Dubai, AIG, and the Ports

Facts matter: Sign up for the free Mother Jones Daily newsletter. Support our nonprofit reporting. Subscribe to our print magazine.


We learned last month that Dubai, the Gulf microstate, needs more time to pay off its debt. Adam Maxwell Jenkins, a college roommate of mine, has a great letter in today’s Financial Times explaining one especially interesting way that affects us:

It was only a little more than three years ago that the teetering Middle East state conglomerate was barely beaten back from taking control of 22 US ports after its DP World subsidiary agreed to purchase the British owner-operator P&O. Congressional opposition, voiced at first by Senator Charles Schumer, soon flowered into bipartisan outcry, attacking the deal as dangerously undermining US homeland security by placing a vulnerable component of our border infrastructure in the hands of a foreign company.

Dubai ended up agreeing to sell the ports to another conglomerate in order to calm the controversy. The punchline is that company’s name: AIG Global Investment Group. “Truly, one cannot make this stuff up,” Jenkins writes:

If only cooler heads had prevailed, taxpaying investors in the US might now be well positioned to capitalise on Dubai World’s distress as it gears up to dispose of purchases made in better times.

Sad stuff. For what it’s worth, Mother Jones was on the right side of this: we posted an article in 2006 explaining why not selling the ports to Dubai was a bad idea.

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate