Dubai Ports completes sale of controversial US operations

[TomInTib]

So they sold it to AIGGIG? An investment and financial services firm kinda like Carlyle. I wonder who will be overseeing Port Ops. My bet is DPW.

Saturday, Mar 17

Dubai port operator DP World has completed the sale of its US operations, drawing the curtain on its controversial investment in the United States, the official WAM news agency reported Saturday.

The state-owned company said it has finalised on Friday a deal to sell its wholly owned subsidiary P O Ports North American (POPNA) to AIG Global Investment Group.

It did not disclose the price.

An Internet statement said the sale "fulfills the commitment made by DP World last year to sell its US assets to an American buyer."

rest of article:
http://news.yahoo.com/s/afp/20070317/wl_mideast_afp/uaeuseconomycompany

[spindrifter]

1. Interesting--

they have offices in practically every important location--except the Middle East.

http://www.aiggig.com/AIG/About+AIGGIG/Locations/

[TomInTib]

3. This just blows me away.

I wonder if AIGGIG underwent any Congressional vetting process to determine their ability to oversee and manage port ops.

This is far to critical an operation to be left to the oversight of a financial management company.

I just do not understand this at all.

[appleannie1]

2. Here are bio's of some

of their team in their hedge fund division.

http://www.aiggig.com/AIG/Templates/HTMLSideNavSideImages.aspx?NRMODE=Published&NRORIGINALURL=%2fAIG%2fHedge%2bFunds%2fHedge%2bFunds%2fHedge%2bFund%2bStrategies%2bTeam%2ehtm&NRNODEGUID=%7bC893CD2B-2875-430B-8AED-36BE851B1217%7d&NRCACHEHINT=NoModifyGuest#asac

[bobthedrummer]

5. Got your attention quick too-wow...

:hi:

[bobthedrummer]

6. self delete dupe post

[bobthedrummer]

4. Oh my-this is related to so many things that are being researched closely

here's AIGGIG's Management Team
http://www.aiggig.com/AIG/About+AIGGIG/Management+Team/

but here is the real power
AIG Corporate Governance Board of Directors
http://phx.corporate-ir.net/phoenix.zhtml?c=76115&p=irol-govboard

Thanks!

[Trajan]

7. The Republicans say they hate government operation of commerce ...

Yet they drool over themselves trying to allow a government owned entity from Dubai access to US port operations ? ...

What gives here ? .... Am I the only one who 'hears' the cognitive dissonance ?

And what does this have to do with Halliburton's move to Dubai ? .. WTF is going on ?

[TomInTib]

10. I cannot figure it out.

Without going into a lot of detail (which would bring me all manner of grief on DU), I have a whole lot of experience regarding this sort of thing.

This business makes no sense to me at all.

Unless DPW will be the contracted operator under AIGGIG.

[glitch]

17. With fascists it doesn't really matter if the government owns the corporations or the corporations

own the government, as long as they own both.

[bobthedrummer]

8. Heavy background thread-still ongoing DU collaborative effort

"International American Products Inc/IAP:A DU investigation thread"
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x360539

[NYC]

21. IAP = Treas. Sec'y. John Snow & former execs of KBR (Halliburton).

Treas. Sec'y. John Snow & former execs of KBR (Halliburton).

...IAP is owned by a New York hedge fund whose board is chaired by former Treasury Secretary John Snow, and it is led by former executives of Kellogg, Brown and Root, the subsidiary spun off by Texas-based Halliburton Inc., the oil services firm once run by Vice President Dick Cheney...

From an article regarding the privatization of Walter Reed.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2771567

[bobthedrummer]

9. I wonder if the controversies over Cerberus/Bank Leumi and today's

announcement of the takeover of Bank Hapoalim by the Arison Group
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x360539#436537
(Bank Leumi is Israel's second largest; Bank Hapoalim Israel's largest-they are being privatized like everything else)

[lovuian]

11. Making Drugs and weapons easier to come into America

AIG is quite like Haliburton

[cosmicdot]

12. American International Group

AIG, Maurice Greenberg, chair of the Nixon Center's Board of Directors

American International Group, Inc. (AIG) is the "leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed in the U.S. on the New York Stock Exchange as well as the stock exchanges in London, Paris, Switzerland and Tokyo," its website states. http://www.sourcewatch.org/index.php?title=American_International_Group

Greenberg is a billionaire whose worth is roughly $3.6 billion. He is married and has four children. He is the father of Jeffrey W. Greenberg, former chairman and CEO of Marsh & McLennan Companies (MMC), and of Evan G. Greenberg, president and CEO of ACE Limited (offshore company). Together, he and his sons controlled a major portion of the insurance industry. http://en.wikipedia.org/wiki/Maurice_R._Greenberg Evan is on the Advisor Council of the Nixon Center
http://web.archive.org/web/20050205063607/www.nixoncenter.org/boardac.htm

Accounting fraud claims

In 2005 AIG came under investigation for accounting fraud.

