Word: tridents
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Dates: during 1980-1989
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...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...
...Stock manipulation. Veliotis has given the Justice Department a 1977 tape of a talk he had with MacDonald. In it, MacDonald told Veliotis that the company had decided to issue an overly optimistic delivery timetable for the + first Trident submarine because Lewis wanted "to keep our stock price from sliding." The sub was eventually finished in 1981, two years behind the original schedule...
...also looking at Boeing Co. for billing a reported $127,000 of political contributions in 1982. While the aerospace company has already withdrawn reimbursement requests for some of its donations, it stands by some $65,000 in political expenses. Meanwhile, General Dynamics, which makes the F-16 fighter, the Trident submarine and Tomahawk cruise missiles, pledged to "satisfy the Defense Department's concerns regarding the validity of its billing procedure...
Since 1978, General Dynamics Corp. has faced a series of accusations that it bilked the Government of hundreds of millions of dollars in construction-cost overruns for the Trident submarine. Last week it was disclosed that the nation's largest arms manufacturer, with $7.2 billion in military contracts last year, had withdrawn $491,840 in charges to the Defense Department for air travel by its chairman, David S. Lewis, and other executives. The bill included 76 flights that Lewis made in Sabreliner and Gulfstream III company jets from General Dynamics headquarters in St. Louis to his farm in Albany...
During Reagan's first term, the U.S. retired 21 Titan II missiles, which are considered obsolete; the remaining 33 are being phased out at the rate of one a month. Eight Polaris submarines with 64 long-range missiles were also retired, but three new Trident subs, carrying 576 missiles, more than made up for the loss. The U.S. also took 79 of its oldest B-52 bombers out of service, but it equipped 90 others with formidable cruise missiles...