Rickover Warns of High Profits in Defense Work
Vice Admiral Hyman Rickover told the House Banking and Currency Committee that defense contractors overstate costs and hide profits through accounting. He cited audits showing cost estimates differing by up to 50 percent and described a 10 to 45 percent realized profit on multimillion dollar contracts, with Navy withholding $4 million in 1962 to recover excess profits. He urged stronger government protection and criticized the Defense Department for insufficient action.
MENTIONED IN THIS ARTICLE
Wadshlin
Hyman G. Rickover
House
Defense Department
Rickover
Division of
Naval Reactors
Atomic Energy Commission
Metra
Navy
General Accounting Office
GAO
Defense Contract Audit Agency
Long attacks march plan and law enforcement failure
Senator Russell B. Long denounced a planned large Negro leaders' march and warned of censure or expulsion for lawmakers who bow to demands. He said the capital could be moved if authorities fail to enforce the law, criticizing both local and federal officials for lax enforcement.
MENTIONED IN THIS ARTICLE
Washington
Russell B. Long
D-Ta
Long
Martin Luther King Jr
King
Ralph D. Aberjiathy
Southern Christian Leadership Conferance
Abernathy
Senate
Bishops Plan Broad Program to Aid Poor
American Catholic bishops adopted an across the board social action program to aid Negroes and poor whites. It envisions model ghetto schools, church health facilities expanding care, urban coalition work, and media unity to fight racism. An ad hoc committee would raise funds for the program across Catholic dioceses.
MENTIONED IN THIS ARTICLE
Louis, Mo
UPI
United States
John J. Wright
Pittsburgh
John Dearden
Detroit
NCCB
USCC
National Conference of Catholic Bishops
United States Catholic Conference
Navy Admiral Rickover Behind Audit Gaps Revealed
Admiral Rickover told a congressional committee that certain firms underreported profits to government auditors. He presented a table comparing five unnamed companies' self reported profits with those found by audits. Examples include Company A 4.5 vs 10 percent and Company D a 2 percent loss vs 16 percent profit.
MENTIONED IN THIS ARTICLE
Company B
Also Mentioned on This Page
House Banking and Currency Committee
Department of Defense
Congress
Naval Ship Systems Command
Churches
Interreligious Foundation For Community Organization
Republic
SaylHlaina O
Silk
Salis Tal
Ray, and
Cioete
Len
Lored Lors
Seiom Dalaied
Ome Garuf
Siete Fmr
Hag A
Buston Rereh Mare Agit Slades
South’ ST
Paramount
Fo & P.M. Sen
Bankamer Gard
Iria
Maytag Gas Dryers
Savinas
Maytag Washersiversary
Atlantic Ave
Tong Beach
Carl
Fortres
Lang Tufts
Pila
Berea
Eacy
Carlplon
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