Rickover Charges Defense Profits Hidden by Bookkeeping
Vice Admiral Hyman G. Rickover testifying before the House Banking and Currency Committee charged that defense contractors earn excessive profits and that the Defense Department fails to stop it. He cited 1964 to 1967 profit rises, questioned cost accounting, and described audits showing profits misrepresented as costs, with cases where profits exceeded 50 percent.
MENTIONED IN THIS ARTICLE
Jean Heller Washinton
Hyman G. Rickover
House
Defense Department
Rickover
Navy
GAO
Defense Contract Audit Agency
Senate blasts Poor People Campaign demands and riots stance
Senator Russell Long criticized the planned May Poor People’s Campaign saying any support for “bending the knee” or paying people to be idle would bankrupt the country. He warned rioters should be shot to stop unrest, while praising peaceful demonstrators if they act properly. Ralph Abernathy planned talks with leaders for a 100 member delegation.
MENTIONED IN THIS ARTICLE
Washington
Russell B. Long
D-La
Martin Luther King Jr
Ming
Ralph D. Abernathy
King
Southern Christian Leadership Conference
Long
Abernathy
Senate
Bishops Plan Broad Program to Aid Poor
American Catholic bishops adopted an across the board social action program to help the poor and degraded in the United States. The plan envisions model schools in ghettos, expanded Catholic health care, urban coalitions, and investments to aid the urban poor, with a push for racial equality and self determination for black people.
MENTIONED IN THIS ARTICLE
ST. Louis, Mo
UPI
United States
John J. Wright
Pittsburgh
Wright
Amee
John Dearden
Detroit
NCCB
USCC
National Conference of Catholic Bishops
United States Catholic Conference
Interreligious Foundation For Community Organization
Government audit exposes inflated profits in unnamed firms
Admiral Hyman Rickover presented a table to a committee comparing profits reported by five unnamed companies with government audit findings. Reported profits ranged from 2 to 45 percent while audits showed 10 to nearly 30 percent, highlighting discrepancies in claimed earnings.
MENTIONED IN THIS ARTICLE
Company B
Company C
Also Mentioned on This Page
House Banking and Currency Committee
Department of Defense
Congress
Naval Ship Systems Command
Division of
Naval Reactors
Atomic Energy Commission
General Accounting Office
Dem
Hewest Republic
LAA
Tgustom
Sills
Ade Scan Ag Aes Ss Dme
Sias
Ivsnandt
South ST
Patamasunt Slvd
Long Beach
Bankamericard Amo
FAY
Company E
Nes
Fantastic Savinas
Maytag Gas Dryers
Iran
Atlantic Ave
Tong Beach
Carl
Fortress
Carlplan
Terns
Ree Dio
Boe
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