Sunday, March 26, 2006
Shoddy vests AND insider trading
I guess this is how Republicans kill two birds with one stone. At least it is how insider trader and noted defense contractor Davis Brooks does. Newsday reports this goody:
Congressional investigators have launched a review of the Defense Department's body armor program, including the "Interceptor" vests produced by Brooks' company. A spokeswoman for the U.S. Government Accountability Office, Laura Kopelson, said government investigators -- spurred by congressional concerns that the vests may be inadequate to protect troops -- are expected to launch a full review of the body armor program by July.I guess this is a good example of how the Republicans love both our troops and we, the people.
In addition, lawsuits by angry investors filed recently in U.S. District Court in Central Islip allege Brooks and other top company officials broke federal securities laws with a "pump and dump" scheme designed to earn the officials large sums from stock sales while they issued "false and misleading" statements about problems surrounding the company's body armor. During one high-water mark for the stock in late 2004, Brooks, the company's chairman, sold off $185 million worth of his holdings; other executives also made millions.
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