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| Subject: No need to scream or yell and I never said cheney still did work for halliburton . | |
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Author: Bev |
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Date Posted: 09:37:15 03/10/07 Sat In reply to: Oropan 's message, "Where is the Haliburton connection????????" on 07:11:45 03/10/07 Sat >And in case you don't know it, VP Cheney DOES NOT WORK >AT Haliburton. Didn't the Clintons once work at that >shady criminally indited lawfirm in Arkansas? You are >trying to use the same logic....that is if you can >call it logic since that would involve using your >brain! >And it is obvious you hate all investment firms and >hedge funds. And, BTW, hedge funds are regulated!! > > > > >> I got this from another board its long it also >>explains the connection haliburton has to the com >>running walter reed facility . >> this is just the first half this forum would not take >>the whole post . >> >>Lrger CIA and DoD Privatization Scandal Emerging from >>Walter Reed Story and US Attorney Firing >> Top GOP Figures Profited from Privatization of VA >>Hospital, CIA Contracting >> >>A large global hedge fund, Cerberus Capital Management >>(dba, Cerberus-Gabriel), is at the center of an >>emerging Pentagon and CIA contracting scandal that has >>the attention of three Congressional Committees. >> >>This scandal involves the mismanagement of VA hospital >>facilities privatized during the Bush-Cheney >>Administration, as well as intelligence abuses by >>private CIA contractors with financial ties to major >>GOP leaders and institutions.. >> >>In each case, the companies under investigation have >>links to prominent GOP figures, including Vice >>President Dick Cheney, former Vice President Dan >>Quayle, former Defense Secretary Donald Rumsfeld, and >>several Republican Congressmen indicted for corruption >>involving kickbacks from defense contractors. The >>Republican Congressional Campaign Commitee (RCC) has >>also received substantial contributions from >>conservative fund managers running Cerberus, a >>virually unregulated $30 billion hedge fund, which >>owns the second largest bank in Israel. >> >>The Cerberus scandal involves its holding, >>International American Products (IAP) Worldwide >>Services, awarded a $120 million contract to manage >>facilities at Walter Reed, is only the latest in a >>long line. IAP’s President, Alfred V. Neffgen, was >>formerly Chief Operating Officer for KBR's government >>operations group, which was forced to repay tens of >>millions of dollars to the Defense Department for food >>and fuel overcharges in Iraq. IAP has other >>contracting connections with Dick Cheney’s >>Halliburton/KBR. Most recently, IAP bid on part of the >>Iraq oil reconstruction project as a partner with >>Halliburton KBR. The Army Times reports about >>Halliburton tie-in: >>href="http://www.armytimes.com/news/2007/03/Weightmans >u >>bpoena">http://www.armytimes.com/news/2007/03/Weightma >n >>subpoena / >> >> >>Walter Reed also awarded a five-year, $120-million >>contract to IAP Worldwide Services, which is run by Al >>Neffgen, a former senior Halliburton official. >> >>They also found that more than 300 federal employees >>providing facilities management services at Walter >>Reed had drooped to fewer than 60 by Feb. 3, 2007, the >>day before IAP took over facilities management. IAP >>replaced the remaining 60 employees with only 50 >>private workers. >> >>“The conditions that have been described at Walter >>Reed are disgraceful,” the letter states. “Part of our >>mission on the Oversight Committee is to investigate >>what led to the breakdown in services. It would be >>reprehensible if the deplorable conditions were caused >>or aggravated by an ideological commitment to >>privatize government services regardless of the costs >>to taxpayers and the consequences for wounded >>soldiers.” >> >>The letter said the Defense Department “systemically” >>tried to replace federal workers at Walter Reed with >>private companies for facilities management, patient >>care and guard duty – a process that began in 2000. >> >> >>IAP Connected With Halliburton >> >>Cerberus owns, or had a major interest in, a string of >>now-bankrupt companies that had contracts with U.S. >>defense and intelligence agencies that