Audit questions millions in Blackwater contracts

Source: Associated Press

RALEIGH, N.C. - Private security contractor Blackwater Worldwide and its affiliates may have misrepresented their size to win more than $100 million in government contracts set aside for small businesses, federal auditors said Monday.

A report by the Small Business Administration's Office of Inspector General questioned the agency's decision to approve Blackwater as a small business even though there were signs the company could be much larger than executives claimed.

In fiscal 2005 through 2007, Blackwater and affiliates won 32 small business contracts worth more than $2.1 million even though the work was restricted to companies with revenue of $6.5 million or less, according to the audit. One contract had a revenue ceiling of $750,000. Meanwhile, Blackwater's airline affiliate Presidential Airways won more than $107 million in contracts set aside for companies with revenues of less than $25.5 million or fewer than 1,500 employees.

The audit questioned whether the Moyock-based company, which built its name protecting U.S. diplomats on the volatile streets of Baghdad, could meet either of those limits. The company said last week that it's on track to reach annual revenues of $1 billion per year by 2010.

Blackwater questioned the factual accounting of the audit, noting that one contract on the list was awarded to a small company years before Blackwater purchased it.

Read more: http://news.yahoo.com/s/ap/20080728/ap_on_bi_ge/blackwater_audit?_ylt=AtxDy6G2TMlzuEY7XWQlKH1v24cA

:dem:

and placed back in the US Treasury.

This should be the FIRST order of business In February

..and of course nothing will ever come of it, as always. War profiteering is so far out of hand, and nothing is being done about it. Its absolutely sickening to sit back and watch these blood sucking companies get rich at the expense of the american soldiers, and tax payers money. Everyday i hear another story about missing billions, or no bid contracts, and they all fall on deaf ears. Corporate America is really pulling one over on us as we watch like idiots from the sideline.