Thursday, September 11, 2008

Top 10 Companies that Profit Heavily from the Iraq War

  1. Haliburton KBR Inc. - The first name that comes to everyone’s mind here is Halliburton. According to MSN Money, Halliburton’s KBR, Inc. division bilked government agencies to the tune of $17.2 billion in Iraq war-related revenue from 2003-2006 alone. This is estimated to comprise a whopping one-fifth of KBR’s total revenue for the 2006 fiscal year. The massive payoff is said to have financed the construction and maintenance of military bases, oil field repairs, and various infrastructure rebuilding projects across the war-torn nation. This is just the latest in a long string of military/KBR wartime partnerships, thanks in no small part to Dick Cheney’s former role with the parent company.

  2. Veritas Capital Fund/DynCorp - At first blush, a private equity fund (and not, say, Exxon-Mobil) being the number 2 profiteer in the Iraq war might sound strange. However, the cleverly run fund has raked in $1.44 billion through its DynCorp subsidiary. The primary service DynCorp has provided to the war efforts is the training of new Iraqi police forces.

  3. Washington Group International - The Washington Group International has parlayed its expertise the repair, restore, and maintenance of high-output oil fields into $931 million in Iraq-related revenue from 2003-2006. The publicly traded 25,000 employee company’s other specialties include the building and maintenance of schools, military bases, and municipal utilities, such as watering systems.

  4. Environmental Chemical - All war zones eventually becomes cluttered with spent ammunition and broken/abandoned weapons, creating a lucrative niche for any company willing to clean it all up. In Iraq, this duty has fallen into the hands of Environmental Chemical. The privately held Burlingame, California company has stockpiled $878 million by the end of fiscal 2006 for munitions disposal, calling upon its “decade of experience planning and conducting UXO removal, investigation, and certification activities.”

  5. Aegis - Aegis has done the United Kingdom proud after reeling in a contract to coordinate all of Iraq’s private security operations. The Pentagon contract is good for $430 million (incredibly lucrative by any standard) but it has landed Aegis in some hot public relations water. The company’s decision to contribute to Iraq war efforts has lead to a rejected membership application from the International Peace Operations Association.

  6. International American Products - Running electrical wiring in hostile war zones is dicey business, but International American Products has stuck their neck out and collected a cool $759 million in just 3 years for its efforts.

  7. Erinys - London-based Erinys has so far scored $136 million for its effort in securing Iraq’s precious oil reserves. Riding the coattails of its considerable mining, petroleum, and construction expertise, the company has already made considerable headway toward this critically important goal.

  8. Fluor - Fluor scored a monster $1.1 billion contract in 2004 to build, service, and manage water/sewage systems in Iraq. The deal is actually a joint venture between Fluor (a 44,800 employee company based on Aliso Viejo) and London’s AMEC, PLC and actually encompasses two separate contracts. The first - worth $600 million - obligates Fluor to build a water distribution infrastructure and cleaning system for Iraq’s major cities. A second $500 million deal will have the lucrative joint venture of performing similar tasks in other, less hostile regions of the country.

  9. Perini - Perini (controlled by financier Richard Blum) is one of the more controversial companies to have scored big-time Iraq war money. That’s because Blum’s wife, Senator Dianne Feinstein, appears to have used her seat on the Military Construction Appropriations subcommittee to steer the $650 million environmental cleanup deal in his favor. This has lead to outrage and cries for conflict of interest investigations among those in the media, as well as Feinstein’s peers in Congress.

  10. URS Corporation - Another widely disparaged, Blum-controlled company that has profited from Iraq is URS Corporation. Long known as one of the nation’s major defense contractors, San Francisco-based URS has collected $792 million in environmental cleanup fees in Iraq war zones.