rebuilding post-war Iraq have been awarded, and Vice President Dick Cheney's old employer, Halliburton Co., says it is one of the early winners

codeworks · Mar 25, 2003

Iraq rebuilding contracts awarded

Halliburton, Stevedoring Services of America get government contracts for early relief work.
March 25, 2003: 12:48 PM EST

NEW YORK (CNN/Money) - The first contracts for rebuilding post-war Iraq have been awarded, and Vice President Dick Cheney's old employer, Halliburton Co., says it is one of the early winners.

The Kellogg Brown & Root (KBR) unit of Halliburton (HAL: up $0.69 to $20.81, Research, Estimates), of which Cheney was CEO from 1995 to 2000, said late Monday that it was awarded a contract by the U.S. Army Corps of Engineers to put out oil fires and make emergency repairs to Iraq's oil infrastructure.

Cheney divested himself of all interest in Halliburton after the 2000 election.

Jazz · Mar 25, 2003

Good. Halliburton is a damn good company, they'll do a fine job. Thanks!

codeworks · Mar 25, 2003

Really

Klayman: "Rather than booking actual profit, they started to book speculative profit on contracts that were in dispute, that really hadn't come to fruition yet."

The move was approved by the scandal-plagued accounting firm, Arthur Andersen. The change allowed Halliburton to add $89 million in revenues to its books. The added revenue was important: Analysts say it helped Halliburton beat its earnings target by 2 cents a share for the year. Without that accounting change, those same analysts say, the company would have missed that target by 11 cents a share.

But investors did not learn about the change until March 2000, 18 months later, when it was disclosed in a footnote buried deep inside the company's 1999 annual report.

Paul Brown, the chairman of the accounting department at New York University's Graduate School of Business, says the average investor would have to look pretty hard to find it. "It literally amounted to two or three additional sentences in one footnote of dozens of footnotes that were attached to a very detailed financial statement," comments Brown.

silver7 · Mar 25, 2003

I love my country but fear my government.

Jazz · Mar 25, 2003

Yup, really. Halliburton existed long before these problems, I'm referring to the quality of actual work they do. I hope the bastards involved in this accounting crap get shit-canned, but I would have thought you would have been equally concerned about the thousands of innocent employees, hard-working ones, dependent on this company for their jobs - or is that an unworthy thing?

silver7 · Mar 25, 2003

And Madonna really IS like a virgin! Does anyone want to buy some lake property in Death Valley?

I love my country but fear my government.

Jazz · Mar 25, 2003

If they did, silver, I have no doubt you'd be selling it.

codeworks · Mar 25, 2003

Nope Long live the AMERICAN worker

I am concerned however that the same shady white collar accountants may be involved with some unscrupulous possibly illegal negotiations when these kind of contracts are awarded. Do you
see a possible connection ?

silver7 · Mar 25, 2003

No actually fools like you. Who think that Cheney`s influence had nothing to do w/the awarding of this contract. Which I have mentioned here before. Just keep your eyes closed and your wallets open, you ain`t seen nothin yet.When the 7 Dwarfs get thru w/the economy the several hundred thousand jobs lost since Jan 2001 will look like child`s play. Oh here`s a good suggestion let`s start a war then cut taxes. Brilliant DUH!

I love my country but fear my government.

Jazz · Mar 25, 2003

The difference, I suppose, is that I don't know, but my gut feeling without any knowledge one way or the other about this is to not knee-jerk in response to it. I would assume this company and its contacts are under a lot more scrutiny than other companies, and gaining new business from the government in the area in which it is one of the, if not THE. most expert company while an ex-employee like Cheney is in the White House will be fraught with this suspicion. It's understandable, I'm just saying invoking the name of Cheney doesn't close the case on Halliburton.

This happens in every administration, regardless of who's in power, the suspicion of someone giving old friends gravy - sometimes it's true. But I'll need to see solid evidence before joining the camp - and I don't mean from a fringe site! lol.

p.s. It is becoming amazing to me how many people on many issues on this forum on both sides will not admit when they don't know something, as if it will hurt them. I am not afraid of not being right.

Guest · Mar 25, 2003

Looks like time to buy some stock. I hope to hell Cheney had something to do with this. I hope to hell that Tony Blair's brother owns a business that can help rebuild Iraq. All of our supporters should get first crack at ANY contracts that come out of this. The Japanese, the Ausie's, even the Jordanians...anyone who had the balls to step up against this tyrant. Anything to keep the French fuxx out, along with Russians, Germans, Turks, and any other spineless, dictator lovin', puss-wipes, who are chomping at the bit to step in when the hard part is done. Vive la FukFrance