Word: airings
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Dates: during 1960-1969
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...worked for the Defense Department before, serving as Deputy Assistant Secretary of the Air Force for Management Systems before he joined the Business School Faculty. He won an Exceptional Civilian Service Award for his Air Force Work...
...could not have been accurately forecast when the contracts were signed in 1965. Not counting inflation, they claim that the actual overrun is an "extremely good" 10%. The plane itself has performed so well that, according to the company, Lockheed may collect a $22 million incentive bonus from the Air Force...
...deeply concerned about the spiraling costs of new weapons systems and their frequent failure to perform up to expectations. High prices and technical flaws plague many major weapons systems, including the Army MBT-70 tank (prime contractor: General Motors), the Navy LHA assault-ship program (Litton) and the Air Force Short-Range Attack Missile (Boeing). Last week all the censure converged on two huge defense projects, the Air Force C-5A transport and the Army AH-56A Cheyenne helicopter. Both are built by Lockheed Aircraft Corp., whose $2.2 billion in sales last year were made almost entirely to the military...
Overruns and Cutbacks. The C-5A, at 728,000 Ibs. the world's largest aircraft, has been under intense scrutiny since a Pentagon cost analyst in January leaked reports of ballooning expenses. Rather grudgingly, the Air Force and other sources revealed that the procurement bill had climbed from an anticipated $3.5 billion for 115 of the planes to $4.4 billion for 120 of them. Congressional critics charge that the "overrun" resulted mostly from Lockheed's attempt to win the contract by making an unrealistically...
...Lockheed could suffer enormous losses if Congress forces a cutback in orders. So far, the company has firm orders for 81 of the C-5A's. Even if the full 120-plane run is completed, Lockheed stands to lose $285 million, according to Air Force estimates made public last week. Those estimates purposely tend to downplay the suspicions raised by C-5A foes, who had suggested that the Pentagon and Lockheed had been conspiring to ensure that the company came out of the contract with an ample profit. In any case, Lockheed disagrees with the Air Force loss figures...