Renegotiation Board Erred In Computing Lockheed Steel Usage

Robert W. Haack, chairman of Lockheed Aircraft Corporation, confirmed that Goodwin Chase, chairman of the Renegotiation Board, had advised him—with respect to Mr. Chase's public allegation of overcharging by Lockheed on certain Navy shipbuilding contracts—that he "erred in the translation of dollar amounts in question to pounds of steel." Upon reviewing the Renegotiation Board's data, as well as that supplied by Lockheed auditors and the public auditing firm of Arthur Young & Company, and assuming the accuracy of the auditor's computations, Mr. Chase also said "my figures for the amount of unaccounted-for steel are overstated." Mr. Haack stated further that chairman Chase had alluded to a number of unresolved issues relating to ship claims and settlements, and that he had invited the Defense Contract Audit Agency to help the R e n e g o t i a t i o n Board in its overall review of these matters. Mr. Chase expressed the hope that Lockheed would cooperate in such an audit, and Mr. Haack stated that Lockheed would, as in the past, be of whatever assistance possible.

Maritime Reporter Magazine, page 51, Sep 1977

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