The Blogiston Post

Politics, money, and war.

Friday, June 11

twists & turns

Shaw Group is under investigation by the SEC. They have a subsidiary Shaw Environmental currently doing work in Iraq. James Schlesinger, a member of the Defense Policy Board and recently appointed by Rumsfeld to review the abuse charges, is an advisor to Shaw Group.

Shaw Announces Hiring of Dr. James Schlesinger as a Consultant
July 26, 2002 - The Shaw Group Inc. is pleased to announce that Dr. James R. Schlesinger has been retained as a senior advisor to Shaw Environmental & Infrastructure, Inc. (Shaw E & I). In this role, Dr. Schlesinger will provide expert advice and counsel to Shaw E & I on matters relating to government business development and strategic acquisitions and partnerships.
So when you consider there is now an SEC investigation...

SEC investigation of Shaw Group acquisitions begins, release says
The federal Securities and Exchange Commission has launched an informal inquiry into how one of Baton Rouge's most-prestigious companies accounted for certain acquisitions during its last fiscal year.
While meaningful information was scarce Thursday evening ahead of the national holiday, routine filings with the SEC showed that Shaw made two acquisitions in the period, the purchase of Badger Technologies in April 2003 and of a drilling division of LFG&E International in November 2002.
In 2000, Shaw purchased the Boston engineering firm, Stone & Webster for $143 million. The venerable firm built power plants around the world. It positioned Shaw to profit during the power plant building boom prompted by the California energy crisis.
Badger Technologies was purchased by Shaw from another company also doing work Iraq, Washington Group.

Shaw Announces Acquisition of Badger Technologies Unit From Washington Group International, Inc.
April 21, 2003 - The Shaw Group Inc. today announced that its subsidiary, Stone & Webster, Inc., has acquired substantially all of the assets of the Badger Technologies unit from Washington Group International, Inc. for $17.7 million and the assumption of certain liabilities. Badger Technologies, previously part of Raytheon Engineers & Constructors, develops, licenses, and commercializes petrochemical and petroleum refining-related technologies. Most notably, the company licenses ethylbenzene and cumene technologies in cooperation with ExxonMobil Chemical Company, and styrene technology in cooperation with ATOFINA.
Did you count the number of companies who have contracts in Iraq?
Is anyone in Congress paying attention?
Is your head spinning yet?


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