were found to >>have a common pattern of large-scale fraud, security >>problems, and financial scandals involving GOP >>lawmakers and lobbyists. >> >>IAP also has a corporate tie-in with Halliburton-KBR >>on multi-billion dollar Iraq contracts. Halliburton is >>a major defense contractor once headed by Vice >>President Cheney, that has had its own history of >>problems with fraud and overcharges related to its >>management of sole-source projects in Iraq, >>particularly the multi-billion dollar LOGCAP contract >>to repair and maintain Iraq’s oil fields and >>pipelines. Just months before the invasion, DoD >>designated Halliburton/KBR as the sole potential >>bidder for potential large-scale pipeline repair >>contracts. Four years after the initial invasion and >>occupation of those fields, Iraq is still not >>producing at its prewar levels, a threshold that would >>require termination of the LOGCAP contract. >> >>IAP Worldwide Services President Dave Swindle, as >>Democratic Underground (DU) contributor >>“CorpGovtActivist” points out, is a former >>Halliburton/KBR employee. >target=_blank rel=nofollow >>target=_blank >>href="http://www.democraticunderground.com/discuss/dub >o >>ard.ph...">http://www.democraticunderground.com/discus >s >>/duboard.ph... >> >> >>Just before the mid-term elections, bids were due for >>LOGCAP IV, with multiple awards anticipated (see the >>synopsis): >>href="http://www.fbo.gov/servlet/Solicitation/R/USA/US >A >>MC/DAA">http://www.fbo.gov/servlet/Solicitation/R/USA/ >U >>SAMC/DAA ... >> >>On October 16, 2006, IAP Worldwide Services issued >>this press release: "IAP Worldwide Services, Inc. Team >>Submits Bid For LOGCAP IV Contract," which included >>this quote from former Halliburton/KBR executive Dave >>Swindle: >> >>“The LOGCAP IV contract is a major challenge,” said >>Dave Swindle, IAP President. “Supporting the >>warfighter and the Army is a responsibility that >>allows no compromise. IAP and its team members >>understand the magnitude of this program and the >>issues associated with its complexity. We place a high >>priority on using our proven Business Operating System >>(BOS) to provide effective oversight and tracking to >>responsibly meet the customer’s needs from Day One. >>Through BOS we will act as one team through a >>management and business system that is completely >>transparent to the customer.” >> >> >>href="http://www.iapws.com/Newsroom/Newsroom_details.a >s >>px?id=">http://www.iapws.com/Newsroom/Newsroom_details >. >>aspx?id= ... >> >>I worked for Dave Swindle at Halliburton/KBR's offices >>in Arlington, Virginia. As I said in posts here this >>past fall, "if there's a Swindle involved, there's a >>swindle involved." >> >> >>href="http://www.google.com/search?as_q=swindle+corpgo >v >>activi">http://www.google.com/search?as_q=swindle+corp >g >>ovactivi ... >> >>Today's hearing at Walter Reed focused on IAP's shoddy >>work as the privatized contractor there: >>href="http://oversight.house.gov/story.asp?ID=1195">ht >t >>p://oversight.house.gov/story.asp?ID=1195 (see, in >>particular, the letter to General Weightman about IAP) >> >>On February 16, 2007, the US Army Sustainment Command >>published the first Award Notice for LOGCAP IV: >>href="http://www.fbo.gov/spg/USA/USAMC/DAAA09/Awards/W >5 >>2P1J-0">http://www.fbo.gov/spg/USA/USAMC/DAAA09/Awards >/ >>W52P1J-0 ... >> >> >>*** >> >>Cerberus a Major Stockholder in Bankrupt MCI, which >>had mismanaged an $8.8 DoD Project to Create Secure >>telecom systems for the U.S. Navy and Marine Corps >> >> >> >>By Matt Kelley >>USA TODAY The fundraiser, which took place July 7, >>2003, and the subsequent vote illustrate the kind of >>relationship between congressman and contributor >>that's under increased scrutiny in the nation's >>capital. >> >>~snip~ >> >>Both Lewis and the investment company, Cerberus >>Capital Management, benefited from the relationship. >>Eighteen months after the fundraiser and the House >>vote, Lewis won the chairmanship of the Appropriations >>Committee. He acknowledges that the fundraising >>efforts of Cerberus “played a very significant role” >>in winning the post. The ties between Cerberus and >>Lewis, a 14-term congressman from Redlands, Calif., >>have not been publicly examined before. >> >>~snip~ >> >>Created in 1992, Cerberus is a hedge fund, a type of >>private investment group