Rapid Fire: 2010-06-21

* US congressional committee to investigate scandal at Arlington National cemetery; Salon magazine has done extensive reporting on the contracting and burial allegations. * SIPRI Yearbook 2010: Spending by the world’s militaries rose 5.9% to $1.53 trillion in 2009, despite global economic recession. * Loaded for bear: The US ammunition manufacturing industry could generate $2.9 billion in revenue at full capacity, compared to the $1.6 billion it generated in 2009. * Billion-dollar buyback: Northrop Grumman is repurchasing $2 billion worth of its common shares, or 11% of its market value. * Lexington Institute COO Thompson predicts wave of consolidations for US defense industry. * Lockheed Martin working on their multi-year buy offer for US C-130J Super Hercules family aerial transports. * Universal memory: Grandis and a group of universities snag an $8.6 million DARPA contract to develop a “universal” memory chip that will increase the power and decrease the energy requirements of multiple defense electronics systems. * Mother Earth: India conducts a successful test of its Prithvi 2 nuclear-capable ballistic missile (named after the Hindu earth goddess) with a range of 150 miles and a payload of between 1,100 and 1,600 pounds.