Small business loans? They go to the Military Industrial Complex!
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Obama Administration Diverts $28.5 Million in Small Business Dollars to General Dynamics General Dynamics Corporation (NYSE: GD) is a defense conglomerate formed by mergers and divestitures, and as of 2006 it is the sixth largest defense contractor in the world. The company has changed markedly in the post-Cold War era of defense consolidation.
Dec. 9, 2009
PETALUMA, Calif. -- The following is a statement by the American Small Business League:
Obama Administration Diverts Small Business Funds to General Dynamics, According to the American Small Business League.
The Obama Administration has awarded a $28.5 million small business contract to Fortune 500 firm General Dynamics. As America's fourth largest prime contractor, General Dynamics did more than $29.3 billion in sales during fiscal year (FY) 2008 and maintains more than 92,000 employees. http://www.asbl.com/documents/20091202GeneralDynamics_Created_20091027.pdf
According to the most recent data from the Federal Procurement Data System The Federal Data Procurement System (FPDS) is a single source for US government-wide procurement data. External Links
[https://www.fpds.gov Federal Data Procurement System] - Next Generation (FPDS-NG FPDS-NG Federal Procurement Data System - Next Generation ), General Dynamics is just one of hundreds of corporate giants that are currently receiving federal small business contracts from the Obama Administration.
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In May of 2009, Congressman Hank Johnson (D-4-GA) introduced H.R. 2568, the Fairness and Transparency in Contracting Act. If passed the bill would halt the flow of federal small business contracts to large businesses and redirect more than $100 billion a year in federal infrastructure spending to legitimate small businesses. Although the bill has bipartisan support with 19 co-sponsors, to date President Obama has refused to endorse the legislation.
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1 comment:
I just checked opensecrets.org and hr 2568 has not been acted on yet.
The American Small Business League (ASBL) has estimated that every year more than $100 billion in federal small business contracts are diverted away from legitimate small businesses and into the hands of some of the largest corporations in the world. The most recent data released by the Obama Administration indicates that firms counted as small businesses included: Xerox, Bechtel, Lockheed Martin, Boeing, Raytheon, Northrop Grumman, British Aerospace (BAE), Ssangyong Corporation headquartered in Seoul, South Korea and Finmeccanica SpA, which is located in Italy with 73,000 employees.
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