Dave Weigel reminds everyone of how Democrats latched onto the Dubai Ports World "controversy," which involved Democrats fear-mongering over a UAE-owned company providing security at American ports.
There's no one-to-one comparison here, because the ports deal involved international corporations and national security. But you had a very familiar response to those complications: Politicians simplifying the situation and pandering to suspicion and mistrust of Muslims.
Of course, it was the Bush administration at the time that was doing the responsible thing and attempting to tamp down anti-Muslim demagoguery from Democrats. This is another reason why you're not going to see American Muslims moved permanently into the Democratic column. Both parties have shown an aptitude for pandering to anti-Muslim fervor when the opportunity presents itself, and some Democrats are already following Harry Reid's lead in doing so.