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| Subject: There is no Haliburton connection.....PERIOD!!!! | |
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Author: Oropan |
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Date Posted: 07:15:46 03/12/07 Mon In reply to: Bev 's message, "No need to scream or yell and I never said cheney still did work for halliburton ." on 09:37:15 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/Weightman >s >>u >>>bpoena">http://www.armytimes.com/news/2007/03/Weightm >a >>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 rel=nofollow >>>target=_blank >>>href="http://www.democraticunderground.com/discuss/du >b >>o >>>ard.ph...">http://www.democraticunderground.com/discu >s >>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/U >S >>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_detail >s >>. >>>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+corpg >o >>v >>>activi">http://www.google.com/search?as_q=swindle+cor >p >>g >>>ovactivi ... >>> >>>Today's hearing at Walter Reed focused on IAP's >shoddy >>>work as the privatized contractor there: >>rel=nofollow target=_blank >>>href="http://oversight.house.gov/story.asp?ID=1195">h >t >>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: >>rel=nofollow target=_blank >>>href="http://www.fbo.gov/spg/USA/USAMC/DAAA09/Awards/ >W >>5 >>>2P1J-0">http://www.fbo.gov/spg/USA/USAMC/DAAA09/Award >s >>/ >>>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_i >d >>= >>>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/20 >0 >>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:mH1tG596Ln >8 >>J >>>:www.f...">http://209.85.165.104/search?q=cache:mH1tG >5 >>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 rel=nofollow >>>target=_blank >>>href="http://thehill.com/leading-the-news/emanuel-tan >g >>l >>>es-wit">http://thehill.com/leading-the-news/emanuel-t >a >>n >>>gles-wit ... ; >>>href="http://www.signonsandiego.com/news/metro/200701 >1 >>2 >>>-9999">http://www.signonsandiego.com/news/metro/20070 >1 >>1 >>>2-9999 -... ; >>>href="http://www.scoop.co.nz/stories/HL0605/S00125.ht >m >>" >>>>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=6 >4 >>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=10000 >2 >>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 rel=nofollow >>>target=_blank >>>href="http://72.14.253.104/search?q=cache:0b_1KEnb01U >J >>: >>>www.wi">http://72.14.253.104/search?q=cache:0b_1KEnb0 >1 >>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/conte >n >>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/du >b >>o >>>ard.ph...">http://www.democraticunderground.com/discu >s >>s >>>/duboard.ph... >>> >>>Emit writes: >>> >>> >>>Recall John Snow >>>href="http://www.buzzflash.com/analysis/06/02/ana0601 >1 >>. >>>html">http://www.buzzflash.com/analysis/06/02/ana0601 >1 >>. >>>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/rateConnecti >o >>n >>>.php?i">http://www.politicalfriendster.com/rateConnec >t >>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?dis >m >>o >>>de=art">http://www.kuwaittimes.net/Navariednews.asp?d >i >>s >>>mode=art ... [ Next Thread | Previous Thread | Next Message | Previous Message ] |