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Comments by YACCS
Tuesday, July 05, 2005

America for sale


We want Unocal, dammit

China Tells Congress To Back Off Businesses
Tensions Heightened by Bid to Purchase Unocal

By Peter S. Goodman
Washington Post Foreign Service
Tuesday, July 5, 2005; Page A01

SHANGHAI, July 4 -- The Chinese government on Monday sharply criticized the United States for threatening to erect barriers aimed at preventing the attempted takeover of the American oil company Unocal Corp. by one of China's three largest energy firms, CNOOC Ltd.

Four days after the House of Representatives overwhelmingly approved a resolution urging the Bush administration to block the proposed transaction as a threat to national security, China's Foreign Ministry excoriated Congress for injecting politics into what it characterized as a standard business matter.

"We demand that the U.S. Congress correct its mistaken ways of politicizing economic and trade issues and stop interfering in the normal commercial exchanges between enterprises of the two countries," the Foreign Ministry said in a written statement. "CNOOC's bid to take over the U.S. Unocal company is a normal commercial activity between enterprises and should not fall victim to political interference. The development of economic and trade cooperation between China and the United States conforms to the interests of both sides."

Those words, the latest rhetorical volley in an escalating trade battle, officially elevated the takeover battle for Unocal into a bilateral issue involving Washington and Beijing, raising the stakes of the outcome.

Yes, let's have China own an American oil company. Why not let them invest in Sun,. Microsoft and Boeing as well. Maybe they want shares in Colt and Rathyeon as well? Maybe station PLA troops to protect their interests, starting with Wal-Mart.

Hell no.

The PLA is a major investor in Chinese businesses. Letting them buy Unocal is not like letting the Japanese buy Rockefeller Center. It's a national security issue. So when will Grover Norquist be hired to sell out America again.

posted by Steve @ 12:56:00 AM

12:56:00 AM

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