that's not regulated by the >>Securities and Exchange Commission. ... >> >>~snip~ >> >>In 2003, Cerberus owned more than $140 million in >>stock and bonds of the bankrupt telecommunications >>giant WorldCom, financial records show. Its stake in >>the company, which had filed for bankruptcy protection >>the previous year, was large enough that a Cerberus >>executive joined the board of directors of MCI, the >>company's post-bankruptcy name. ... MCI has been a >>major subcontractor since 2000 on an $8.8 billion >>project to build a secure computer network for the >>Navy and Marines. ...The committee report noted the >>program's cost overruns, schedule delays and >>management foul-ups in its report accompanying the >>2003 defense spending bill, also sponsored by Lewis. >>That report called for more and better testing of the >>program before more computers were added to the >>network. >> >>Lewis himself had criticized the Navy-Marine computer >>project in October 2002, telling The Washington Post >>he was not satisfied with its progress. He also said >>he was concerned about MCI's involvement. “When you >>have a big piece of the pie in trouble, it just gums >>up a process that already has great difficulty,” he >>said. ... Other members of Congress were pushing the >>federal government to ban MCI from any future >>contracts because of the $11 billion accounting >>scandal, which eventually landed former WorldCom CEO >>Bernie Ebbers a 25-year prison term. MCI now has about >>$2 billion in annual revenue from government >>contracts, and the Navy project remains one of its >>biggest. >> >>On May 16, 2003, the House Armed Services Committee >>voted to cut 10% of the Navy project's $1.6 billion >>budget for the upcoming year. Federal lobbying records >>show that two months earlier, Cerberus hired its first >>lobbyist, the powerhouse firm Patton Boggs. ... The >>firm's lobbyists for Cerberus included Laurence >>Harris, a former FCC staffer who would join MCI's >>board of directors that August; retired Marine colonel >>John Garrett; and Marcus Dunn, a former aide to two >>members of the House Armed Services Committee. >>...Cerberus paid Patton Boggs $1.1 million for >>lobbying from 2003 to the middle of 2005, the last >>date that records are available. Separately, Cerberus >>hired former senator Jake Garn, a Utah Republican, as >>a lobbyist for $410,000 over the same period, lobbying >>records show. >> >>~snip~ >> >> >> >>href="http://cache.zoominfo.com/cachedpage/?archive_id >= >>0&page">http://cache.zoominfo.com/cachedpage/?archive_ >i >>d=0&page ... >> >>*** >> >>Cerberis donated $100,000 at a single fundraiser to >>Rep. Jerry Lewis, fmr. Chair of the House >>Appropriations Comm., who served as intermediary to >>distribute money to fellow GOP lawmakers favored by >>Cerberus >> >> >>href="http://www.usatoday.com/news/washington/2006-01- >1 >>9-cerb...">http://www.usatoday.com/news/washington/200 >6 >>-01-19-cerb... >> >> >>Lewis' Future Leaders PAC gave $407,000 to 69 House >>candidates in the 2004 election. The Cerberus-related >>money was equal to nearly a third of that amount. In >>2003, the PAC collected $522,725 — a quarter of it >>connected to Cerberus. >>Boustany's 2004 campaign got $15,000 in contributions >>from Lewis' Future Leaders PAC in three separate >>$5,000 contributions, according to Federal Election >>Commission records. Lewis also kicked in another >>$2,000 from his own campaign in two separate >>contributions to Boustany's 2004 campaign. Boustany >>picked up another $5,000 from Future Leaders PAC in >>the current election cycle. >> >>But, Boustany also benefited from the Lewis/Cerberus >>relationship in another way: >>Lewis also got Cerberus to help with his fundraising >>for the National Republican Congressional Committee, >>the arm of the GOP that gives money to House >>candidates. Lewis said he invited Cerberus executives >>to an April 2004 NRCC fundraiser he chaired that >>included a speech by President Bush. >> >>The NRCC got $70,000 in Cerberus-related donations >>during the first two weeks of April 2004, including >>$25,000 from Cerberus founder Stephen Feinberg, >>records show. "I had been doing this for over a dozen >>years, helping to raise money for our members," Lewis >>said. "Others (candidates for Appropriations chairman) >>began to be helpful with fundraising, but