Timeline

* On October 14, 2004 the New York State Office of Attorney General Eliot Spitzer announced that it had commenced a civil action against Marsh & McLennan Companies for steering clients to preferred insurers with whom the Company maintained lucrative payoff agreements, and for soliciting rigged bids for insurance contracts from the insurers. The Attorney General announced in a release that two AIG executives pleaded guilty to criminal charges in connection with this illegal course of conduct.
* In early May 2005, AIG restates financial statements, and issues a reduction in book value of USD $2.7 billion, a 3.3 percent reduction in net worth. AIG's share price falls due to conservative investors selling shares.
* On February 9, 2006, AIG and the New York State Attorney General's office agreed to a settlement in which AIG would pay a fine of $1.6 billion.
http://en.wikipedia.org/wiki/American_International_Group#Accounting_fraud_claims


AIG's Board of Directors

PEI-YUAN CHIA
Director since 1996
Retired Vice Chairman, Citicorp
and Citibank, N.A.
Age 67


MARSHALL A. COHEN
Director since 1992
Counsel, Cassels Brock & Blackwell (Barristers and Solicitors); Former President and Chief Executive Officer, The Molson Companies Limited
Age 71
Director,* Barrick Gold Corporation
Collins & Aikman Corporation
Lafarge North America Inc.
Metaldyne Corporation
TD AMERITRADE Holding Corporation
TriMas Corporation
* Mr. Cohen has made a commitment to AIG that, in accordance with AIG's Corporate Governance Guidelines, he will reduce the number of public company boards on which he serves as director (other than AIG) to no more than four by the end of 2006.


MARTIN S. FELDSTEIN
Director since 1987
Professor of Economics, Harvard University; President and Chief Executive Officer, National Bureau of Economic Research (a nonprofit economic research center)
Age 66
Director, Eli Lilly and Company
HCA Inc. <--- the latter being the Frist family fortune


ELLEN V. FUTTER
Director since 1999
President, American Museum of Natural History
Age 56
Director, Consolidated Edison, Inc. (also serves
as Trustee of Consolidated Edison
Company of New York, Inc.)
JPMorgan Chase & Co.
Viacom Inc.


STEPHEN L. HAMMERMAN
Director since 2005
Senior Special Counsel, Clifford Chance LLP (Attorneys); Former Deputy Commissioner of Legal Matters, New York City Police Department; Former Vice Chairman, Merrill Lynch & Co., Inc.
Age 67


RICHARD C. HOLBROOKE
Director since 2001
Vice Chairman, Perseus LLC (merchant bank and private equity fund management company); Former United States Ambassador to the United Nations; Former Vice Chairman, Credit Suisse First Boston
Age 64
Director, Quebecor World Inc.


FRED H. LANGHAMMER
Elected January 18, 2006
Chairman, Global Affairs and Former Chief Executive Officer, The Estée Lauder Companies Inc.
Age 62
Director, Shinsei Bank, Limited
The Walt Disney Company


GEORGE L. MILES, JR.
Director since 2005
President and Chief Executive Officer, WQED Multimedia; Former Executive Vice President and Chief Operating Officer, Thirteen/WNET New York
Age 64
Director, Equitable Resources, Inc.
Harley-Davidson, Inc.
WESCO International, Inc.

MORRIS W. OFFIT
Director since 2005
Co-Chief Executive Officer, Offit Hall Capital Management LLC (a wealth management advisory firm); Founder and Former Chief Executive Officer, OFFITBANK (a private bank)
Age 69


JAMES F. ORR III
Chairman of the Board of Trustees, The Rockefeller Foundation
Age 62
Director, Mellon Financial Corporation*
Nashua Corporation
The Stride Rite Corporation
* Mr. Orr has informed Mellon Financial Corporation that he will not stand for reelection at Mellon's April 2006 annual meeting.


MARTIN J. SULLIVAN
Director since 2002
President and Chief Executive Officer, AIG
Age 51
Director, International Lease Finance
Corporation and Transatlantic
Holdings, Inc., (“Transatlantic”),
subsidiaries of AIG


MICHAEL H. SUTTON
Elected October 21, 2005
Independent Consultant; Former Chief Accountant of the United States Securities and Exchange Commission
Age 65
Director, Allegheny Energy, Inc.
Krispy Kreme Doughnuts, Inc.


EDMUND S.W. TSE
Director since 1996
Senior Vice Chairman—Life Insurance, AIG
Age 68


ROBERT B. WILLUMSTAD
Elected January 18, 2006
Former President and Chief Operating Officer, Citigroup Inc.
Age 60
Director, Mastercard International

FRANK G. ZARB
Elected Interim Chairman,
April 21, 2005
Director since 2001
Senior Advisor, Hellman & Friedman LLC (private equity investment firm); Former Chairman and Chief Executive Officer, National Association of Securities Dealers, Inc. and The Nasdaq Stock Market, Inc.
Age 71
Director, FPL Group, Inc.*
*Mr. Zarb has informed FPL Group, Inc. that he will not stand for reelection at FPL's 2006 annual meeting.


