Wednesday, March 12, 2008

Cheney Is Halliburton's Boy

"During Vice President Cheney's tenure as CEO of Halliburton (1995-2000), the company had substantial interests in two firms that sold more than $73 million of oil-production equipment to Saddam Hussein's Iraq. In September 1998, Cheney oversaw Halliburton's acquisition of Dresser Industries Inc., which sold pumps, spare parts, and pipeline equipment to Iraq through two subsidiaries (of which Halliburton later divested itself, in 1999). Although the subsidiaries made sales to Iraq of $30 million during his tenure, Cheney claims he was unaware that the corporations were doing business with Iraq, Upon leaving Halliburton in 2000, Vice President Cheney received stock options of 433,333 shares of the company (worth about $150 million in August 2006).

Halliburton and its subsidiary KBR have received substantial noncompetitive contracts for the rebuilding of Iraq and have been the subject of U.S. Army investigations regarding the costs of their work."


---Source: Unknown

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