Feeding Frenzy

William Sternberg, Author Henry Holt & Company $19.45 (326p) ISBN 978-0-8050-1063-3
Sternberg, who covered the Wedtech scandal for Crain's New York Business , and former Wedtech vice-president Harrison, here offer their view of the corruption exposed in the mid-'80s at a small South Bronx, N.Y., defense contractor touted as a ``shining star'' in President Reagan's minority business program. The wide-ranging scandal reached top administration officials, the President among them, allegedly unaware of the fraud practiced by a network of company and military officers, and New York and Washington politicians and lawyers, along with accommodating bankers and auditors. Going public illegally while still federally subsidized, Wedtech cooked the books to cover losses. To this malfeasance was added incompetence in a management and labor force unqualified to fulfill Pentagon contracts and meet schedules. The whole rotten structure collapsed in 1986 during investigation by Manhattan, Bronx and Baltimore prosecutors, resulting in conviction of the principals. Although the scope of the case requires extensive documentation, Sternberg and Harrison's indefatigable blow-by-blow account may be more than the casual reader can absorb. Photos not seen by PW. (Nov.)
Reviewed on: 01/01/1989
Release date: 01/01/1989
Genre: Nonfiction
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