Dubai, AIG, and the Ports

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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.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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