Cerberus Capital Management LP is large privately owned hedge fund. The firm is based in New York, N.Y., and run by 45-year-old financier Steve Feinberg. Former Vice President Dan Quayle has been a prominent Cerberus spokesperson and runs one of its international units.
Founded in 1992, Cerberus invests primarily in companies which are near bankruptcy and hopes to make the businesses it acquires profitable.
The company has been a voracious acquirer of businesses over the past several years and now includes sizeable investments in sportswear, paper products, military services, real estate, energy, retail, glassmaking, transportation, and building products, Its holdings amounted to $16 billion in 2005.
On October 19, 2006, John W. Snow, President George W. Bush's second United States Secretary of the Treasury, was named chairman of Cerberus.
~snip~
Government Services(Military, Energy, and Food&Drug)— owns IAP Worldwide Services, which bought Johnson Controls' World Services division in February 2005, and Netco Government Services.
Related Apparently, there's isn't enough war profiteer pie to go around for Bush administration officials. Cheney's KBR is going up against former Treasury Secretary John Snow's IAP:
WASHINGTON: A small defence contractor now controlled by a former Bush administration cabinet secretary is taking on Halliburton Co by bidding for one of three US Army contracts worth up to $50bn each to provide food and shelter to US troops in Iraq and Afghanistan. Within days of former US Treasury Secretary John Snow becoming chairman of the New York hedge fund that owns IAP Worldwide Services Inc, the company submitted its bid for huge US Army contracts that will be awarded by year-end. Cerberus Capital Management LP owns Cape Canaveral, Florida-based IAP, which is led by former executives from Halliburton subsidiary Kellogg, Brown & Root. KBR is currently the US Army's sole contractor for providing food and shelter to the military in Iraq and Afghanistan.
But the Army now wants multiple contractors for these services and KBR is bidding again. Some defence analysts are predicting both KBR and IAP, which is run by former KBR executives, will each win one of the 10-year deals that start in 2007.
IAP Worldwide Services awarded over $508 million to provide electricity to Iraq
Edited on Sat Mar-03-07 09:05 AM by maddezmom
By September 22, 2003, the total value of task orders on the contract had reached $22 million—$14.3 million going to activities for the war in Iraq and $7.5 million to activities in Afghanistan—nearing the maximum $29 million contract allowance. On September 25, the Army Corps of Engineers announced that based on potential contingency requirements of the U.S. Central Command it was increasing the contract's maximum value by awarding a $494 million task order for the full five year life of the contract to rebuild Iraq's electrical system, including equipment, operations, maintenance, and training Iraqi Ministry of Electricity personnel. The increase brings the total value of International American Products contracts in Iraq to over $508 million. A USACE spokesman told the Center for Public Integrity that the $496 million increase was "a fully competed, best-value negotiated procurement." Reg Pelham, president of IAP, said that all contract information was "considered confidential" and declined to comment on any IAP contracts or media reports.
~snip~
Legal Action/Investigations
In 1996, IAP was the subject of a week-long news cycle regarding sexual harassment charges by Hungarian female kitchen workers under the supervision of IAP employees subcontracted by defense contractor Brown & Root of Houston. CEO McBride traveled to the U.S. military base, which provided backup support to NATO troops in Bosnia, and admitted he found "serious wrongdoing and violation of company policy." An IAP supervisor was reprimanded for conducting repeated pat down body searches of the women. One woman claimed a male American IAP employee asked her to live with him, possibly in return for money; another claimed Americans offered money for sex. Local cooks, construction workers, and drivers complained that after their three-month employment contracts with IAP expired, the company offered one-month contract renewals to employees and new hires at one-third of the original salary. The workers formed a union to file their claims.
http://www.public-i.org/wow/bio.aspx?act=pro&ddlC=26 Full electricity in Baghdad 6 years off (2013)
http://www.democraticunderground.com/discuss/duboard.ph... I guess they were doing such a good job on this, the US military decided to let them run Walter Reed.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x329928#330049