CNOOC/US lawmakers: The China syndrome

The American Congress is once again at the vanguard of knee-jerk public opinion. Some 41 lawmakers signed a letter urging President Bush to force CNOOC’s $18.5bn takeover of Unocal into a review by the Committee on Foreign Investment in the US. The CFIUS has sweeping powers to block deals based on threats to the national interest. This would be a mistake. Yet, the response illustrates how quickly the Chinese may replace the French as the nationality Americans love to disparage. Of course, the p...