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Are the Democrats covering up Senator Feinstein's link to war profiteering?

by Duane J. Roberts Monday, Apr. 21, 2003 at 1:14 PM

Why are Congressional Democrats silent about the Perini Corporation?

Last week, messages were posted on the la.indymedia site
mentioning that Senator Dianne Feinstein's husband,
Richard C. Blum, owned about 200,000 shares of
preferred stock in the Perini Corporation, the
Boston-based construction and real estate development
firm that won a $100 million contract from the Bush
administration to do reconstruction work in Iraq.

Well, according to documents filed with the Securities
and Exchange Commission and information that can be
obtained from the biz.yahoo.com site, the San
Francisco investment banking firm that Mr. Blum runs,
Blum Capital Partners, L.P., has a "controlling"
interest in the Perini Corporation that is worth
somewhere around $32,145,151.

But what I find of even greater interest is the fact
that the New York Times published an article earlier
this month reporting that the Perini Corporation was
awarded its $100 million contract "confidentially" --
much in the same manner by which Bush administration
has been disbursing business to other companies it
enjoys a close relationship with:

For some of the reconstruction work in and
around Iraq, the United States Army Corps
of Engineers confidentially awarded a
one-year contract worth up to $100 million
on April 1 to the Perini Corporation,
which had revenue of barely $1 billion
last year. The agency released a brief
statement about the award on April 4,
but Perini did not receive clearance to
issue its own statement about the
significant chunk of business until
April 8. By then, its stock had climbed
more than 40 percent. ("The Catch-22
Of Iraq Contracts," Diana B. Henriques,
April 12, 2003, New York Times)

Yet, Congressional Democrats who recently asked the
General Accounting Office to open up an investigation
into the way by which the Bush administration has been
handing out war contracts seem to have completely left
the Perini Corporation out of the scope of their

Do you suppose they don't want word to get out that a
firm controlled by the husband of a prominent
California Democratic Senator is making a money off
President George Bush's imperialist wars in the Middle East?

Or do you think the real reason why Congressional
Democrats are going after Bush on this issue is
because his administration isn't awarding enough war
contracts to firms owned or controlled by other


Duane J. Roberts

See http://biz.yahoo.com/hd/p/pcr.html for information
on top instutional holders of Perini Corporation

Top Institutional Holders Shares %Out* Value**

Blum Capital Partners,
L.P. 5,823,397 25.69 $32,145,151

American International
Group, Inc 4,705,882 20.76 $25,976,468

Gendell, Jeffrey L. 426,300 1.88 $2,353,176

Dimensional Fund Advisors
Inc 401,200 1.77 $2,214,624

Smith (Donald) & Company
Inc. 215,500 0.95 $1,189,560

Legg Mason Inc. 120,000 0.53 $662,400

Heartland Advisors Inc. 92,200 0.41 $508,944

Barclays Bank Plc 57,287 0.25 $316,224

Northern Trust Corporation 44,400 0.20 $245,088

Vanguard Group, Inc. (The) 42,880 0.19 $236,697

See the following URL for the recent SEC filing by the
Perini Corporation and scroll down:


The following entities are or may be considered
persons controlling the Company:

Tutor-Saliba Corporation
15901 Olden Street
Sylmar, CA 91342

National Union Fire Insurance Company of Pittsburgh,
70 Pine Street
New York, NY 10270

O&G Industries, Inc.
112 Wall Street
Torrington, CT 06790

BLUM Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133

PB Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133

The Common Fund for Non-Profit Organizations
c/o BLUM Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133

The Union Labor Life Insurance Company
Separate Account P
111 Massachusetts Avenue, NW
Washington, DC 20001


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