bid rigging for deals to invest municipal bond proceeds.
A source familiar with the probe said subpoenas have been served to as many as 30 companies in the criminal investigation that has rocked the normally quiet $2 trillion municipal bond industry.
The Justice Department is seeking evidence on how municipal-guaranteed investment contracts, known as GICs, were awarded. School districts and local governments typically buy GICs from banks or insurance companies to park proceeds of tax-exempt bond issues before the funds are spent on public projects.

snip

Two subsidiaries of AIG, the world's largest insurer by market value, received subpoenas, company spokesman Joe Norton said. AIG Financial Products Corp. received a Justice Department subpoena and another AIG subsidiary, SunAmerica, received a subpoena from the SEC. Norton declined to comment further.

snip

Moody's said a subpoena does not indicate wrongdoing by the recipient, but in some cases it is a means by which illegal actions or serious failures of corporate governance or control are uncovered.
Another source familiar with the probe previously said it was likely to widen further to include banks and investment firms that won deals with bids determined to be illegal.
On Friday, representatives of Citigroup Inc. (Charts) and JPMorgan Chase & Co. (Charts) declined to comment on subpoenas. Bank of America Corp. (Charts) has previously said it could comment.

[Marie26]

5. Great

I'm starting to regret jumping on the ports bandwagon. Are these guys really any better than DP World? They're both just globalist corporate cronies.

[High Plains]

6. It was a nationalist freak-out.

We traded one globalist corporation for another. Ho hum.

Interesting how that whole port thing divided this board. It wasn't so much liberal-conservative as nationalist-internationalist. I suspect the same people upset about the Dubai Port World deal are now very, very concerned about all them Mexicans.

[Efilroft Sul]

14. Why I disagreed with DPW controlling our ports.

After the Taliban took control of the area around Kandahar, Afghanistan, in September 1994, prominent Persian Gulf state officials and businessmen, including high-ranking United Arab Emirates and Saudi government ministers, such as Saudi intelligence minister Prince Turki al-Faisal (who just resigned his ambassador's post), frequently flew into Kandahar on state and private jets for hunting expeditions. One noted visitor was Sheik Mohammed ibn Rashid al Maktum, United Arab Emirates Defense Minister and Crown Prince for the emirate of Dubai. While there, some developed ties to the Taliban and al-Qaeda and gave them money. Both bin Laden and Taliban leader Mullah Omar sometimes participated in these hunting trips. Sheik al Maktum, who is said to have gone falcon hunting with bin Laden, rules the emirate that owns DP World.

So I ask you, do you trust DPW with our port security?

As for Mexicans, yes, I am "very, very concerned" about the illegal ones. They are breaking our laws by slipping in to our country. If we on DU are so upset about Bush destroying the Constitution, we cannot just look the other way on the matter of illegal immigration. There is a right way to become an American, and a wrong way. We are are either a nation of laws, or we are not. These things matter.

[Dr Batsen D Belfry]

7. Pretty sure it was AIG and Hatford that helped Walmart

commit tax evasion. Ashcroft never prosecuted it, but it was huge. It had to do with the Dead Peasant Insurance discovery where Walmart borrowed the money from AIG and Hartford to buy the policies from them. This way the interest on the loans for the policies became expensable. The cost of buying the policies would not be expensable since Walmart was the beneficiary.

DBDB

[Efilroft Sul]

8. Dubai Ports sells its US operations.

WASHINGTON - Dubai Ports World, the company whose planned takeover of major U.S. port operations ignited a political firestorm earlier this year, has agreed to sell those operations to AIG Global Investment Group.

The company announced the deal Monday. The U.S. operations at six major U.S. seaports in New York/New Jersey, Philadelphia, Baltimore, Miami, Tampa and New Orleans were valued at approximately $700 million, but DP World did not disclose the sales price.

The deal also involves stevedoring operations in 16 locations along the eastern seaboard and Gulf Coast and a passenger terminal in New York City.

http://news.yahoo.com/s/ap/20061211/ap_on_bi_ge/ports_security

edited for fixing link. sorry.

[shraby]

9. Annnnd, just what companies make up the

AIG Global Investment Group????????????????

[lovuian]

10. 666 Company

AIG - The Insurance Giant is truly unique. It has multiple 3 number addresses including '666'. It has recently been involved in numerous scandals and problems.

Spitzer went after Greenburg for his greed


American International Group (AIG) and Florida’s Greenberg-Traurig law firm bank accounts established at New York’s Citibank where President George H. W. Bush’s former CIA legal counsel Norman Philip Brownstein sits as a Director

From what I have heard is AIG is BCCI's succesor In Money laundering and it made Billions over Insurance of 9/11

Its pretty dirty company with links to George HW
if you were bringing in drugs you would want the ports

[MADem]

11. Gee, they're .... ..... ..... 'INTERNATIONAL!!!!'

http://www.aiggig.com/aig/default.htm

AIG Global Investment Group (AIGGIG) comprises a group of international companies which provide investment advice and market asset management products and services to clients around the world. AIGGIG is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, hedge funds, private equity, and real estate.

AIGGIG manages approximately US $638.1 billion in assets, and employs more than 1,800 professionals in 44 offices around the world as of 30 September 2006.

The whole thing is VERY vague.....but if you flash on their TIMELINE...guess what? They were founded in CHINA!

http://www.aiggig.com/AIG/flash/new_timeline3.swf

[lyonn]

12. Very interesting, thanks. eom

[TomInTib]

13. My brother works for them

They were "founded" in China at the urging of the China-American Chamber of Commerce (headed by Prescott Bush, by the way).

AIG grew out of American General, based out of Houston and founded by Gus Wortham.

They have no experience whatsoever in Port Management.

My money says they will contract it out to DPW.

[MADem]

15. Now, THAT is some fascinating info there, Tom! Thanks! NT