that had >>been a recent and newfound interest of theirs." >> >>Federal Election Commission records show that the >>National Republican Congressional Committee spent >>$72,620 in coordinated spending on Boustany's 2004 >>campaign and another $96,593 on independent >>expenditures on behalf of Boustany's campaign. Now, of >>course, the national parties raised millions of >>dollars for congressional races, so Boustany's share >>of that Cerberus/Lewis effort might well have been >>small through this particular channel. In any event, >>it was no where near as large as Cerberus's impact on >>Future Leaders PAC dollars. >>Wilkes employed a lobbyist named Bill Lowery who is >>unusually close with House Appropriations Committee >>Chairman Rep. Jerry Lewis. Copley News Service >>conducted a three month investigation of their >>relationship: >>From powerful positions on the House Appropriations >>Committee, California Rep. Jerry Lewis has >>greenlighted hundreds of millions of dollars in >>federal projects for clients of one of his closest >>friends, lobbyist and former state Congressman Bill >>Lowery. >>Meanwhile, Lowery, the partners at his firm and their >>clients have donated 37 percent of the $1.3 million >>that Lewis’ political action committee received in the >>past six years…The Lewis-Lowery relationship, however, >>is remarkable for the closeness and mutual >>dependence…They’ve even exchanged two key staff >>members, making their offices so intermingled that >>they seem to be extensions of each other. >> >> >>Serberus founder Stephen Feinberg is reported to have >>made particularly substantial donor to Republican >>organizations, with a 2004 contribution of $25,000 to >>the RCCC. Feinberg also contributed $2000 to the >>Senate campaign that year of Connecticut Senator >>Joseph Liberman. >>href="http://209.85.165.104/search?q=cache:mH1tG596Ln8 >J >>:www.f...">http://209.85.165.104/search?q=cache:mH1tG5 >9 >>6Ln8J:www.f... >> >> >> >>href="http://thehill.com/thehill/export/TheHill/News/F >r >>ontpag...">http://thehill.com/thehill/export/TheHill/N >e >>ws/Frontpag... >> >>In a plea agreement with prosecutors, Cunningham named >>four people who had conspired with him to commit the >>crimes. Although the plea agreement does not refer to >>the co-conspirators by name, they are widely believed >>to be Mitchell Wade, the former president of defense >>intelligence firm MZM Inc., Brent Wilkes, president of >>defense contractor ADCS Inc., Tom Kontogiannis, a New >>York real-estate developer, and an unnamed family >>member of Kontogiannis. >> >>Wade and Wilkes gave heavily to congressional >>Republicans in recent years, and now lawmakers must >>decide whether to keep the campaign largesse. >> >>Wade, Wilkes, Kontogiannis and others remain under >>investigation, according to a statement made by the >>lead federal prosecutor in the case, U.S. Attorney >>Carol Lam. >>Congressional ethics experts predict that one or more >>of the co-conspirators would be charged, especially >>because Cunningham has agreed to continue to cooperate >>with the investigation. >> >>“Given that they were both described as >>co-conspirators in the plea agreement and that the >>agreement calls for former Rep. Cunningham to >>cooperate in the investigation, it’s very likely that >>both Mitchell Wade and Brent Wilkes will be indicted,” >>said Brett Kappel, an ethics lawyer at Vorys, Sater, >>Seymour and Pease LLP. >> >>Sen. Jim Talent (R-Mo.) has returned money from >>lobbyist Jack Abramoff, the center of another >>congressional ethics scandal, while Republican Reps. >>Jeb Bradley (N.H.), Kenny Hulshof (Mo.), Heather >>Wilson (N.M.) and Steve LaTourette (Ohio) gave back >>contributions from DeLay after he was indicted in >>September. >>Republican Reps. Tom DeLay (Texas), John Doolittle >>(Calif.) and Jerry Lewis (Calif.) all received at >>least $30,000 in donations — either through their >>campaign committee or their leadership PACs — from >>Wade, Wilkes, their family members and their >>companies’ PACs over the past four years. These totals >>do not include individual contributions from employees >>of these firms. Early this year, Lewis became the >>chairman of the powerful House Appropriations >>Committee. Before that, he headed the defense >>appropriations subcommittee. Because of these >>high-profile roles, Lewis often receives