Tag: DynCorp

War Profiteering, or How You Too Can Get Rich Quick

Robert McKeon, the head of Veritas Capital, is about to profit in “the most lucrative deal of the wars in Iraq and Afghanistan” notes the Street Talk blog at Forbes. How did McKeon do it? By investing in private military contracting mercenaries, of course! Now the DynCorp owner is set to cash out his wartime investment.

DynCorp International, the… provider of services to the U.S. military, announced Monday that it has reached a $1.5 billion deal to be acquired by funds managed by Cerberus Capital Management. If the deal goes through, McKeon will have turned a $48 million personal investment in DynCorp into some $320 million for himself.

Ka-ching!

Street Talk describes the DynCorp deal as a “defining transaction for McKeon”. So, is McKeon the definition of a Wall Street war profiteer?

Blackwater may soon be patrolling our own borders!

In case you thought all the recent bad news about Blackwater might be curtailing the market for private military contractors, two new reports suggest otherwise. Given the Bush Administration’s obsessive efforts to privatize our entire government, it should come as no surprise that Blackwater may be, in fact, as have so many Bush cronies, failing upward. What they have done to Iraq, they may soon have the opportunity to do on our own border.

First, the New York Times reports that the privatization of security in Iraq has been acknowledged to be a mess and a disaster. This according to an internal State Department report, and an audit by the Special Inspector General for Iraq Reconstruction.

A State Department review of its own security practices in Iraq assails the department for poor coordination, communication, oversight and accountability involving armed security companies like Blackwater USA, according to people who have been briefed on the report. In addition to Blackwater, the State Department’s two other security contractors in Iraq are DynCorp International and Triple Canopy.

At the same time, a government audit expected to be released Tuesday says that records documenting the work of DynCorp, the State Department’s largest contractor, are in such disarray that the department cannot say “specifically what it received” for most of the $1.2 billion it has paid the company since 2004 to train the police officers in Iraq.

The review was ordered last month by Secretary of State Condoleezza Rice, and did not include the recent massacre of seventeen Iraqi civilians by Blackwater “guards.” The FBI gets to investigate that one.

But in presenting its recommendations to Ms. Rice in a 45-minute briefing on Monday, the four-member panel found serious fault with virtually every aspect of the department’s security practices, especially in and around Baghdad, where Blackwater has responsibility.

Not much new, in that. Virtually every aspect of everything the Bush Administration has done in Iraq has been found to be at serious fault. If the words “serious fault” can somehow encapsulate mass murder, torture, and a humanitarian crisis that has created more than 4,000,000 refugees.

The report also urged the department to work with the Pentagon to develop a strict set of rules on how to deal with the families of Iraqi civilians who are killed or wounded by armed contractors, and to improve coordination between American contractors and security guards employed by agencies, like various Iraqi ministries.

Strict rules would be nice for a lot of things, in Iraq, but this borders on the surreal. Strict rules for dealing with the families of civilians who are killed and wounded?

“Oops. Sorry. Have some money, and we’ll try not to kill anyone else. Today.”

How about some strict rules in pursuance of the goal of not killing or wounding civilians?