Remember? WEDTECH was a small scandal involving Ed Meese, Ronald Radar Robot consiglieri, and his cronies.
Too Good to Be True: The Outlandish Story of WedtechJames Traub
Reviewed by Joseph Nocera | Jul 27, 1990
Entertainment Weekly
EXCERPT...
Here's the surprise: The Wedtech saga, at least as it's laid out here by James Traub, is not so complicated after all. Founded in the mid-1960s by a idealistic high school dropout named John Mariotta (who really did want to bring jobs to the South Bronx), Wedtech became a very minor defense contractor wedded to the government's minority set-aside program, which was originally intended to help companies like Wedtech.
The intentions were honorable at first, but along the way everything — and I mean everything — got perverted. The people who ran the company began telling small lies to get into the set-aside program, which eventually evolved into preposterous deceptions. The people in government were inclined to promote Wedtech because it seemed such a success story, such an affirmation of Reagan's values. But this too became horribly perverted as Wedtech's ''influence,'' much of it purchased, caused it to land contracts it had no hope of completing, and to get many other favors it did not deserve. (This is where Wallach and, according to a special prosecutor, Meese came in.)
Wedtech ate through money; at one point near the end, the company issued $75 million in bonds and was virtually broke two weeks later. Its corporate documents were fictions. There was always somebody — a ''consultant,'' a politician, a fixer — with his hand out, especially at times of crisis, of which there were many. ''Destiny,'' writes Traub, in one of his many lovely lines, ''sometimes seemed to escort Wedtech through the world with a lantern, looking for yet another dishonest man.''
So I take it back: Wedtech was pretty complicated. What I should have said is that Traub has done such a wonderful job of unraveling the Wedtech scandal, of mining it for its humor and pathos and subtlety, that it doesn't seem complicated by the time you're finished reading. It seems, instead, understandable, perhaps inevitable, given both the rich and improbable cast of characters and the desperate choices the company was constantly faced with.
CONTINUED...
http://www.ew.com/ew/article/0,,317853,00.html EW, of all places, truth.