Edo Director Resigns amid Conflict-of-Interest Charges Involving F-22A ContractPublished: Wed August 2nd, 2006 via: www.newsday.com
A director of Edo Corp., the Manhattan-based defense electronics manufacturer with a large presence on Long Island, has resigned his post amid allegations of a conflict-of-interest by a Washington, D.C. think tank involving a $7 billion military airplane contract. Dennis Blair, 59, an Edo director since October 2002, told the company in a letter late Tuesday that he has resigned after the allegations raised by the public interest group Project on Government Oversight. Blair denied any wrongdoing. The public interest group said that it uncovered Securities and Exchange Commission documents indicating the Blair, a retired Navy admiral and former commander of U.S. Pacific forces, held several thousand shares and options in Edo, one of hundreds of contractors working on the Air Force's F-22A fighter plane program. The group said that Blair is president of a defense industry research institute -- the Institute for Defense Analysis -- that endorsed approval of a $7 billion contract to buy 60 F-22A airplanes. The group said that if the contract is finally approved, Blair stands to gain financially as an Edo shareholder. » Read the full article...
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