Five U.S. senators led by SenSanders wrote that the Pentagon 'can no longer expect Congress or the American taxpayer to underwrite record military spending while simultaneously failing to account for the hundreds of billions it hands out every year.'
reported, DOD's fixed price contracts would often provide for private profits of 12-15%," the letter continues."Pentagon analysts found overcharges that boosted total profits to nearly 40% and sometimes as high as 4,000%. Lockheed Martin, Boeing, Raytheon, and TransDigm are among the offenders, dramatically overcharging the department and U.S. taxpayers while reaping enormous profits, seeing their stock prices soar, and handing out massive executive compensation packages.
The senators also fault the Pentagon for staggering oversight failures, noting that the"60 Minutes" investigation"underlines longstanding concerns around the department's inability to pass an audit, accurately track its finances, or mitigate against fraud risk in the hundreds of billions of dollars in contracts it awards every year."legislation that would require the Pentagon to pass a full, independent audit.
"The DOD can no longer expect Congress or the American taxpayer to underwrite record military spending while simultaneously failing to account for the hundreds of billions it hands out every year to spectacularly profitable private corporations," the letter reads.
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