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Senator Feinstein is a Major War Profiteer
(Peter Byrne, January 24, 2007)
Dianne Feinstein—the ninth wealthiest member of congress—has been beset by monumental ethical conflicts of interest. As a member of the Military Construction Appropriations Subcommittee (MILCON) from 2001 to the end of 2005, Senator Feinstein voted for appropriations worth billions of dollars to her husband’s firms. . . . From 1997 through the end of 2005, Feinstein’s husband Richard C. Blum was a majority shareholder in both URS Corp. and Perini Corp. She lobbied Pentagon officials in public hearings to support defense projects that she favored, some of which already were, or subsequently became, URS or Perini contracts. From 2001 to 2005, URS earned $792 million from military construction and environmental cleanup projects approved by MILCON; Perini earned $759 million from such projects. . . . In 2000, Perini earned a mere $7 million from federal contracts. After 9/11, Perini was transformed into a major defense contractor. In 2004, the company earned $444 million for military construction work in Iraq and Afghanistan, as well as for improving airfields for the US Air Force in Europe and building base infrastructures for the US Navy around the globe. In a remarkable financial recovery, Perini shot from near penury in 1997 to logging gross revenues of $1.7 billion in 2005. . . . It is estimated that Perini now holds at least $2.5 billion worth of contracts tied to the worldwide expansion of the US military. Its largest Department of Defense contracts are "indefinite delivery-indefinite quantity" or "bundled" contracts carrying guaranteed profit margins. . . . Feinstein's husband has profited in other ways by his powerful political connections. In March 2002, then-Governor Gray Davis appointed Blum to a twelve-year term as a regent of the University of California, where he used his position as Regent to award millions of dollars in construction contracts to URS and Perini. At the time, he was the principal owner of URS and had substantial interests in Perini. In 2005, Blum divested himself of Perini stock for a considerable profit. He then resigned from the URS board of directors and divested his investment firm of about $220 million in URS stock.1

Please click the link above for this complete story. Also see: Senator Feinstein's Iraq Conflict

posted by Lorenzo 4:53 PM