Despite an ongoing criminal investigation into BPI and worries about the strength of its balance sheet, Mr Fazio gave the bank his approvaltoproceed with the bid.
Mr Berlusconi's lawyers do not argue merely that the prosecutors lack a case, but that they had no right to investigate him (because they failed to refer the matter to a court for judging ministers that requires parliamentary approvaltoproceed).
An acquirer that obtains CFIUS approval can proceedto close the transaction knowing that a safe harbor provision usually protects it from future CFIUS actions.
Consent under Section 11 of the South African Mineral and Petroleum Resources Development Act 2002 was the final approval required for this transaction toproceed.
After all, the best that can be hoped for is that the President will not get such approval since, if it were granted, Iraq would almost certainly agree to admit inspectors -- then proceedto diddle them as it had before, staving off U.S. action while buying further time for Baghdad's acquisition of atomic or nuclear weapons.