(Iraq War Profiteer) Titan Settles with Navy, Profit Soars

[Up2Late]

Wed Mar 2, 2005 12:02 PM ET

NEW YORK (Reuters) - U.S. defense group Titan Corp. (TTN.N: Quote, Profile, Research) on Wednesday said it had reached an administrative settlement with the Navy allowing it to compete for government contracts and also reported a rise in earnings.

The Navy deal came a day after Titan pleaded guilty to making illegal payments to a presidential election campaign in Benin in hopes of winning higher fees for a project there and agreed to pay $28.5 million to settle related criminal and civil charges.

"We are relieved to have these unfortunate and regrettable matters behind us," said Titan Chairman and Chief Gene Ray in a conference call with investors.

The San Diego-based company also reported fourth-quarter profit of $9.3 million, or 11 cents a share, compared with $1.1 million, or 1 cent a share, in the year-earlier quarter, when earnings were depressed by higher losses on investments and asset write-downs.

Revenue rose 15 percent, to $551.6 million from $479 million, boosted by programs related to home land security and anti-terror programs, as well as a contract to provide linguists for the U.S. Army in Iraq.
(more at link)
<http://today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2005-03-02T170152Z_01_N02432731_RTRIDST_0_BUSINESS-ARMS-TITAN-EARNS-DC.XML>

[Tempest]

1. Since 2000, 100% of Titan's political contributions went to Bush

You can go to www.opensecrets.org to get the contributions and amounts.

[Tempest]

2. Titan also recently paid a $2.8 million fine for bribery

US defence and telecommunications company has agreed to pay $28.5m after admitting bribery in the West African state of Benin.

The Titan corporation was accused of funnelling more than $2m into the 2001 re-election campaign of President Mathieu Kerekou.

At the time, Titan was trying to get a higher price for a telecommunications project in Benin.

There is no suggestion that Mr Kerekou was himself aware of any wrongdoing.

http://news.bbc.co.uk/1/hi/business/4310331.stm

[Just Me]

3. War-profiteering at its height: settlement = stock boost.

It appears a no-loss predicament for Titan, huh.

[Up2Late]

4. Titan is also part of the Abu-Gareb Torture scandal

"...Revenue rose 15 percent, to $551.6 million from $479 million, boosted by programs related to home land security and anti-terror programs, as well as a contract to:hi: provide linguists for the U.S. Army in Iraq...":hi:

[Cocoa]

5. wasn't Halliburton involved in a bribery case

also in Africa, I think...

[Up2Late]

6. Absolutely, Cheney has warrants for his arrest in France

But you know how the RW feels about France.

One of my favorite Jokes/Quotes (nobody's really sure if * said it or not):

GWB: "You know what the problem with the French is? They haven't got a word for Entrepreneur.:grr: :silly:

[MrPrax]

7. Linguistics is a fine GOP tradition...

Bush and his unique understanding of French is good, but remember Raygun who said that the 'Russians didn't even have a word for peace'!

Of course the Russian word for 'peace' is 'mir'...they even named a space station after it.

There are very few countries in the west, where if politicians said such incomprehensibly stupid, they would be off the shortlist for political office...this stuff isn't just mangling a word or mispeaking (or saying something controversial)...this is just plain ignorant and most folks wants their high offices filled by people a little above some bar-crawling hick.

[Up2Late]

8. Kick n/t

:kick: