| User Info
| Alleged Fraud In Government Contracts? Say It Isn't So in forum [Market-Ticker]
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Mo
Posts: 12158
Incept: 2007-06-26
Pa.
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This is going on everywhere. Local and state governments are playgrounds for white collar criminals.
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Welcome to Pottersville
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Bullionaire
Posts: 2222
Incept: 2007-12-21
Fear The People
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Douchebag Mike lobbied hard to change the law so he could run for a third term, an election which he won by about 1% of the vote. I hope this scandal colors his entire time as Mayor. He's running a mini welfare state that sucks the life out of productive people to provide benefits for the 40+% of residents from another country, as well as a City workforce of 200K+. It always killed me to have some petty city "inspector", usually some Russian or West Indian scumbag, come into my business and break my balls in broken English. I hope the city goes***** up and I don't give a ****. The cops are now equally as bad. What was once a noble public service career has been transformed into that of an ancillary tax collector. **** them all.
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"Anytime a financial company can take your hard earned money and keep it for decades without promising a set return, and even penalize you for early withdrawal it is a con. America has been conned by the whole 401K concept." - Ignorance Is Bliss, from a ZH comment section
Reason: additional sarcasm needed
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Duc888
Posts: 7368
Incept: 2008-11-06
CT, the UNconstitution State
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This is true. I know first hand of a ****-TON of money being*****ed away in NY....in the "Job Corps" type programs.
Take one "disadvantaded" social retard pot head kid (lazy assed mother****er) and***** 100K a year on him in "training"
Now multiply this by a few thousand.....complete with subcontractors to the
State.....hundreds of them.
A fukkin money waterfall off the edge of the Earth......
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...burp
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Bullionaire
Posts: 2222
Incept: 2007-12-21
Fear The People
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True. Unknown to a lot of people, they are giving big tax breaks and other considerations to businesses that hire parolees, people on probation, "disadvantaged", homeless shelter residents, and those currently inside the City welfare system. Its hundreds of millions of dollars*****ed away in a massive subsidized job program. Organizations like Workforce One and The Doe Fund are two of the major enablers of this type of ****.
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"Anytime a financial company can take your hard earned money and keep it for decades without promising a set return, and even penalize you for early withdrawal it is a con. America has been conned by the whole 401K concept." - Ignorance Is Bliss, from a ZH comment section
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Raftermanfmj
Posts: 3346
Incept: 2010-09-06
USA
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If banksters can rip off whole populations, why can't regular companies? What's the big deal? And as far as wasting money, so what? Just print more.
As long as you print one more dollar than you have stolen/wasted, you're doing A-OK.
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I have never wished to cater to the crowd; for what I know they do not approve, and what they approve I do not know. - Epicurus
Oderint dum metuant - Caligula & Police State USA
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Icanhasbailout
Posts: 9939
Incept: 2009-03-10
Imaginationland
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Quote:It takes brass balls to pull something like this and think you'll get away with it. With all due respect, no, no it doesn't. It just takes a willingness to go along to get along. The problem is that this kind of bezzle (remember that?) is so common that it infects every aspect of U.S. society. ****, I know all the details of a present-day, in-progress $100 mil fraud in .gov contracting, stashed the data that proves it beyond a reasonable doubt in a safe place, and I couldn't even get a qui tam lawyer to return my calls. So why would I stick my neck out? To get falsely prosecuted like all other whistleblowers under this government? To have some .gov goon go through my life with a fine-toothed comb, shoving every violation of an impossible-to-be-in-full-compliance-with legal code up my ass as far as he can push it? As long as whistleblowers are prosecuted rather than celebrated and rewarded, the only surprise here is that they didn't get away with it.
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Tienkou
Posts: 4225
Incept: 2007-09-09
Connecticut
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The entire contract was budgeted at around $60 million. What kind of financial management did the "Detail Man" Mike have going on. They just get an invoice and pay it? This goes a hell of a lot deeper and I'll bet it goes right to Bloomy and Giulianni.
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Barack Hussein Obama - The last President of the First American Revolution.
The US Congress has abdicated its role as a governing body.
The most dangerous man is the one with nothing left to lose. Our government is making more of them everyday.
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Genesis
Posts: 130735
Incept: 2007-06-26
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Quite possibly.
Which is why I say "keep an eye on this... it ain't over."
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Throxxofvron
Posts: 10325
Incept: 2009-02-17
Hyper-Speculative Psycho-Facsistic Parabolic Blow-Off
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Hey, Karl! -What is the BIGGEST Credit Card You have ever seen? Have You ever seen a $1 Billion Dollar ( or EURO Equivalent ) UNSECURED Line of Credit? Check this out. If I am reading this right... http://www.secinfo.com/d14D5a.q21Yk.htmQuote:FORM 8-K
Item 1.01 Entry into a Material Definitive Agreement.
On March 11, 2011, SAIC, Inc., as borrower, and our wholly-owned subsidiary, Science Applications International Corporation, as guarantor, entered into an Amended and Restated Four Year Credit Agreement (the “Agreement”) with a syndicate of lending institutions named in the Agreement, including Citibank, N.A., as administrative agent, Bank of America, N.A., as syndication agent and Morgan Stanley Bank, N.A., The Bank of Nova Scotia and Wells Fargo Bank, National Association, as co-documentation agents. The Agreement amends and restates our prior Credit Agreement, dated June 6, 2006, as amended. We had no outstanding borrowings under our prior credity facility.
