Government Analysis Finds No-Bid Reflecting Pool Contractor Charging Inflated 20% Profit Margin
By
David A. Fahrenthold
A reheated bagel, served cold.
Summary
A government analysis has found that Atlantic Industrial Coatings, the Virginia-based contractor awarded a no-bid contract to repair the Lincoln Memorial Reflecting Pool, is charging a 20 percent profit margin — significantly higher than the typical 6 to 12 percent range. The total contract value is $13.1 million, seven times the amount President Trump initially said the work would cost. Internal records reveal the inflated profit margin on this no-bid government contract.
Key quotes
· 3 pulledAtlantic Industrial Coatings, the Virginia-based contractor given a no-bid contract to repair the Lincoln Memorial Reflecting Pool, is being paid $13.1 million, which is seven times the amount that President Trump initially said the work would cost.
The firm that was given a no-bid contract to fix the troubled landmark is charging 20 percent.
The typical profit margin is 6 percent to 12 percent, internal records show.
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