Iraq war boosts defense company's profits by 27% in '07

Lockeed Martin, Halliburton, Boeing, Qualcomm -- just some of companies that would be a lot less wealthier had Bush not decided to invade Iraq.  Now we can add another company to the list:

BAE Systems Plc, Europe's biggestdefense company, said first-half profit rose 27 percent, beatinganalysts' estimates, on upgrades of Bradley fighting vehicles forthe U.S. army in Iraq and production of fighter jet parts.

Net income rose to 515 million pounds ($1.05 billion), or15.5 pence a share, from 405 million pounds, or 12.4 pence, a yearearlier, the London-based company said today in a statement.Profit exceeded the 406 million-pound median estimate of nineanalysts surveyed by Bloomberg. Sales rose 8 percent to 6.89billion pounds, also beating estimates.

``They have really benefited from the upgrading of Bradleyvehicles in this period,'' said Scott Babka, an analyst at MorganStanley in London, who has a ``overweight'' rating on the stock.``They are in the right ends of the market and these are a solidset of numbers.''

But BAE is funding both sides of the Iraq war:

BAE Systems is alleged tohave set up a 60-million-pound "slush fund" for members of the Saudiroyal family to secure business, and made illegal payments to thoseinvolved in its deals. BAE strenuously denies the charges.

This is almost equally as un-American as the $13 billion arms deal that the Saudis just secured with the Bush administration. 

President Eisenhower is spinning in his grave.  Maybe we should have learned something from his 1961 farewell address:

In the councils of government, we must guard against the acquisition ofunwarranted influence, whether sought or unsought, by themilitary-industrial complex. The potential for the disastrous rise ofmisplaced power exists and will persist.
         
We must never let the weight of this combination endanger our libertiesor democratic processes. We should take nothing for granted. Only analert and knowledgeable citizenry can compel the proper meshing of thehuge industrial and military machinery of defense with our peacefulmethods and goals, so that security and liberty may prosper together.

$12 billion spent each money in Iraq,  No, this is definitely not Ike's America.