more >>donations than most House members. Doolittle also sits >>on the Appropriations Committee. >> >>But Cunningham, who was simply a member of the defense >>appropriations subcommittee, received the most — at >>least $66,000 during the same period. >>Rep. Duncan Hunter (R-Calif.), chairman of the Armed >>Services Committee, received just over $28,000, as did >>Rep. Virgil Goode (R-Va.). Rep. Jerry Weller (R-Ill.) >>was the recipient of $20,000. >> >>Wilkes is a prominent Bush fundraiser, earning a >>designation as a “Bush pioneer” in 2004 for raising >>more than $100,000. If Wilkes is indicted, he will be >>the third Bush pioneer, after Abramoff and Ohio >>fundraiser Tom Noe, to be indicted this year. >> >>Wade resigned from MZM earlier this year. The company >>was sold to a private equity firm in August. >> >> >>Senate Judiciary Committee Goes Into Closed Hearings >>to Discuss Firing of U.S. Attorney Who Prosecuted CIA >>Contractor Case >> >>On Tuesday, Judiciary Committee member Arlen Specter >>revealed publicly that the committee he used to Chair >>would be going behind closed doors to discuss >>still-classified details about the retaliatory firing >>of U.S. Attorney Caroline Lam, who had aggressively >>prosecuted the MZM Wade-Cunningham contracting case. >>(Source C-Span Radio, 03/05/2007, @ 7:20 pm). >> >>According to Specter, the Senate Judiciary Committee >>went into closed session to talk about an ongoing TOP >>SECRET investigation that stems from the Cunningham >>case. Three Hill Committees reached an agreement with >>the Department of Justice to receive files compiled by >>the U.S. Attorney’s office in San Diego, and are just >>beginning to hold public hearings into the unlawful >>dismissal of Lam. (See, generally, >target=_blank rel=nofollow >>target=_blank >>href="http://thehill.com/leading-the-news/emanuel-tang >l >>es-wit">http://thehill.com/leading-the-news/emanuel-ta >n >>gles-wit ... ; >>href="http://www.signonsandiego.com/news/metro/2007011 >2 >>-9999">http://www.signonsandiego.com/news/metro/200701 >1 >>2-9999 -... ; >>href="http://www.scoop.co.nz/stories/HL0605/S00125.htm >" >>>http://www.scoop.co.nz/stories/HL0605/S00125.htm >> >>These closed hearings are most likely related to >>contracts that MZM had with CIA, including one that >>led to the falsification of data about aluminum tubes >>shipped to Iraq that allegedly were going to be used >>to reconstitute Saddam's nuclear program. That's >>right, those aluminum tubes, the one's that were >>falsely used by White House and Vice President to >>justify the invasion of Iraq. >> >>*** >> >>On background, it should be noted that Laura Rozen's >>WAR&PIECE column of December 11, 2005, "Wade, Wilkes >>and Bad Intelligence?" identified Mitchell Wade's MZM >>defense contracting firm as a culprit in faulty >>intelligence generation that led to the Iraq invasion. >>See, >>href="http://www.warandpiece.com/blogdirs/003244.html" >> >>http://www.warandpiece.com/blogdirs/003244.html >>A source cited by Rozen identified MZM as the private >>contractor cited for support of an errant CIA Iraq WMD >>assessment used to justify the Bush Administration's >>argument for war. An MZM analysis erroneously >>concluded that aluminum tubes ordered by Saddam >>Hussein were intended for use in a clandestine nuclear >>fuel enrichment program that didn't exist. Rosen came >>up with the extraordinary finding that consultants >>working for MZM and other intelligence contractors >>staffed the Robb-Silberman Commission that >>investigated the faulty Iraq WMD findings. >> >>*** >> >>During testimony in the Scooter Libby trial, we >>learned that Valerie Plame was involved in the >>aluminum tube issue within the CIA’s >>Counter-Proliferation Division (CPD), where she worked >>before being “outed” by Libby and others in the White >>House and Vice President’s office. >> >> >>Dan Quayle is chair of new Leumi owner >Cerberus-Gabriel >> >> >>www.haaretzdaily.com/hasen/pages/ShArt.jhtml?itemNo=64 >5 >>... >>Dan Quayle is chair of new Leumi owner >Cerberus-Gabriel >>Ha’aretz 11/16/2005 >> >>Cerberus is chaired by former U.S. vice president Dan >>Quayle. — The Cerberus-Gabriel group was led by >>Gabriel president J. Ezra Merkin, assisted by CPA Avi >>Berger, the general manager of the Kesselman & >>Kesselman accounting firm, and attorney Yaakov >>Ne’eman. Stephen Feinberg, 45, a Jew from New York and >>the wunderkind of the hedge funds world who, within 20 >>years, turned a $10 million fund into a holding >>company whose companies have combined sales of $30 >>billion a year, is the founder and manager of Cerberus >>Global Investment. >> >>www.globes.co.il/serveen/globes/DocView.asp?did=100002 >9 >>... >> >>Experts: Ultimate owners of Leumi unclear >>Globes 11/16/2005 >>Banking sources: US investor disclosure regulations >>will cause Cerberus-Gabriel problems.