Blackwater Is for Sale

Are you in the market for a large, private army? Blackwater is for sale after the classic public relations quick fix—a name change—failed to wipe clean the public’s perception of the scandal-plagued private contractor. Blackwater brought in new management last year to overhaul its image, but that effort largely failed, especially in the eyes of its No. 1 customer, the federal government. Founder Erik Prince said he’s selling the company (renamed Xe) because he’s tired of the criticism, lamenting that, “Performance doesn’t matter in Washington, just politics.” Five former Blackwater executives were indicted in April, and the Justice Department is investigating whether the contractor bribed Iraqi officials after a disastrous Baghdad shoot-out in 2007 that left 17 civilians dead.