The Agreement provides us with a $750 million committed borrowing facility through March 11, 2015. We have the right to request increases in the lenders’ commitments up to an additional $250 million and to request extensions of the commitment termination date. We also have the right to terminate all or part of the lenders’ commitments in excess of any outstanding advances, but terminated commitments may not be reinstated.
Borrowings under the Agreement are unsecured and bear interest at a rate determined, at our option, based on either a base rate or a Eurocurrency rate, in each case with an applicable margin added to the underlying rate as follows:
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for base rate advances, a fluctuating rate equal to the applicable margin plus the highest of (a) Citibank, N.A.’s base rate, (b) the Federal funds rate plus 0.50% and (c) one month LIBOR for U.S. dollars plus 1.00%; or
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for Eurocurrency advances, a periodic fixed rate equal to LIBOR plus the applicable margin.
The applicable margin will vary based on our long-term debt ratings. Based on our current debt ratings, the applicable margin is 0.2% for base rate advances and 1.2% for Eurocurrency advances.
We will pay a facility fee on the total commitment amount, irrespective of usage, that will vary depending upon our long-term debt ratings. Based on our current ratings, the facility fee per year is 0.175% of the total commitment.
The Agreement contains certain customary representations and warranties, as well as certain affirmative and negative covenants. The financial covenants require that, for each period of four consecutive fiscal quarters beginning with the fiscal quarter ended January 31, 2011, we maintain a ratio of consolidated funded debt to earnings before interest, taxes, depreciation and amortization (EBITDA) of not more than 3.0 to 1.0 and a ratio of EBITDA to interest expense no less than 3.5 to 1.0. Other covenants restrict certain other of our activities, including among other things, our ability to create certain liens, dispose of substantially all of our assets and merge or consolidate with other entities.
The Agreement also contains certain customary events of default, including, among others, defaults based on certain bankruptcy and insolvency events, nonpayment, cross-defaults to other debt, breach of specified covenants, ERISA events, material monetary judgments, change of control events and the material inaccuracy of our representations and warranties.
To receive an extension of credit under the Agreement, we must be in compliance with the financial covenants described above, not be in default, and satisfy other customary conditions.
The foregoing description does not purport to be complete and is subject to and is qualified in its entirety by reference to all of the provisions of the Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference. IS this in fact what I presume it to be? Up to $1 Billion Dollars in UNSECURED Credit? How many States, Banks, or Other Large Institutions does ANYONE know of that have such Billion Dollar Lines of Unsecured Credit? There is some other interesting looking stuff in the SEC Filings: http://www.secinfo.com/$/SEC/Filings.asp....http://www.secinfo.com/$/SEC/Registrant.....
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DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell
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Pitz
Posts: 860
Incept: 2010-04-08
voluntary resigned
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This is often why H1-B's are used in IT -- they can pretty much be relied upon to not speak up, and to participate in unethical or illegal practices.
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Jasonrines
Posts: 65
Incept: 2009-11-23
New Hampshire
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The SAIC is the private global data collection institution for CFR, BIS etc. They have far too much sensitive information to be released as the U.S. economy collapses. This is the crooks destroying evidence. It should not be considered 'wierd' at all.
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Genesis
Posts: 130735
Incept: 2007-06-26
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Throx: That is one ****ing big credit card, isn't it? Hmmm... syndicated facilities are not uncommon at all, and they're not always secured - especially when you're a big company like this.
But as Jason noted, SAIC is, well.... special.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Widgeon
Posts: 13481
Incept: 2007-08-30
Region formerly known as the United States
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SAIC is NOT a "regular company."
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Nma
Posts: 121
Incept: 2010-03-16
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Mo wrote..This is going on everywhere. Local and state governments are playgrounds for white collar criminals. /thread Kickbacks on no-bid contracts, cushy contract jobs for retirees, "old friends" used as consultants, and on and on and on and on. To be fair though, this story makes the fraud and "unseemly" actions in my local government seem downright virtuous... |
Tesla
Posts: 15541
Incept: 2008-04-03
State of Disbelief
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Quote:On March 11, 2011, SAIC, Inc., as borrower, and our wholly-owned subsidiary, Science Applications International Corporation, as guarantor, entered into an Amended and Restated Four Year Credit Agreement (the “Agreement”) with a syndicate of lending institutions named in the Agreement, including Citibank, N.A., as administrative agent, Bank of America, N.A., as syndication agent and Morgan Stanley Bank, N.A., The Bank of Nova Scotia and Wells Fargo Bank, National Association, as co-documentation agents. Well, well, well. Quite a list of the TBTF and politically-connected, yes ? Are other TBTF institutions muscling in for some of the loot after the takedown ?
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"Even a dog knows the difference between being stumbled over and being kicked." -Justice Oliver Wendell Holmes
"Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams
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Blackswan
Posts: 5564
Incept: 2007-11-06
Just outside of Philly
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Duc888
Social retard pot head kid? Don't you mean college grad?
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“It’s checkmate. Everywhere it’s checkmate.”
Hugh Hendry
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