— Ministry of >>Finance officials have declared a great victory in the >>Bank Leumi (TASE: LUMI) tender, but banking >>specialists are not so enthusiastic. They say that the >>victory wasn’t so great: the buyers (Cerberus Capital >>Management LP and Gabriel Capital Management) are too >>anonymous, their business isn’t transparent enough, >>and, most of all, the saga is far from over…these >>owners have specific problems in connection with >>operating a bank in the US, and they are looking for >>indirect ways to operate there, perhaps without a >>banking license. >> >> >>(Can't get that top link to work yet -- Globe link >>requires registration and installation of their >>software. Found these links from: >target=_blank rel=nofollow >>target=_blank >>href="http://72.14.253.104/search?q=cache:0b_1KEnb01UJ >: >>www.wi">http://72.14.253.104/search?q=cache:0b_1KEnb01 >U >>J:www.wi ... ) >> >> >> >>DONALD RUMSFELD - CERBERUS INVESTOR >> >>During the tenure of former Secretary of Defense >>Donald Rumsfeld, the Pentagon awarded a large contract >>to the company at the center of the Walter Reed Army >>Hospital scandal. Rumsfeld may have financially >>benefited from it along with other major GOP figures, >>including former Vice President Dan Quaile, and former >>Treasury Secretary Snow, who also invested in or are >>employed by, or received campaign contributions from >>the same Wall Street hedge fund that owns the company. >> >>In his last financial disclosure before becoming >>Defense Secretary, Rumsfeld revealed that he held >>shares in Cerberus, a large NY Hedge Fund that >>acquired International American Products, Inc. >>Worldwide Services. >>href="http://www.businessweek.com/magazine/content/05_ >4 >>0/b395...">http://www.businessweek.com/magazine/conten >t >>/05_40/b395... >> >> >>Former Treasury Secretary John W. Snow is chairman of >>the New York hedge fund that owns IAP >> >>DU Contributor, “Emit”, also played a significant role >>in researching and compiling this information about >>Cerberus-IAP. Some of his research is found at this DU >>subthread - >>href="http://www.democraticunderground.com/discuss/dub >o >>ard.ph...">http://www.democraticunderground.com/discus >s >>/duboard.ph... >> >>Emit writes: >> >> >>Recall John Snow >>href="http://www.buzzflash.com/analysis/06/02/ana06011 >. >>html">http://www.buzzflash.com/analysis/06/02/ana06011 >. >>html from the Dubai Ports World deal? >> >>I didn't notice Snow's name in the "Leadership" or >>"Board" links at IAP's website, but this is an >>interesting explanation: >> >>Mr. Snow's Cerberus Capital Management LP owns Cape >>Canaveral, Fla.-based IAP, which is led by former >>executives from Halliburton's engineering, services >>and construction subsidiary KBR (formerly Kellogg, >>Brown & Root). KBR is currently the Army's sole >>contractor for providing food and shelter to the >>military in Iraq and Afghanistan. But the Army now >>wants multiple contractors for these services and KBR >>is bidding again. Some defense analysts are predicting >>both KBR and IAP, which is run by former KBR >>executives, will each win one of the 10-year deals >>that start in 2007. >> >> >> >> >>href="http://www.politicalfriendster.com/rateConnectio >n >>.php?i">http://www.politicalfriendster.com/rateConnect >i >>on.php?i ... >> >>More: >>~snip~ >> >>Cerberus has been shopping up a storm for a year now, >>seemingly coming out of nowhere to build a corporate >>empire. With more than $16 billion of investors' >>assets on its books -- almost double what it had in >>2003 -- it has bought 28 companies and snapped up >>stakes of at least 15% in an additional 15 over the >>past decade. According to BusinessWeek estimates, >>Cerberus controls companies that ring up at least a >>combined $30 billion in annual sales, more than >>McDonald's, 3M (AXP ), Coca-Cola (KO ), or Cisco >>Systems (CSCO ). With more than 106,000 employees, >>Cerberus companies have a bigger payroll than Exxon >>Mobil Corp. (XOM ). Its trophies include 226 Burger >>King restaurants, the National and Alamo car-rental >>chains, building-products maker Formica Corp., and the >>old Warner Hollywood Studios, where blockbusters such >>as Basic Instinct were made. Its companies connect >>BlackBerrys, provide medical therapy, and set up >>military-base camps in Iraq. >> >>PICKUP TRUCKS AND BUD >>The mind-boggling rise of Cerberus -- from a fringe >>vulture fund started with a grubstake of about $10 >>million in 1992 to a Wall Street powerhouse -- has >>been driven by its enigmatic boss, Stephen A. >>Feinberg, 45. Like other hedge-fund managers and >>buyout kings, Feinberg has a penchant for secrecy, >>although his is more developed than most. While >>co-founder William L. Richter deals with investors, >>and lieutenants such as former Vice-President Dan >>Quayle jet around the globe to seal deals, the >>mustached Feinberg keeps very much to himself in a >>nondescript office on the 22nd floor of a high-rise on >>Manhattan's Park Avenue. >>~snip~ >> >> >>href="http://www.businessweek.com/magazine/content/05_ >4 >>0/b395">http://www.businessweek.com/magazine/content/0 >5 >>_40/b395 ... >> >> >>Created in 1992, Cerberus is a hedge fund, a type of >>private investment group that's not regulated by the >>Securities and Exchange Commission. It's named after >>the mythical, three-headed dog guarding the gates of >>Hades. >> >>Often called a "vulture fund," Cerberus invests mainly >>in companies in or on the verge of bankruptcy, buying >>those firms' bonds in the hopes of converting them >>into cash or stock in a revived company. In 2000, the >>company hired former vice president Dan Quayle as a >>top executive. >> >>In 2003, Cerberus owned more than $140 million in >>stock and bonds of the bankrupt telecommunications >>giant WorldCom, financial records show. Its stake in >>the company, which had filed for bankruptcy protection >>the previous year, was large enough that a Cerberus >>executive joined the board of directors of MCI, the >>company's post-bankruptcy name. >>~snip~ >> >> >>href="http://www.usatoday.com/news/washington/2006-01- >1 >>9-cerb">http://www.usatoday.com/news/washington/2006-0 >1 >>-19-cerb ... >> >>Small firm targets Halliburton contracts >>November 4, 2006 >> >> >>ASSOCIATED PRESS >>A small defense contractor now controlled by former >>Bush Treasury Secretary John W. Snow is taking on >>Halliburton Co. by bidding for one of three Army >>contracts worth up to $50 billion each to provide food >>and shelter to U.S. troops in Iraq and Afghanistan. >>Within days of Mr. Snow becoming chairman of the New >>York hedge fund that owns IAP Worldwide Services Inc., >>the company submitted its bid for huge Army contracts >>that will be awarded by year-end. >>Mr. Snow's Cerberus Capital Management LP owns Cape >>Canaveral, Fla.-based IAP, which is led by former >>executives from Halliburton's engineering, services >>and construction subsidiary KBR (formerly Kellogg, >>Brown & Root). >>KBR is currently the Army's sole contractor for >>providing food and shelter to the military in Iraq and >>Afghanistan. But the Army now wants multiple >>contractors for these services and KBR is bidding >>again. Some defense analysts are predicting both KBR >>and IAP, which is run by former KBR executives, will >>each win one of the 10-year deals that start in 2007. >>IAP Chief Executive Officer Al Neffgen, who joined the >>company in December 2004, served as KBR's chief >>operating officer of government and infrastructure for >>the Americas, while President Dave Swindle was vice >>president of KBR's business acquisition and national >>security programs before joining IAP in April 2005. >>Chuck Dominy, a retired Army lieutenant general, >>joined IAP in July 2005 after serving for years as >>Halliburton's chief lobbyist in Washington. >>IAP was founded in 1990 by a former Army logistician >>as the United States was preparing for "Operation >>Desert Storm," and now has 5,500 employees. Cerberus >>became majority owner in May 2004. ~snip~ >> >>href="http://www.kuwaittimes.net/Navariednews.asp?dism >o >>de=art">http://www.kuwaittimes.net/Navariednews.asp?di >s >>mode=art ... 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