CHENG YU-TUNG Hong Kong $5 billion Age: 73 The business: Contractor New World Development saw profits fall 60% to $277 million last year, after taking a provision for nonperforming investments.
This genteman had been a business contractor to NASA in the early 1960's, and he told me about the day he was sitting in his office and and a breathless secretary came in and almost shouted: "you've gotta come right now and listen to this, it is unbelievabe".
Unfinished Business: Contractors are different than governments; they perform their duties, earn their money, and then leave for the next country and the next job.
The latest information released by his information shows that of the top 100 federal small business contractors, 60 were large businesses.
The latest data released by the Obama Administration indicates that 61 of the top 100 small business contractors in 2010 were actually large businesses.
He went on to say that the 2010 contracting data was "the cleanest data ever" despite the fact that, according to the Federal Procurement Data System-Next Generation, 61 of the top 100 small business contractors were actually large businesses.
It's not exactly the second coming of the old Roosevelt Great Depression job creation WPA but it will stimulate business, contractors, and suppliers, create thousands of jobs, and potentially ramp up tax revenues for cash strapped cities and counties.
Research from the American Small Business League ASBLL) shows that 60 of the top 100 federal small business contractors listed by the SBA for fiscal year (FY) 2010 were actually some of the largest corporations in the world, fraudulently receiving hundreds of billions of dollars in federal small business contracts.
Mr. Graves also expressed skepticism about a separate House bill, introduced last month, that would exclude the subsidiaries of publicly traded companies from the definition of a small-business contractor.
The inspector general's office began looking into those companies, which included a subcontractor to Eyak Technology, a small-business contractor now involved in an alleged $20 million bribery scheme.
Critics of business-contractor ties insist that companies know exactly what they are getting when they hire outsiders to supply them with labor.
