Billmon: China Syndrome
The Wall Street Journal takes a look at the growing hysteria in our Chamber of People's Deputies over the latest version of the yellow peril: the possibility that a (gasp) Chinese oil company might actually buy an American-flagged oil company:
So far Cnooc has been pushed into the defensive by an unexpectedly strong anti-China sentiment in Washington. The harsh response has even surprised people in the camp of Chevron Corp., whose $16 billion-plus deal is due to be voted on by Unocal shareholders in only five weeks. Amid an anti-Cnooc campaign in Washington, one person close to Chevron conceded, "A lot of it is not organized, it came on its own. It's a freebie for every congressman to pile on China."
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