Notes on the Atrocities
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Wednesday, December 03, 2003  


Halliburton hired Dick Cheney as CEO not because of his extensive business experience (of his 54 years, just one was spent in the private sector) but rather because, as former Secretary of Defense, he knew the access routes to government contracting. But Cheney wasn't just a bureaucrat. Within four years, he was every bit the measure of his corporate brethern--folks like Ken Lay and Bernie Ebbers. Here are a few of his misdeeds.

Boosting Share Prices
"Judicial Watch, based in Washington DC, says Mr Cheney artificially boosted the share price of the Halliburton energy company during the time he was chief executive in the 1990s. Judicial Watch alleges that Halliburton overstated profits to the tune of $445m during the period 1999 to 2001, resulting in some investors 'suffering huge losses.'" (Source: BBC)

"Vice President Cheney said he had 'great affection and respect for Halliburton,' but declined to discuss whether its accounting practices would hold up under investigation. He referred interested persons to the Halliburton web site for additional information, and declined further comment on the grounds that newspaper editorial writers around the country would condemn him for attempting to exert 'undue, improper influence' on the SEC. However, as a person directly involved in the Halliburton scandal, there is an expectation that Mr. Cheney must be accountable for his actions and answer questions. On the other hand, President Bush, who has already made public statements absolving Vice President Cheney from any wrongdoing, appears to be trying to influence the SEC and the courts in Judicial Watch’s lawsuit." (Source: Judicial Watch)

"During revelations of Halliburton’s major accounting scandal while Cheney was CEO, Cheney actually gave a speech saying, 'Where there is corporate fraud, the American people can be certain that the government will fully investigate and prosecute those responsible.' [Speech, 8/7/02] Of course, no criminal charges have been filed by the government in the matter, despite the fact that Halliburton was forced in a civil suit to 'agree to pay $6 million to settle 20 shareholder lawsuits that accused it of using deceptive accounting practices while Vice President Dick Cheney led the company.'" [AP, 5/31/03] (Source: Buzzflash)

posted by Jeff | 7:52 AM |
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