Let it go.
by
clevernickname
12/18/2007, 9:38 PM
Foreign firms have always been keen on buying what they perceive as Landmark companies and properties that belong to the US, only to lose their shirts later. I'm not just talking about Diamler paying $2 Billion to rid itself of Chrysler or The Japanese with Pebble Beach and Rockefeller Center. The recent acquisitions such as the sovereign wealth fund of China losing $600 million on Blackstone, or Lenovo's absent profits from its purchase of IBM's PC division, prove that the foreign companies are not that good at valuing American assets they buy. Instead of getting a perceived discount, they are the ones who get ripped off instead. Thus, for any protectionists out there, they should instead embrace the trend of new foreign overlords and allow them to take over our money-losing operations. Their infusion of cash through these purchases can only benefit our economy in the long run, as it keeps businesses that would otherwise be shuttered or significantly downsized from collapsing.