Iraq, follow the money

Whatever the rationale for the invasion of Iraq, business is booming. Not long after Bush took office, Lockheed Martin's revenues soared by more than 30 percent, as it was awarded $17 billion in contracts from the Department of Defense, a far cry from the lean years of the Clinton administration.

Under Clinton, it did win $2 billion in contracts with the Department of Energy for nuclear weapons activity; recently Bush called for 125 new nukes a year, opening up new contract horizons in that area, as well.

Its stock went from 16.375 in October of 1999 to 71.52 in June of 2002. As professor of finance at the State University at Buffalo Michael Rozeff observes, "the stock market anticipates many events."

Lockheed Martin reported 2002 sales of $26.6 billion, a backlog of more than $70 billion and free cash of $1.7 billion. And that was before the war in Iraq.

Dick Cheney's son-in-law, Philip J. Perry, a registered Lockheed lobbyist who had, while working for a law firm, represented Lockheed with the Department of Homeland Security, had been nominated by Bush to serve as general counsel to the Department of Homeland Security. His wife, Elizabeth Cheney, serves as deputy assistant secretary of state for Middle Eastern affairs.

Vice President Cheney's wife, Lynne, had, until her husband took office, served on the board of Lockheed, receiving deferred compensation in the form of half a million dollars in stock and fees. Even President Bush himself has a Lockheed Martin connection. As governor of Texas, he had attempted to give Lockheed a multimillion-dollar contract to reform the state's welfare system. ( THE TIP OF THE ICEBERG)