Please ensure Javascript is enabled for purposes of website accessibility
Investigation Finds Pentagon Overpays for Weapons Due to Defense Contractor Price Gouging
News
By News
Published 11 months ago on
May 22, 2023

Share

Getting your Trinity Audio player ready...

A six-month investigation by 60 Minutes found that the Pentagon’s difficulty in procuring weapons at an affordable price is due to price gouging by U.S. defense contractors.

Shaya Assad, a former executive vice president and chief contract negotiator for Raytheon, claims that the Pentagon overpays for almost everything, from radars and missiles to helicopters, planes, and submarines. The problem can be traced back to 1993 when the Pentagon encouraged defense companies to merge, leading to 51 major contractors consolidating into five giants.

This consolidation has led to a lack of competition and limited leverage for the government in negotiations. The Pentagon has also cut 130,000 employees whose jobs were to negotiate and oversee defense contracts, leading to less oversight and increased prices.

Watch the full episode at CBSNews.com.

RELATED TOPICS:

DON'T MISS

$11M State Grant Will Help Fresno’s Emergency Shelter Beds, Mental Health Services

DON'T MISS

City Council Finally Gives New NW Fresno Costco a Green Light

DON'T MISS

Prop 47 Reformers Send Nearly a Million Signatures to Sacramento

DON'T MISS

BTC Scammy Scams, Impact of Blockchain on Global Markets: Crypto The WonderDog Show

DON'T MISS

US Vetoes Full United Nations Membership for Palestine

DON'T MISS

Barbara Corcoran: 1% Interest Rate Drop Will Send Housing Prices ‘Through the Roof’

DON'T MISS

Cavinder Twins Are Returning to Miami for Their Last Season

DON'T MISS

California Sets Long-Awaited Drinking Water Limit for ‘Erin Brockovich’ Contaminant

DON'T MISS

Savannah Bananas Dominate Social Media, Sell Out Stadiums Nationwide Including Fresno

DON'T MISS

Biden is Off on Details of His Uncle’s WWII Death as He Calls Trump Unfit to Lead the Military

UP NEXT

City Council Finally Gives New NW Fresno Costco a Green Light

UP NEXT

Prop 47 Reformers Send Nearly a Million Signatures to Sacramento

UP NEXT

BTC Scammy Scams, Impact of Blockchain on Global Markets: Crypto The WonderDog Show

UP NEXT

US Vetoes Full United Nations Membership for Palestine

UP NEXT

Barbara Corcoran: 1% Interest Rate Drop Will Send Housing Prices ‘Through the Roof’

UP NEXT

Cavinder Twins Are Returning to Miami for Their Last Season

UP NEXT

Savannah Bananas Dominate Social Media, Sell Out Stadiums Nationwide Including Fresno

UP NEXT

Biden is Off on Details of His Uncle’s WWII Death as He Calls Trump Unfit to Lead the Military

UP NEXT

Big Names in Rap, Christian Music, and Comedy Headline Must-See Weekend Entertainment

UP NEXT

US and UK Issue New Sanctions on Iran in Response to Tehran’s Weekend Attack on Israel

BTC Scammy Scams, Impact of Blockchain on Global Markets: Crypto The WonderDog Show

13 hours ago

US Vetoes Full United Nations Membership for Palestine

13 hours ago

Barbara Corcoran: 1% Interest Rate Drop Will Send Housing Prices ‘Through the Roof’

13 hours ago

Cavinder Twins Are Returning to Miami for Their Last Season

14 hours ago

California Sets Long-Awaited Drinking Water Limit for ‘Erin Brockovich’ Contaminant

15 hours ago

Savannah Bananas Dominate Social Media, Sell Out Stadiums Nationwide Including Fresno

17 hours ago

Biden is Off on Details of His Uncle’s WWII Death as He Calls Trump Unfit to Lead the Military

18 hours ago

Big Names in Rap, Christian Music, and Comedy Headline Must-See Weekend Entertainment

18 hours ago

US and UK Issue New Sanctions on Iran in Response to Tehran’s Weekend Attack on Israel

18 hours ago

Will State AG Rob Bonta Jump Into 2026 Race for CA Governor?

18 hours ago

$11M State Grant Will Help Fresno’s Emergency Shelter Beds, Mental Health Services

Fresno got a $10.9 million piece of California grant money to shelter people living in encampments. The money from California’s $192 m...

11 hours ago

11 hours ago

$11M State Grant Will Help Fresno’s Emergency Shelter Beds, Mental Health Services

11 hours ago

City Council Finally Gives New NW Fresno Costco a Green Light

12 hours ago

Prop 47 Reformers Send Nearly a Million Signatures to Sacramento

Crypto the WonderDog Show
13 hours ago

BTC Scammy Scams, Impact of Blockchain on Global Markets: Crypto The WonderDog Show

13 hours ago

US Vetoes Full United Nations Membership for Palestine

13 hours ago

Barbara Corcoran: 1% Interest Rate Drop Will Send Housing Prices ‘Through the Roof’

14 hours ago

Cavinder Twins Are Returning to Miami for Their Last Season

15 hours ago

California Sets Long-Awaited Drinking Water Limit for ‘Erin Brockovich’ Contaminant

MENU

CONNECT WITH US

Search

Send this to a friend