WGI halts project following deaths of Korean engineers

http://www.ktvb.com/news/localnews/ktvbn-dec0203-wgi.62258f33.html

Boise-AP -- Boise-based Washington Group International is suspending construction on electric power transmission towers in Iraq.

Two engineers for the project subcontractor were killed and two more wounded during a rebel attack last weekend, and the company's spokesman says security measures have to be re-evaluated before work resumes on the project in northern Iraq.

He says work on the towers poses a security challenge because it's out in the open.

The engineers were employees of Omu Electric of Seoul, South Korea and were involved in a roadside ambush on Sunday near Samarra.
<snip>

Another nail on the privatization coffin built by Rummy. These people are taking their toys and wisely going home.

"After the cakewalk of a war, we'll go in there and make megabucks rebuilding for the happy Iraqi people." Well, Rummy is wrong again. The war was not a cakewalk, and neither is the rebuilding. As the privateers bail out, it will mean an increasingly ugly situation for our military people. Rummy has screwed up in so many ways, and with tragic consequences for both ourselves and the Iraqis.

...and we are going to be stuck with the bill.

As soon as a legitimate government takes over in Iraq, ie., one not constructed of US stooges propped up by the US military, they are likely to nullify all those privatization contracts, and not a court in the world will disagree with them. At that point, the US Export/Import bank gets to pick up the bill for the cancellation penalties on all those contracts, since they were the only entity willing to underwrite the obviously illegal privatization efforts.

Got another couple of hundred billion handy?

the privateers withdraw of their own accord?

If they fail to fulfill the contracts, are we obligated to pay them?

I'm sure we are, because these are BushCo contracts, but are we?

It's a government entity (mostly), that is itself backed by the 'full faith and credit' of the US government.

If the privateers withdraw on their own, we don't have to pay (as far as I am aware...honestly depends on how each contract was drawn up). If they are kicked out by a future Iraqi government, then we probably do have to pay.