President Bush’s recent decision to approve Singapore Technologies Telemedia’s acquisition of Global Crossing reaffirmed the US’ long-standing embrace of foreign investment.
But the process by which the transaction was approved, and the requisite security protocol, will almost certainly chill future foreign investment in the US – not only in telecommunications, but in other important sectors deemed ‘critical infrastructure’ by federal law. (These include, among others, the energy, transportation, chemicals, agriculture and defense industries.)
