Alert: BAE Takeover Approval Rushed Through CFIUS; Now, It's Up to the Congress!
June 21 (LPAC)--The Federal Committee on Foreign Investment in the US (CFIUS) has just rushed through approval of BAE's takeover of US defense contractor Armor Holdings after a cursory, pro-forma 30-day review, reports FT.com this afternoon, based on regulatory filings by Armor Holdings today. This despite the fact that the US Department of Justice is weighing a criminal investigation into BAE, amidst ever-deepening scandal internationally.
The question must be asked: was Vice-President Cheney involved in short-circuiting a full national-security investigation of BAE by CFIUS, as he had earlier been involved in quashing the BAE investigation by Britain's Serious Fraud Office in December, 2006?
Now it is up to the Congress, especially the Senate and House Banking Committees which have oversight over CFIUS, to reverse CFIUS's blunder, as they did in the Dubai Ports World case in 2006. They will find egg all over their faces if they do not.