Home > Cheney’s Halliburton stock options rose 3,281% last year, senator finds

Cheney’s Halliburton stock options rose 3,281% last year, senator finds

by Open-Publishing - Wednesday 12 October 2005
13 comments

Edito Trade-Exchange Rates Governments USA

An analysis released by a Democratic senator found that Vice
President Dick Cheney’s Halliburton stock options have risen 3,281
percent in the last year, RAW STORY can reveal.

Sen. Frank Lautenberg (D-NJ) asserts that Cheney’s options — worth $241,498 a year ago — are now valued at more than $8 million. The former CEO of the oil and gas services juggernaut, Cheney has pledged to give proceeds to charity.

The above graph released by Sen. Frank Lautenberg (D-NJ) charts the value of the Vice President’s holdings in Halliburton in the past year.

“Halliburton has already raked in more than $10 billion from the
Bush-Cheney Administration for work in Iraq, and they were awarded some of the first Katrina contracts," Lautenberg said in a statement. "It is unseemly for the Vice President to continue to benefit from this company at the same time his Administration funnels billions of dollars to it. The Vice President should sever his financial ties to Halliburton once and for all.”

Cheney continues to hold 433,333 Halliburton stock options. The
company has been criticized by auditors for its handling of a no-bid
contact in Iraq. Auditors found the firm marked up meal prices for
troops and inflated gas prices in a deal with a Kuwaiti supplier. The
company built the American prison at Guantanamo Bay.

The Vice President has sought to stem criticism by signing an
agreement to donate the after-tax profits from these stock options to
charities of his choice, and his lawyer has said he will not take any
tax deduction for the donations.

However, the Congressional Research Service (CRS) concluded
in Sept. 2003 that holding stock options while in elective office does
constitute a “financial interest” regardless of whether the holder of
the options will donate proceeds to charities. CRS also found that
receiving deferred compensation is a financial interest.

Cheney told "Meet the Press" in 2003 that he didn’t have any financial ties to the firm.

“Since I left Halliburton to become George Bush’s vice president,
I’ve severed all my ties with the company, gotten rid of all my
financial interest," the Vice President said. "I have no financial
interest in Halliburton of any kind and haven’t had, now, for over
three years.”

Cheney continues to received a deferred salary from the company.
According to financial disclosure forms, he was paid $205,298 in 2001;
$162,392 in 2002; $178,437 in 2003; and $194,852 in 2004.

– http://rawstory.com/news/2005/Chene...

Forum posts

  • What more proof do we need that Big Business owns the American government?

  • This cant be true. I watched the Tee Vee last night and they told me all the important stuff about Tom Cruise havin a baby and they didnt say nothin bout this. If its not on the Tee Vee it didnt happen!

  • One could go over to Iraq to work for $100,00 to $200,00, be given cavaliar jacket, escorted by the military from the plane to job site, and then lose their life.

    Life if of no value in the U.S. or in the middle east to the wealthy NeoCons. The love of money government, NeoCons, only care about screwing the people and raking in the $$$$$ for themselves. The legal tender does not exist, JUST WEIGHTS & MEASURES, so it is all fake money anyway. If the money was consitutional, backed by gold or silver, theose in power would be in deep do do. In reality, their $$$$$$ have no value and are they responsible for the blood of many. How will they fair on Judgment Day?

    • I agree with you that the neocons are pond scum. In fact, it is insulting to pond scum to compare it to the neocons. But, money has no value??? If you really believe this, why don’t you send your paycheck to the Bellaciao comrades. I’m sure they would find something of value in it.

    • Michel Moore has profited so far the most from the Iraq war with his movie on ’Fahrenheit 9/11’ with a after taxes profited at about 194 million.

      Halliburton is next with about a 154 million after taxes profit, although they have had 65 persons of the company killed in the war zone where there work from snipers and beheadings.

      Michel Moore has had zero combat lost ’so far’.

      Vice Presented Cheney (who had left on ’very bad’ terms with Halliburton) receive stock options of $241,498 today are value at $8,165,489.07 in which this entire amount has been donated to charity. His ending bonus while employ at Halliburton as CEO, was ’defer’ over a number of years for tax purposes.

      His falling out at Halliburton which cause him to leave the company was over an extended deal made in buying another company that push the debt level of Halliburton to crises levels.

      Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the oil and gas industries. The Company adds value through the entire lifecycle of oil and gas reservoirs. Part of its company persons are train to work in war zones for rebuilding, this part is on the block to sell and nobody wants to buy it, for it has yet to show a profit.

      Halliburton or ’any company’ given government contracts can only make 2% of the overriding contact won or given. Contacts do not always have to be won, they can be given on ongoing projects.

      President Clinton had over rode contract bidding with Halliburton far many more times than the Bush white house. The reason is he did not what to change contractors in a time of war in Easter Europe.

      Contract bidding ’never’ has to go to the ’lower’ bid, the bidder must also have confidents that the winner can do and finish the job as bid.

    • Michael Moore didn’t start the war that allowed him to make his fortune, and as far as I know, no one he has employed has died as a result of his filming. Dick Cheney , on the other hand ..........

    • Michael Moore didn’t start the war but made a lot of money on it...actions speak louder than words.

      I guess its ok to make money on something as bad as this, the war I mean...

      Seems he’s a lot like Halll’but’ton and worst.

    • Yes, actions do speak louder than words. If you’re trying to say Michael Moore is evil for making money off the war, then I guess the Bushes, Cheneys and anyone else with ties to the Carlyle Group are the Axis of Evil. As for being worse than Haliburton, like I said , Moore doesn’t send his employees off to get killed for a buck. And if you don’t like his films, don’t watch them. We don’t have that luxury with Mr. Cheney’s war.

  • It is not only the American government, those who buy their stocks are criminals too.

    • This is the reason these jokers want Martial Law because they know there will eventually be a backlash. REX 84 FEMA internment camps paid for by your tax dollars. The majarity of the public gets all there news from the JEW owned lying free press. Looks to me it’s time to kill them before they make the Natzi’s look like boyscouts.

    • To me, you are sounding suspiciously like a Nazi (please note the spelling)! If a Jew is a neocon criminal, it is because of his neocon sympathies, not because of his race.

    • "To me, you are sounding suspiciously like a Nazi (please note the spelling)! If a Jew is a neocon criminal, it is because of his neocon sympathies, not because of his race."

      So --- what are the attributes of the Jewish RACE????

  • No wonder the stock market is keeping afloat these days in lieu of all the Bush disasters. It’s all that dirty money that is being circulated.