Published on
by
The Huffington Post

War Profiteers: The Bush Baghdad Bubble

Just as the blind devotion to deregulation of the financial markets can be blamed for much of the current meltdown on Wall Street, the war profiteers have enjoyed a Baghdad Bubble as a result of the Bush administration's refusal to hold them accountable.Not far from Wall Street, a little-known company called L-3 held their annual meeting today. It was sparsely attended, according to proxy-holding activists who called me to say that the company used a technicality to keep them out.

As a contractor L-3 is a kind of conglomerate that was created by Wall Street (Lehman Brothers) execs who saw the war and burgeoning military spending as a golden opportunity. So they went on an acquisition spree, gobbling up Titan (who Lockheed stopped courting when it was revealed that they had to pay the largest fine in history for corporate bribery), the company that provided translators at Abu Ghraib.

L-3 is also the parent company of the mercenary (er -- military security) firm MPRI, which was contracted to train the Iraqi Army. MPRI also has a contract with the Justice Department to train police forces in dozens of other countries.

SCROLL TO CONTINUE WITH CONTENT

The media landscape is changing fast

Our news team is changing too as we work hard to bring you the news that matters most.

Change is coming. And we've got it covered.

Please donate to our 2019 Mid-Year Campaign today.

While the activists were left outside to converse with the limo drivers, they could have broken out the bubbly at the company's annual meeting. Especially since less than three months before, Bush issued a signing statement guaranteeing that there would be no Truman Committee to protect the taxpayers from waste, fraud and other abuses on his watch.

According to the Center for Public Integrity, L-3 is the 6th largest Iraq war profiteer.

And yet we know so little about them. At least one group is on the ball: CorpWatch published an alternative annual report (PDF) about L-3 earlier today.

We want a more open and sharing world.

That's why our content is free. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. How? Nonprofit. Independent. Reader-supported.

All of our original content is published under Creative Commons—allowing (and encouraging) our articles to be republished freely anywhere. In addition to the traffic and reach our content generates on our site, the multiplying impact of our work is huge and growing as our articles flourish across the Internet and are republished by other large and small online and print outlets around the world.

Several times a year we run brief campaigns to ask our readers to pitch in—and thousands of small donations fund our newsroom and allow us to continue publishing. Our 2019 Mid-Year Campaign is underway. Can you help? We can't do it without you.

Please select a donation method:



Charlie Cray

Charlie Cray is the director of the Center for Corporate Policy in Washington, DC. He helped establish Halliburton Watch, and is co-author of The People's Business: Controlling Corporations and Restoring Democracy (Berrett-Koehler), and is a former associate editor of Multinational Monitor magazine.

Share This Article