Is Foreign Control of Ports Bad?

A number of politicians are upset, based on security concerns, about a company from the United Arab Emirates trying to acquire some US owned ports. One senator says:

"We wouldn't turn over our customs service or our border patrol to a foreign government"

I'm not sure how useful that reductio ad absurdum is given that the 9/11 Commission has given the Transportation Security Administration's airline passenger screening an "F" rating.

Update: This story has gotten big. Why is it that the one time I agree with Bush on something everyone else seems opposed to it? Oh well.