[lbo-talk] new frontiers in employee ownership

[socialismorbarbarism]

"'It [the criminal corporation] has a lot of happy customers across
the government-contracting
world, so it’s hard to burn your reputation with a single incident,'
said Tim Quillin, a research analyst at the investment bank Stephens,
based in Arkansas.

The $500 million payment, Mr. Quillin added,'is a big settlement
relative to the economic damage they may have done to the City of New
York.'

'But in terms of S.A.I.C.’s ability to pay, this is not meaningful.'"

They're clearly a successful corporation, with a wonderful business
plan. Is there supposed to be some kind of problem here? ;)

On Wed, Mar 14, 2012 at 4:27 PM, Eubulides <autoplectic at gmail.com> wrote:
> http://www.nytimes.com/2012/03/15/nyregion/contractor-in-citytime-payroll-scandal-to-pay-record-500-million.html
>
> March 14, 2012
> Contractor Strikes $500 Million Deal in City Payroll Scandal
> By MICHAEL M. GRYNBAUM
>
> A major government contractor agreed on Wednesday to pay a record $500
> million to avoid federal prosecution for its role in the
> scandal-tarred CityTime project, an effort at modernizing New York’s
> payroll system. The project was plagued by widespread fraud and weak
> oversight and became a lingering embarrassment for Mayor Michael R.
> Bloomberg’s administration.
....