Citi - Abu Dhabi deal and Senator Schumer's hypocrisy

[david_h...@hotmail.com]

As we all know, this Senator from NY has a record of being a
protectionist when it comes to foreign trade and acquisition: before
the subprime mortgage debacle, and way before the US was actually the
creditor of the world rather than its defaulter debtor, when the US
dollar was actually worth something, the US which professed to be a
free market economy country gobbled up assets in the newly-freed-from-
communism Eastern European country, enjoyed a cheap oil from the Arab
Gulf countries, Venezuela and Canada, and basically had everything -
from extensions of US-based universities in Singapore to HBO in
Poland. It suit them well to be in a market economy mode.

But when the tables have turned, Schumer turned protectionist, and
renounced everything that his father and school teacher had been
teaching him about the "free market". All of the sudden Chuck wants to
restrict access to investments in the US by "non-sovereign-
governments". 2 Years ago, he almost single handedly blocked the
acquisition of 6 US ports by Abu-Dhabi based company. Fine and dandy.

The problem was, that Chuck later on extended this "national security"
ground to block a Chinese-based mid-size company from investing in a
small US-based oil corp. All of the sudden "free enterprise" is not in
the mode.

Now, every time a Chinese, Arab, Russian -based company wants to
invest in America, he raises murmurs in halls of Congress. We're all
used to this by now. Sometimes Pelosi joins in the protectionist
chorus. When 2 months ago Nasdaq and Borse Dubai reached an agreement
to acquire OMX, let the latter own 30% of the London Stock Exchange
and acquire almost 20% of the Nasdaq stock, Chuckey went all up in
arms.

But now, in light of and facing the subprime mortgage meltdown, when
financial stocks are reduced to junk, all of the sudden he welcomes
Abu Dhabi's cash infusion. No more talk about "national security",
"sovereign funds" and the like. The racial profiling of all Arabs as
terrorists and Russia as a "re-emergence of cold war mentality"
disappears. Right now, Abu Dhabi's money is welcome, because it suits
Chuck Schumer's purposes. Tomorrow, another acquisition by the same
company would subject it to rejection on bogus "national security"
grounds. It bugs me as a Chinese that everytime we purchase a minority
stake in a relatively small to midsize US-company, Congressmen run
amok. Like with Blackstone, Bear Stearns or 3Com.

So next time China blocks US investments, threatens to pull the plug
on the US dollar and trigger a runaway hyperinflation stateside,
switch all our money into Euros, Pounds or Yens or impose Putin-style
foreign ownership restriction on your investment, don't bitch nor
don't go to the WTO to complain. You deserve your due - you're a
selfish nation attempting to take over the world like you massacred
the Indians.

David Huang.

P.S.

Next time - before bitching about our abysmal environmental record -
go and ratify Kyoto and stop being such an obstructionist on climate
change. You've had 250 years to do it, and you still refuse. US's per
capita emissions are 20 times greater than China's.

[rst0wxyz]

On Nov 28, 8:48 am, david_huang2...@hotmail.com wrote:
> As we all know, this Senator from NY has a record of being a
> protectionist when it comes to foreign trade and acquisition: before
> the subprime mortgage debacle, and way before the US was actually the
> creditor of the world rather than its defaulter debtor, when the US
> dollar was actually worth something, the US which professed to be a
> free market economy country gobbled up assets in the newly-freed-from-
> communism Eastern European country, enjoyed a cheap oil from the Arab
> Gulf countries, Venezuela and Canada, and basically had everything -
> from extensions of US-based universities in Singapore to HBO in
> Poland. It suit them well to be in a market economy mode.
>
> But when the tables have turned, Schumer turned protectionist, and
> renounced everything that his father and school teacher had been
> teaching him about the "free market". All of the sudden Chuck wants to
> restrict access to investments in the US by "non-sovereign-
> governments". 2 Years ago, he almost single handedly blocked the
> acquisition of 6 US ports by Abu-Dhabi based company. Fine and dandy.

In this case, I can see his point, that as a middle eastern company,
what prevents this company itself might be in a position to ship
terrorists into this country without our knowledge? Better be safe
than sorry later.

>
> The problem was, that Chuck later on extended this "national security"
> ground to block a Chinese-based mid-size company from investing in a
> small US-based oil corp. All of the sudden "free enterprise" is not in
> the mode.
>
> Now, every time a Chinese, Arab, Russian -based company wants to
> invest in America, he raises murmurs in halls of Congress. We're all
> used to this by now. Sometimes Pelosi joins in the protectionist
> chorus. When 2 months ago Nasdaq and Borse Dubai reached an agreement
> to acquire OMX, let the latter own 30% of the London Stock Exchange
> and acquire almost 20% of the Nasdaq stock, Chuckey went all up in
> arms.
>
> But now, in light of and facing the subprime mortgage meltdown, when
> financial stocks are reduced to junk, all of the sudden he welcomes
> Abu Dhabi's cash infusion. No more talk about "national security",
> "sovereign funds" and the like. The racial profiling of all Arabs as
> terrorists and Russia as a "re-emergence of cold war mentality"
> disappears. Right now, Abu Dhabi's money is welcome, because it suits
> Chuck Schumer's purposes.

And it suits America's purposes to take the money and help out the
banking industry at this time.

> Tomorrow, another acquisition by the same
> company would subject it to rejection on bogus "national security"
> grounds.

Bogus "national security" now may be real national security later on.
I am with him.

> It bugs me as a Chinese that everytime we purchase a minority
> stake in a relatively small to midsize US-company, Congressmen run
> amok. Like with Blackstone, Bear Stearns or 3Com.

It suits us Americans fine and dandy, as you said.

>
> So next time China blocks US investments, threatens to pull the plug
> on the US dollar and trigger a runaway hyperinflation stateside,
> switch all our money into Euros, Pounds or Yens or impose Putin-style
> foreign ownership restriction on your investment, don't bitch nor
> don't go to the WTO to complain. You deserve your due - you're a
> selfish nation attempting to take over the world like you massacred
> the Indians.

Just think of all the money American companies invested in China
itself. You should be grateful for the American dollars.

>
> David Huang.
>
> P.S.
>
> Next time - before bitching about our abysmal environmental record -
> go and ratify Kyoto and stop being such an obstructionist on climate
> change. You've had 250 years to do it, and you still refuse. US's per
> capita emissions are 20 times greater than China's.

On this, I agree.