OWNERSHIP OF CERTAIN SECURITIES

The following table contains information regarding the only persons who, to the knowledge of AIG, beneficially own more than five percent of AIG's Common Stock.

Shares of Common Stock
Beneficially Owned
Name and Address
Number
Percent

FMR Corp. and Edward C. Johnson 3d (collectively, the “FMR Group”)(2)
82 Devonshire Street
Boston, MA 02109
176,697,164 6.808 %

C.V. Starr & Co., Inc.; Edward E. Matthews; Maurice R. Greenberg;
Maurice R. and Corinne P. Greenberg Family Foundation, Inc.;
Starr International Company, Inc.; The Universal Foundation
(collectively, the “Starr Group”)(3)
399 Park Avenue
17th Floor
New York, NY 10022(4)
396,124,637 15.2 %


http://www.sec.gov/Archives/edgar/data/5272/000095011706001639/a41169.htm

Carla Hills used to be a Director.


Whose country is this?

[TomInTib]

13. Bumped

This is large...

[bobthedrummer]

14. Yep. eom

[maddezmom]

15. related article: Officials completed their antitrust investigation of the deal with DPW w/o taking

AIG gets nod to buy U.S. ports
Officials completed their antitrust investigation of the deal with Dubai Ports World without taking action, according to the FTC.
February 22 2007: 12:15 PM EST


WASHINGTON (Reuters) -- U.S. antitrust authorities said Thursday they approved plans by insurer American International Group to buy the U.S. port facilities of state-owned Dubai Ports World.

Officials completed their antitrust investigation of the deal without taking any action, the Federal Trade Commission said in a notice.

DP World said in December it agreed to sell the facilities in New York, New Jersey, Philadelphia, Baltimore, Miami, Tampa and New Orleans to American International Group (down $0.45 to $69.24, Charts).

Dubai World plans 50% growth
The sale was arranged after U.S. lawmakers said control of U.S. port terminals by a state-owned Arab company could threaten national security.

A last-minute clash with the Port Authority of New York and New Jersey threatened to derail the deal for the Newark Port container terminal.

DP World and the agency resolved the dispute last week, with AIG agreeing to invest a minimum of $50 million in the port over the life of its 23-year investment.

more:
http://money.cnn.com/2007/02/22/news/aig_dubai.reut/index.htm?section=money_latest

[bobthedrummer]

16. As I recall, when the DPW news first broke it was discovered that John Negroponte

had vetted them. That's my recollection.

[TomInTib]

18. And there is the matter with their lobbyist...

http://www.washingtonpost.com/wp-dyn/content/article/2006/02/23/AR2006022301882.html

Role of Sen. Dole's Husband at Issue

By Jeffrey H. Birnbaum
Washington Post Staff Writer
Friday, February 24, 2006; Page A06

The lobbying of former Senate majority leader Robert J. Dole on behalf of the Dubai-owned company set to take over management of terminals at six major U.S. seaports is creating a political problem for his wife, Sen. Elizabeth Dole (R-N.C.).

[bobthedrummer]

19. As a side bar, in 2004 the DoJ withdrew a tool for following the money trail

by ordering libraries to destroy certain manuals. Russ Kick at the memory hole published them after a FOIA request was granted to researcher Michael Ravnitzky.

Justice Dept:2006 Asset Forfeiture and Money-Laundering Manuals
http://thememoryhole.com/doj/2006_manuals.htm

These are useful so why did the DoJ order libraries to destroy them in 2004???

[bobthedrummer]

20. Researchers in this thread might want to contribute to a National Energy Policy

Development Group/NEPDG collaborative investigation thread started today in GD
Richard B. Cheney was taken to Court by the GAO about this during the first week of September 2001.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x440721

[bobthedrummer]

26. Kick.

[bobthedrummer]

22. kick

[Megahurtz]

23. Wow.

Sneaky as Hell.

[bobthedrummer]

24. Take a little time and effort to make a difference, spread this around

or contribute your skills in researching these tangled webs.

[Megahurtz]

27. I will.....

and this stuff is so tangled and HUGE it just goes on and on. It makes for a lot of reading.
I only wish that all of the RightWingers knew the Real Truth of what's really going on.
Most of them have no idea.

[bobthedrummer]

28. thank you-you can make a difference just by making others aware of these networks

what was once hidden in the "shadow government" is now being exposed to the light it hates...

[bobthedrummer]

25. kick

[dEMOK]

29. Good Catch - K & Argh!...

:grr:

[bobthedrummer]

30. kick