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Reflecting pool contract has ‘inflated’ profit margin, government analysis finds
The company got a 20% profit margin, and federal analysts said the no-bid job will cost at least $850,000 more than a typical contract.
- A National Park Service analysis found a no-bid $13.1 million contract to repair the Lincoln Memorial Reflecting Pool includes excessive profit margins. Contractor Atlantic Industrial Coatings received the award without competition.
- To expedite repairs before the 250th anniversary, the government used a rarely employed contract mechanism allowing work to begin before the price was finalized, awarding the deal to Virginia-based Atlantic Industrial Coatings.
- The contractor charged 20 percent for overhead and 20 percent for profit, adding at least $850,000 above typical 6 percent to 12 percent margins. Atlantic Industrial Coatings also failed to seal concrete gaps in two prior attempts.
- Defending the pricing, the Department of the Interior argued Atlantic Industrial Coatings was the only contractor with expertise to finish before the 250th anniversary. The agency said the cost reflects the accelerated timeline and additional resources required.
- President Donald Trump falsely claimed at a Wednesday Cabinet meeting that predecessors spent hundreds of millions on repairs. Documents show the Obama administration actually spent about $35 million on overhauls that failed to stop leaks.
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27 Articles
27 Articles
Sydney Morning Herald+2 Reposted by 2 other sources
Contract for Trump’s reflecting pool reno has inflated profit margin, analysis finds
Donald Trump initially said he had chosen the contractor himself because it had worked on the swimming pool at his golf club in Virginia but later said he did not know the firm.
·North Sydney, Australia
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Coverage Details
Total News Sources27
Leaning Left8Leaning Right0Center16Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 33%
C 67%
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