Word: contractor
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...aiming at the defense industry. Last week the Defense Department revealed that it has hit Pratt & Whitney for a refund of $40 million in higher-than-expected profits made supplying jet- engine spare parts. The widest barrel, however, remains pointed at General Dynamics, the country's top defense contractor, which found itself facing investigations by a federal grand jury in Connecticut and a congressional subcommittee as well as by Pentagon auditors (see following story...
...first glance, David S. Lewis would seem to hold one of the most enviable positions in corporate America. As chairman of St. Louis-based General Dynamics, he presides over the top U.S. defense contractor and No. 1 beneficiary of the Reagan military buildup. Megabuck contracts to build weapons such as the Trident nuclear-missile submarine, F-16 fighter plane and M-1 tank helped General Dynamics reap revenues last year of $7.8 billion and profits of $382 million, up 33% from...
...submarine saga illustrates several of the alarming trends in the defense procurement business. The sheer size of the stakes--$100 million or more for a single sub--was enough to excite the greed and test the integrity of even the most well-meaning contractor. Says a former top Pentagon official: "Whenever you have so much money, you are going to have people doing a lot of reprehensible things to get the money. The sums are so huge now they pretty much defy control...
Donovan's problems began in 1976, when William Masselli, a soldier in the Genovese Mafia family, took over a small construction firm that held subcontracts on large Schiavone projects. When Schiavone won the subway contract, Masselli was given a piece of the action. U.S. law requires that any contractor receiving a federal public works grant must award 10% of the business to minority-owned companies. Since 80% of Schiavone's contract was federally financed, the firm had to find a minority subcontractor. So Masselli created the Jo-Pel Contracting and Trucking Co. and claimed that at least...
...Nauseating," said Defense Department Spokesman Michael Burch. He was talking about a long list of alleged billing abuses by General Dynamics, the nation's largest military contractor, with $7.2 billion in Pentagon business in 1984. According to testimony before the Oversight and Investigations Subcommittee of the House Energy and Commerce Committee, the company billed the Government for an $18,000 country-club admissions fee, $1,125 worth of jewelry given to then Admiral Hyman Rickover's wife and the charge for boarding a company executive's dog at a kennel. Last week Defense Secretary Caspar Weinberger suspended payments of roughly...