Definitions
NBC reports: Dubai to give up control of U.S. ports:
“DP World will transfer fully the U.S. operations … to a United States entity,” the firm’s top executive, H. Edward Bilkey, said in an announcement that capped weeks of controversy.
Relieved Republicans in Congress said the firm had pledged full divestiture.
Bilkey’s title is “chief operating officer”, so I’m not confident that he is, in fact, the “top executive”. The Emir of Dubai owns DP World and everyone else can be replaced.
He said that US operations would be transferred to a “United States entity”. I’m sure he knows the words “company” and “corporation”, but he said “entity”.
This was an emergency measure to stop Congress from passing a law to bar DP World.
Whatever happens, it is sure to involve James Baker, the Bush family consigliere on all things Mideast, and don’t be surprised if there are references to the Carlyle Group.
