A Heartwarming Success Story

May 7, 2008

Lockheed Martin Last week, defense industry giant Lockheed Martin received $242 million in Pentagon contracts. Sound like a lot? Not really. It was a rather light week for Lockheed, which in 2007 alone received $39 billion in such contracts, a rate of $750 million per week for that banner year.

Quite a turnaround for Lockheed. In 2002, before the Iraq War started, Lockheed was losing $1 billion. Since then, it has shown an astronomical increase in profits, jumping to $2.5 billion in profits last year, a 38.6% growth in the past two years. And 2008 is shaping up nicely as well. First quarter profits of $730 million (on $10 billion in revenue) were announced two weeks ago. As a news story stated last week, While other industry segments are hurt by the U.S. economic slowdown, defense spending is showing no signs of trouble.

Overseeing this tremendous success has been a Board of Directors replete with former Bush Administration and military heavyweights who provided advice leading up to the decision to invade Iraq and find those weapons of mass destruction: E.C. “Pete” Aldridge, Jr., Under Secretary of Defense for Acquisitions and Logistics from 2001 to 2003; James Loy, former Deputy Secretary for Homeland Security; Gen. Joseph Ralston, Vice Chairman of the Joint Chiefs, and Admiral James Ellis, Commander, U.S. Strategic Command. Their advice and guidance seems to have improved since 2003.

Also helping out was Gwendolyn King, Director of Countrywide Financial Corporation from 2000 to 2004. Countrywide has lately been embroiled in the mortgage meltdown, with victims across the country complaining about fraudulent practices.