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Sunday, July 24, 2005

NYT Takes A Side In Its News Analysis On The Unocal Bid By China

In the typical NYT tradition of fair and objective analysis of complicated issues such as the Chinese bid for Unocal by Cnooc, it took the final 2 paragraphs to find anyone willing to say something positive regarding the deal and free trade with China. In a two-page featured article in the Business section entitled “Who’s Afraid of China Inc.?” Steve Lohr examines the $18.5 billion offer to buy the American oil company ($1.5 billion more than offered by the other bidder Chevron).

Before hearing about potential benefits of trading with China and allowing this sale to go through we get to read negative comments from William Reinsch (a Clinton administration senior trade official) and Kenneth Lieberthal (a senior official of the Clinton administration). These guys were supportive of trade with China when Clinton was giving away weaponry and satellite technology to China about 10 years ago? We also hear from 2 members of Congress including a Republican unknown named Richard Pombo. (Where was anyone from Cato when Lohr was writing this article?).

Then, about mid-point in the article, when reaching out to some people who may have something positive to say, we hear that Congress will not idly stand by and allow this deal to go through by Congressional advisor C. Richard D’Amato and a Reagan administration trade official named Clyde Prestowitz. Prestowitz’ message is we would be hypocrites to not allow the sale given the massive trade surplus they have built up with us. I read that as a backhand criticism of Bush.

Then we hear more from security experts like Frank Gaffney and James Woolsey. I admire both men and their concerns about China are a must for us to consider. Funny, they are rarely quoted in the NYT on anything involving North Korea, The Middle East or Global Terror.

Then we read about an investment firm that sold its Cnooc shares because they felt the price offered for Unocal was too high. That sounds like proper investment considerations. I wonder if those investors have sold their Unocal shares yet. My guess is they are sitting on it waiting for Congress to up their stock values. Let’s check those “blind trusts” held by our Senators.

Nothing but fear over the deal can be garnered from this objective article. I suggest you cut up the paragraphs and reorder them from last to first of you want to read anything remotely balanced. Or skip it altogether and dream about the joy you would feel today if you owned a few thousand shares of Unocal.

1 Comments:

At 12:31 AM, Anonymous Anonymous said...

Enjoyed a lot! »

 

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