How Cheney Cooked The Books And Got Away With $35 Million
Jason Leopold
08/19/04 "ICH" --
It’s obvious that no mainstream news reporter (click here) has the gumption to seriously question Vice President Dick Cheney’s ethics when he was chief executive of Halliburton, the oil-field services company that is currently embroiled in a scandal with the Pentagon due to its questionable accounting practices related to its work in war-torn Iraq
Pity those journalists because this is the stuff Pulitzer’s are made of. What’s even more remarkable is that there’s reams of documents in the public domain showing how Cheney cooked the books when he was CEO of Halliburton, which makes the vice president look like Ken Lay’s twin brother. The evidence is beginning to colle ctdust.Totellthestory of how Cheney’s Halliburton used accounting sleight of hand to fool investors all you need to do is connect the dots, which is what this story will do.
Let’s start with a bit of old news. A couple of weeks ago Halliburton agreed to pay a $7.5 million fine to settle a U.S. Securities and Exchange Commission probe related to a 1998 change in the way Halliburton accounted for construction revenue.
The commission says the undisclosed accounting change caused Halliburton's public statements regarding its income in 1998 and 1999 to be materially misleading, boosting Halliburton’s profits on paper by $120 million.
“In the absence of any disclosure, the investing public was deprived of a full opportunity to assess Halliburton's reported income - more particularly, the precise nature of that income, and its comparability to Halliburton's income in prior periods,” according to the commission...
Republicans are not nice people. They hide behind a god that admires USA jets flying against the background of the USA flag. But, I have to admit the previous republicans were only interested in power and money; but; Trump is the first one to actually turn the streets of the USA into a revolt against the state, while White Supremists consider his victory their victory.
September 03, 2002
By Robert Scheer
In the dreams of Dick Cheney, (click here) to which I am not privy, I imagine there are boldly contrasting scenes of victory and despair.
In one fantasy, he leads a victorious U.S. Army to a hero's welcome through the crowded streets of Baghdad, cheered wildly for having been the most outspoken proponent of war against Saddam Hussein.
In his nightmares, meanwhile, he is led off in handcuffs, accused of crimes committed while CEO of Halliburton, securing that company's place in the ever-growing pantheon of post-boom corporate fraudsters.
Peace, particularly the functioning of the economic order, has turned out to be far riskier than the waging of war for this administration. A typical American POW these days is a captain of industry who played loose with his company's books, and both Cheney and his alleged boss ran with that crowd.
Watchdog group to file suit against vice president and Halliburton over accounting issues. (click here)
July 10, 2002; 2:20 PM EDT
WASHINGTON (CNN) - A watchdog group that investigates alleged corruption by government officials said Wednesday it is filing a shareholders' lawsuit against Vice President Dick Cheney and the oil company he once headed over alleged fraudulent accounting practices.
"Whether it is the Enron, Arthur Andersen, Global Crossing, or now the Halliburton and Harken scandals, there is a dangerous intersection between politicians of all stripes, Democrat and Republican, attempting to feed at the trough of business greed," said Judicial Watch Chairman Larry Klayman....
...Judicial Watch is also suing troubled accounting firm Arthur Andersen LLP, which was Halliburton's (HAL: down $0.51 to $13.61, Research, Estimates) auditing firm at the time. Andersen was indicted for its role in shredding documents related to the Enron scandal.
The lawsuit was being shipped by courier Wednesday to federal district court for the northern district of Texas in Dallas, Judicial Watch spokesman Brian Doherty said. The group claims the accounting practices resulted in the overvaluation of the company's shares, which resulted in investors' being deceived. Cheney was chairman and chief executive of the oilfield services company from 1995 to 2000.
Judicial Watch filed the suit on behalf of shareholders Stephen S. Stephens, Lyle Lionbarger and Deanna Lionbarger, who are seeking about $475,000 in damages....
Corruption always gives me indigestion. Maybe that is why I hate it so. There are real consequences. Maybe Donald Trump should reflect on corruption of the past before embarking on it.
The activists never leave it alone. The West is entertained and make their own judgement of the lack of morality consistent with each country's values. Actually, corruption brings out the best work of activists. It is the unwritten law of social consequences.
April 5, 2007
Halliburton Co. (HAL.N), the No. 2 U.S. oilfield services company, (click here) has split off KBR Inc. (KBR.N), an engineering and construction company that had been a unit for 44 years, the companies said on Thursday.
Halliburton first announced plans in January 2005 to separate KBR, whose results had dragged on overall profitability. KBR is the Pentagon's largest contractor in Iraq, and its shares began trading in November.
Under an exchange offer that expired on April 2, Halliburton swapped 135.6 million KBR shares, equal to roughly an 81 percent stake, for 85.3 million of its own shares.
Both companies are based in Houston. Halliburton sparked criticism from some U.S. politicians when it announced plans on March 11 to open a headquarters in Dubai and move Chief Executive David Lesar there, to become better positioned to win contracts in the oil-rich Middle East.
Auditors, Congressional Democrats and the Justice Department have scrutinized Halliburton over the quality and pricing of KBR's work for the U.S. army in Iraq.
In Thursday trading, Halliburton shares closed up 10 cents at $32.94, while KBR fell 2 cents to $20.54.
The future foretold by the past. Trump is providing a whole new venue for "People Magazine."
