Scandal-plagued Road Home contractor a "hot growth" company

The consulting firm ICF International, Inc. has been widely criticized for its troublesome management of Louisiana's "Road Home" program in the wake of Katrina -- but that hasn't stopped it from doing good business.

Bayou Buzz reports that ICF is featured in the June 9 issue of Business Week, as one of their top 50 "Hot Growth Companies." The list recognizes "versatile and innovative companies that are showing resilience in a difficult economic environment."

ICF has definitely shown skill in weathering a storm of public outcry over its inability to help homeowners in a timely manner. As we reported in late January2007 -- almost a year and half after Katrina struck -- ICF and Road Home had only helped 391 applicants (out of over 100,000) close on their houses. A steady stream of reports highlighted abuses and scandals, from ICF's lawyers billing $375/hour to a vague $19 million "travel fund" used by ICF employees.

ICF failures were so spectacular that in 2007, the Louisiana legislature, in a rare move, voted 97-1 for a resolution demanding Gov. Blanco cancel its contract with ICF. (They eventually decided it would take even more time and money to find a new contractor, so kept them.)

Louisiana homeowners have had a tough time, but not ICF's executives. In December 2006, ICF raked in $4.9 million from public stock offering, which brought good cheer to ICF's corporate boardroom:

So far ... the contract has been very good for ICF. After the company went public, it distributed $2.7 million in one-time bonuses to 30 of its top managers.

A "Hot Growth" company, indeed.