Bush Approves Takeover of Military Plants by Dubai

From the Associated Press:

WASHINGTON (April 28) - President Bush on Friday approved a deal for a Dubai-owned company to take control of some U.S. plants that manufacture parts for American military contractors.

Initial reactions from Congress indicated that there would not be the opposition to the deal that prevented another Dubai-based company from taking over operations of several U.S. ports.

"This was a transaction that was thoroughly reviewed and closely scrutinized," White House press secretary Scott McClellan said in confirming the deal. "In the view of the committee, it does not compromise our national security."

As a condition of the president's approval, the company signed an agreement that promised an uninterrupted supply, McClellan said. The White House was in the process of informing key members of Congress of the president's decision.

House leadership aides, speaking on condition of anonymity, said lawmakers from both parties on the relevant committees had been briefed on the deal, and had agreed that necessary safeguards were in effect. They said there had been numerous contacts with the administration.

And watch those Bush family fortunes soar. Remember, from his perch the economy looks pretty darn good.