There's something that I really have to get off my chest, and I think it has been mentioned on Bloody Elbow before. 

Dana White is having an arguement with himself. He either thinks, or pretends to think, that he is having an argument with Emilianenko Fedor. But really, it's with himself.

Fedor is a [snorking] joke...

[He] turns down a huge deal and the opportunity to face the best in the world to fight nobodies, for no money. Fedor is a [crandlebarge]...

White consistently falls back on the arguement that Fedor is somehow ducking competition. That if he doesn't fight in the UFC, he isn't proving himself to be the best. 

Fedor has nothing to prove at this point. He boasts one of the best recods in MMA. He decimated the Pride heavyweight division for a number of years, in a sport where we all know, everyone has a puncher's chance and anything can happen (see the Fedor fish dance in the Fujita fight for evidence of that.) 

Fedor has beaten no less than five of the UFC's champions after they held their belts. 

In his own words:

I don’t consider myself on top of the pedestal...

This is my job, and to be honest with you, if I didn’t have to work this job, I probably wouldn’t. It’s how I make my living. It’s even tough to accept this is what I do for the living.

Those are not the words of a fame and fortune-hungry young buck willing to test himself against any and all comers. Those are the words of a humble and comfortable man who happens to be very talented at fighting. 

White needs to stop spinning the "Fedor is scared of the competition" line. It's tired, and it's wrong.

In all likeliness, I think the biggest factor in Dana not signing Fedor is Dana himself.