Goodwin, Jacob. Brotherhood of Arms: General Dynamics and the Business of
Defending America. New York: Times Books, 1985. 419 pages.
In 1984 General Dynamics sold nearly $6 billion worth of products to
the Defense Department: M-1 tanks to the Army, nuclear-powered submarines
and cruise missiles to the Navy, and F-16 fighters and cruise missiles to
the Air Force. It was the third largest defense contractor. In 1986 about
$146 billion, or $2,400 for every family in the U.S., went from the U.S.
treasury into the coffers of the nation's defense contractors. Despite a
return on equity of 37 percent in 1984, GD paid federal income taxes for
only one year since 1972. A former general manager of General Dynamics,
Panagiotis Takis Veliotis, was indicted on kickback, fraud, conspiracy,
perjury, and racketeering charges in 1983. He split to Greece and began
cooperating with U.S. investigators, providing them with a slew of documents
and tapes of telephone conversations he had with other GD executives during
the past decade. This book was published in 1985, the same year that GD
chairman David Lewis was forced to retire, and U.S. taxpayers learned about
the $9,606 Allen wrench and other wonders of Pentagon procurement.
An update: William Anders, GD's chief from 1991-1993, sold off three
billion in GD assets and slashed 63,000 jobs. But all was not lost -- in
that period Anders personally pocketed $44.3 million in earnings and stock
benefits, becoming the highest-paid executive in the defense industry.
ISBN 0-8129-1151-2
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