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C-5 Costs / Lockheed / House Committee #203359

CBS Evening News for Wednesday, Apr 30, 1969
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(Studio) House committee hears of soaring costs of plane.
REPORTER: Walter Cronkite

(DC) 58 C-5 cargo carriers ordered from Lockheed at $50 million apiece. Actual production costs higher so Lockheed lost money. Pentagon conceals fact to save Lockheed's reputation. [Representative William MOORHEAD - says Pentagon concealed $570 million of overruns from Congress and public, believing Lockheed stockholders would have lost. 2nd order will offset 1st orders' losses. No evidence Lockheed asked for cover-up.] Lockheed says nothing. Moorhead has tips on other defense contracts.
REPORTER: George Herman

(Studio) Defense Secretary Melvin Laird says C-5 problem inherited from LBJ administration
REPORTER: Walter Cronkite

Cronkite, Walter;
Herman, George

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