Rickover Renews Defense Profit Charge Hearings
Vice Admiral Hyman Rickover testified before a House committee that defense contractors earn excessive profits and hide them through accounting. He cited audits showing profits misrepresented as costs and urged stronger Defense Department protections to curb inflated earnings in 1960s contracts. He noted 1968 profit estimates of 10 percent but GAO found 45 to 65 percent in earlier audits, with Navy withholding $4 million in one case until resolved.
MENTIONED IN THIS ARTICLE
Wasminson
Adm
Hyman G. Rickover
House
Defense Department
Rickover
Department of Defense
Congress
Navy
Naval Ship Systems Command
Naval Reactors
The
Atomic Energy Commission
General Accounting Office
GAO
Defense Contract Audit Agency
Long vows censure for lawmakers backing march to protest law
Senator Russell B. Long said he would seek censure or expulsion of any member who supports bending to negro leaders planning a large demonstration in Washington next month. He warned that if marchers come they could burn the capital and urged stronger enforcement of law, criticizing officials at both state and federal levels.
MENTIONED IN THIS ARTICLE
Washington
Russell B. Long
Dia
Martin Luther King Jr
King
Ralph D. Abernathy
Southern Christian Leadership Conference
Long
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. Major points include model urban schools, use of Catholic health facilities, urban coalition work, legislative goals in jobs housing education health and welfare, church investments to aid the urban poor, and unified church media efforts to fight racism. A committee will raise funds as endorsed by archbishop John Dearden.
MENTIONED IN THIS ARTICLE
St, Louis
UPI
United States
John J. Wright
Pittsburgh
Wright
John Dearden
Detroit
NCCH
USCC
National Conference of Catholic Bishops
NCCB
United States Catholic Conference
Activ
Rickover cites discrepant profits in five firms with audits
Admiral Rickover presented a table to committees showing profits reported by five unnamed companies versus profits found by government audits. The table lists Company A 4.5 percent vs 10 percent, Company B 12.5 percent vs 19.5 percent, Company C 11.1 percent vs 16.9 percent, Company D 2 percent loss vs 15 percent profit, and another firm 21.6 percent vs 23.7 percent.
MENTIONED IN THIS ARTICLE
Tha
Company B
Company C
Iment
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Apolblt
Interreligious Foundation For Community Organization
Republic
Belore
Guarantel
Vestallelfaat
North
Long Beach
Brey
Unmir
eusTew
South ST. Shear Corner
Farnount Slyd, Ack
Shakey's
Jane Panta
Sun
Mpankamerigand
Masten Eharge Wilcomer
Maytag Gas Dryers
Fin
Maytag Ig
Esaace
Atlantic Ave
Fortres
Bea
Frites
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