Erik Prince on Why He Sold Blackwater, Spent $2.5M a Month on Legal Fees for 2 Years (Part 5)
September 30, 2024
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6:51Now PlayingErik Prince on Why He Sold Blackwater, Spent $2.5M a Month on Legal Fees for 2 Years (Part 5)
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Erik Prince delved into the fallout from the controversial Blackwater shooting in Iraq, explaining how the subsequent legal and political pressures led him to sell the company. The incident, which saw four Blackwater employees prosecuted—three for manslaughter and one for murder—resulted in a tumultuous legal battle. Although pardoned in 2020 by Trump, the employees had already endured six years in prison, despite their exemplary conduct during incarceration.
Prince revealed that relentless legal assaults—including investigations by agencies from the ATF to the Department of Agriculture—forced him to spend $2.5 million per month on legal fees over a two-year period. This financial drain, coupled with continuous bureaucratic hurdles, made continuing problematic, leading to the sale of Blackwater for a fraction of its earlier value. Reflecting on Blackwater’s efficient operations and responses to crises like Hurricane Katrina, Prince lamented the undue political and legal challenges that ultimately forced his decision.
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