November 20, 2016
By Drew Harwell and Anu Narayanswany
...Donald Trump’s company (click here) has been paid up to $10 million by the tower’s developers since 2014 to affix the Trump name atop the luxury complex, whose owner, one of Turkey’s biggest oil and media conglomerates, has become an influential megaphone for the country’s increasingly repressive regime.
That, ethics advisers said, forces the Trump complex into an unprecedented nexus: as both a potential channel for dealmakers seeking to curry favor with the Trump White House and a potential target for attacks or security risks overseas.
The president-elect’s Turkey deal marks a harrowing vulnerability that even Trump has deemed “a little conflict of interest”: a private moneymaker that could open him to foreign influence and tilt his decision-making as America’s executive in chief....
Republicans are not nice people. They hide behind a god that admires USA jets flying against the background of the USA flag. But, I have to admit the previous republicans were only interested in power and money; but; Trump is the first one to actually turn the streets of the USA into a revolt against the state, while White Supremists consider his victory their victory.
By Robert Scheer
In the dreams of Dick Cheney, (click here) to which I am not privy, I imagine there are boldly contrasting scenes of victory and despair.
In one fantasy, he leads a victorious U.S. Army to a hero's welcome through the crowded streets of Baghdad, cheered wildly for having been the most outspoken proponent of war against Saddam Hussein.
In his nightmares, meanwhile, he is led off in handcuffs, accused of crimes committed while CEO of Halliburton, securing that company's place in the ever-growing pantheon of post-boom corporate fraudsters.
Peace, particularly the functioning of the economic order, has turned out to be far riskier than the waging of war for this administration. A typical American POW these days is a captain of industry who played loose with his company's books, and both Cheney and his alleged boss ran with that crowd.
Watchdog group to file suit against vice president and Halliburton over accounting issues. (click here)July 10, 2002; 2:20 PM EDT
WASHINGTON (CNN) - A watchdog group that investigates alleged corruption by government officials said Wednesday it is filing a shareholders' lawsuit against Vice President Dick Cheney and the oil company he once headed over alleged fraudulent accounting practices.
"Whether it is the Enron, Arthur Andersen, Global Crossing, or now the Halliburton and Harken scandals, there is a dangerous intersection between politicians of all stripes, Democrat and Republican, attempting to feed at the trough of business greed," said Judicial Watch Chairman Larry Klayman....
...Judicial Watch is also suing troubled accounting firm Arthur Andersen LLP, which was Halliburton's (HAL: down $0.51 to $13.61, Research, Estimates) auditing firm at the time. Andersen was indicted for its role in shredding documents related to the Enron scandal.
The lawsuit was being shipped by courier Wednesday to federal district court for the northern district of Texas in Dallas, Judicial Watch spokesman Brian Doherty said. The group claims the accounting practices resulted in the overvaluation of the company's shares, which resulted in investors' being deceived. Cheney was chairman and chief executive of the oilfield services company from 1995 to 2000.
Judicial Watch filed the suit on behalf of shareholders Stephen S. Stephens, Lyle Lionbarger and Deanna Lionbarger, who are seeking about $475,000 in damages....
Corruption always gives me indigestion. Maybe that is why I hate it so. There are real consequences. Maybe Donald Trump should reflect on corruption of the past before embarking on it.
The activists never leave it alone. The West is entertained and make their own judgement of the lack of morality consistent with each country's values. Actually, corruption brings out the best work of activists. It is the unwritten law of social consequences.
April 5, 2007
Halliburton Co. (HAL.N), the No. 2 U.S. oilfield services company, (click here) has split off KBR Inc. (KBR.N), an engineering and construction company that had been a unit for 44 years, the companies said on Thursday.
Halliburton first announced plans in January 2005 to separate KBR, whose results had dragged on overall profitability. KBR is the Pentagon's largest contractor in Iraq, and its shares began trading in November.
Under an exchange offer that expired on April 2, Halliburton swapped 135.6 million KBR shares, equal to roughly an 81 percent stake, for 85.3 million of its own shares.
Both companies are based in Houston. Halliburton sparked criticism from some U.S. politicians when it announced plans on March 11 to open a headquarters in Dubai and move Chief Executive David Lesar there, to become better positioned to win contracts in the oil-rich Middle East.
Auditors, Congressional Democrats and the Justice Department have scrutinized Halliburton over the quality and pricing of KBR's work for the U.S. army in Iraq.
In Thursday trading, Halliburton shares closed up 10 cents at $32.94, while KBR fell 2 cents to $20.54.
The future foretold by the past. Trump is providing a whole new venue for "People Magazine."
November 20, 2016
By Drew Harwell and Anu Narayanswany
...Donald Trump’s company (click here) has been paid up to $10 million by the tower’s developers since 2014 to affix the Trump name atop the luxury complex, whose owner, one of Turkey’s biggest oil and media conglomerates, has become an influential megaphone for the country’s increasingly repressive regime.
That, ethics advisers said, forces the Trump complex into an unprecedented nexus: as both a potential channel for dealmakers seeking to curry favor with the Trump White House and a potential target for attacks or security risks overseas.
The president-elect’s Turkey deal marks a harrowing vulnerability that even Trump has deemed “a little conflict of interest”: a private moneymaker that could open him to foreign influence and tilt his decision-making as America’s executive in chief....
