STEPHEN F. WILLIAMS, Circuit Judge:
In the early 1980s the Small Business Administration subcontracted with three minority-owned small businesses to perform federal procurement contracts under its § 8(a) program. The companies lost money — or at any rate failed to make the profits they anticipated. They sued the SBA's Administrator, alleging that the SBA acted arbitrarily and capriciously and in excess of its statutory authority because the contract prices...
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