Business: Olympian Tycoon

At a gunnery range outside Athens one hot morning last week, Greece's King Paul and 60 military men gathered to watch an ordnance test. At a signal from a dark-eyed, black-haired man in a black suit, a 3.5-in. bazooka was fired five times at a sheet of 8-in. armor. It punched five gaping holes in it. When the test ended, a U.S. Army colonel stepped up to the man in the black suit, Bodossakis Athanassiades, and formally approved $17 million in offshore-procurement contracts for him to make bazooka rockets for NATO.

To "Bodo" Athanassiades, the $17 million contract was all part of...

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