Making gobs of money has a way of drawing confessions out of people. Listening to recent quarterly results teleconferences from public aerospace and defense companies, you might think Lent came early this year. Believe it or not, buried beneath the forecasts of ascending top lines, growing bottom lines and eye-watering cash flows was an industrywide act of penitence—or what passes for that in the business world. These companies had done wrong, their CEOs admitted—although ...

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