Friday, March 03, 2006

Is Carlyle Group at heart of DPW deal?

So asks Jeromie Corsi his column at wingnut site WorldNetDaily. Now Corsi is, of course, the co-author of that slimy Swift Boat Veteran book that did such damage to the Kerry campaign. Are the Bushites turning on their own?
Widely discussed is that CSX – the rail and ocean carrier container company – was sold to DP World in 2004 after Treasury Secretary John Snow was no longer CSX's chief executive officer. What has received far less attention is the transaction announced in December 2002, in which the Carlyle Group acquired a majority stake in CSX for $300 million.

John Snow was sworn-in as secretary of Treasury on Feb. 7, 2003. Then we see that David Sanborn, the U.S. Merchant Maritime Academy graduate who President Bush just nominated to be maritime administrator under Transportation Secretary Mineta was an executive with CSX before he served as DP World's director of Operations for Europe and Latin America.

Then we find that Dubai International Capital, a private equity investment capital firm that is a wholly owned subsidiary of Dubai Holdings commonly participates in co-investments with the Carlyle Group. Dubai Holdings, like DP World, ends up being owned by the United Arab Emirates government, with ultimate ties to Sheikh Mohammed bin Rashid Al Maktoum, the successor currently at the head of Dubai's royal family.


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