US pension bill may include help for defense companies

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-07-19T180538Z_01_N19229614_RTRIDST_0_CONGRESS-PENSIONS-DEFENSE.XML

WASHINGTON, July 19 (Reuters) - To win support for a pension reform bill, U.S. lawmakers may include relief for General Dynamics Corp. (GD.N: Quote, Profile, Research) and other large defense contractors that have enjoyed soaring stock prices and profits since the Sept. 11 attacks.

Senate and House negotiations on the bill, which had stalled for four months, appeared to be nearing completion on Wednesday after the defense contractors provision was added, according to congressional aides.

Big defense contractors have manufacturing sites in dozens of communities and U.S. states.

Meanwhile, General Dynamics reported second-quarter profit shot up 84 percent on strong sales in combat and aerospace businesses. The No. 4 Pentagon supplier reported quarterly profit of $636 million, or $1.56 per share.

General Dynamics stock, along with other defense stocks like Lockheed Martin Corp. (LMT.N: Quote, Profile, Research) and Northrop Grumman Corp. (NOC.N: Quote, Profile, Research), have roughly doubled since the U.S.-led invasion of Iraq in March 2003.

...more...

More mega-corporate welfare :banghead:

[MaineDem]

1. Forgive me for this:

What the fuck does General Dynamics have to do with protecting pensions???

This is ridiculous!

[Mandate My Ass]

2. nothing

but I smell pork, yummy corporate welfare pork.