The CEO blog bar is newly set-- Carl Icahn is, at last, in the game.

The Government Accountability Office (GAO) has un-blessed the $35 billion aerial refueling union of European Aeronautic, Defence & Space Co. and U.S. partner Northrop Grumman Corp. over "significant errors" in the U.S. Air Force's assessment of the bids.

Official comments from all parties involved--including Boeing, who likely will have a new chance to bid--are couched in classic corporate communicationese, but EADS chief Louis Gallois must be fuming, especially with the resulting stock drop.

Boeing naturally "welcomes and supports" the non-binding but insistent ruling, and may yet prevail in its protest: over the past few years, the GAO has upheld several protests from losing bidders, described by the WSJ as "yet another indictment of the Air Force's ability to pick a winner in high-profile weapons competitions."

There's no mystery as to what William P. Utt is thinking inside his corporate suite. From his office, the 51-year old chairman, president, and CEO of Halliburton spin-off KBR looks directly at the Enron building. "That is certainly a reminder of the responsibilities I have to our shareholders and other KBR stakeholders," he tells Continental Airlines magazine.

Utt describes his job as the "ultimate SIM City," referring a video game where players run virtual cities. In the real world, this means marshaling 50,000 employees around the world in "putting together civilizations where none exist," such as in the jungles of Indonesia and deep in the Sahara...two places the authorities may want to look for hedge fund felon Samuel Israel, presumed to be on the lam after a faked suicide.

"Anything is possible" say the police for a wealthy man on the run--but surely that sword cuts both ways. Plastic surgery aside, I rate his chances at nil.

Jeff Heilman

6/20/08