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Actually I saw almost exactly the same thing in a film. What happened was that a big contract for the Navy would just get lost in the subcommittees indefinitely.
There is also the spectre of threatened anti-trust activity.
Shipbuilding is dying in the United State. It is a very fragile industry, what with unions (all of whom either have or wish influence in congress) dwindling Navy contracts, and foreign competition (a new bill proposing relaxing import duties of foreign ships and the ability for US government to take bids from them would certainly put a chill on stock prices)
For that matter, if the guy is doing a stock take-over sort of thing, the congressman could probably leak a new navy contract to the competition for re-fitting a bunch of carriers or subs or some such...or building new "brown water" ships...could cause that stock to go sharply up, making it unaffordable for the "suitor".
Mix that in with a threatened strike by shipfitters at the suitor's own yards and it might do the trick.
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