Today's Heroes: Unocal's Board

Unocal's board of directors snubbed their collective noses at Chinese Communist expansionism, rejecting CNOOC's $18.5 billion bid for the company. Instead, they recommended that shareholders accept a $17 billion bid for another American oil company, Chevron -- in effect saying they were willing to leave $1.5 billion on the table in the name of Democracy, Capitalism and America.

Shareholders will decide the issue on August 10 in Los Angeles. Expect China to not lie still for the next three weeks. Any shareholders interested in long-term value will go with Chevron. Any shareholders interesting in protecting the future of America will go with Chevron. The greedy, ignorant and unpatriotic will go with CNOOC.

Here's the AP story.