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Lockheed loan relief eyed amid huge cost overruns
Washington AP report says Lockheed may repay the $250 million federally guaranteed loan but faces deep money problems. A former employee accuses the GAO of whitewashing its probe into waste, mismanagement, and a plant tied to $2 billion in overruns. The Joint Economic Committee heard threats to Chairman Proxmire over his stance on the loan. Staats testified that Lockheed will not repay by 1974 and may spend up to $220 million more than planned, with six months added to the payoff timeline. Product costs for the Lidl Tristar rose, affecting break even to 275 aircraft, while only 117 orders and 67 options exist. Contractor claims against the Navy total $620 million, with large claims from Litton’s Ingalls shipyard. one major contract for five assault ships faced a $270.7 million rejection. Proxmire noted escalating ship prices to potentially $294 million per ship. Staats said the GAO probe did not substantiate many serious charges from Durham, who claimed the GAO team whitewashed the inquiry.