U.S. Contractor Pulls Out of Reconstruction Effort in Iraq
For the first time, a major U.S. contractor has dropped out of the multibillion-dollar effort to rebuild Iraq, raising new worries about the country's growing violence and its effect on reconstruction.Halliburton apologists have long maintained that Halliburton isn't making money in Iraq. I just assumed they meant that if they have to actually account for their expenditures there plan to loot Iraq and the US Government's reconstruction funds wouldn't be profitable. But maybe, there is more to it.
Contrack International Inc., the leader of a partnership that won one of 12 major reconstruction contracts awarded this year, cited skyrocketing security costs in reaching a decision with the U.S. government last month to terminate work in Iraq.
We can all see where this is going and it's not a good place.