FRAMESHOP:FRAMESHOP: STOP THE SPLURGE

Americans angered by Bush's "surge" in Iraq should be apoplectic about the "splurge." This video of Rep. Stephen Lynch (D-MA) explains in clear terms how the corporations DynCorp and Corporate Bank effectively filched U.S. taxpayers out of $8,000,000 by outsourcing...

>>Twitter this post!

My Photo
Jeffrey Feldman, Editor-in-Chief
Frameshop, 02/16/2007

Americans angered by Bush's "surge" in Iraq should be apoplectic about the "splurge." 

This video of Rep. Stephen Lynch (D-MA) explains in clear terms how the corporations DynCorp and Corporate Bank effectively filched U.S. taxpayers out of $8,000,000 by outsourcing Iraq contracts below the original value of the awarded job.  In this case, DynCorp was awarded a contract for $55 million, outsourced it to Corporate Bank for $55 million who then outsourced it to an Italian company for $47 million.  Net result:  $8 million into the coffers of Corporate Bank (no doubt with a kickback to DynCorp) for doing nothing.

Repeat this scenario a few dozen times and suddenly it becomes clear what happened to the $10 billion unaccounted for in Iraq reconstruction money.

It's a shame that accounting scandals never seem to register outrage with the American public, but I suspect there are hundreds outsourcing scams that unfolded since the U.S. occupied Iraq.

To add to the list of all the other crimes committed by the Bush administration: overpriced contracts giving their cronies millions in freebie profits.

I suppose this is what they meant by "free market."

© 2007 Jeffrey Feldman, Frameshop

© Jeffrey Feldman 2007, Frameshop

>>Twitter this post!

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d83451cad869e200d83574c63e69e2

Listed below are links to weblogs that reference Frameshop: Stop the Splurge:

Comments

blog comments powered by Disqus
Frameshop and all contents copyright © 2004-2009, Jeffrey Feldman. All rights reserved. Unless otherwise noted, content may not be reproduced without expressed written permission.