Salon: Halliburton's boss from hell

[kskiska]

Dick Cheney campaigned on a platform of business know-how. But his tenure as Halliburton CEO left the company mired in bad deals, investigations and lawsuits.

In early September, during the Republican National Convention, the GOP is almost certain to name Dick Cheney as its nominee for vice president of the United States. In the meantime, it's clear that Cheney deserves another nomination: as one of the worst CEOs in recent American history.

Of course, there are plenty of CEOs that should to be on that list, including Enron's Kenneth Lay, Tyco's Dennis Kozlowski and Adelphia's John Rigas. While those bosses certainly are being pilloried, Cheney's disastrous five-year-long tenure at Halliburton deserves far more scrutiny than the mainstream business press has bothered to provide.

Cheney's job at Halliburton is particularly newsworthy now that John Kerry has chosen John Edwards as his running mate. The Republicans have already begun hammering Edwards for his work as a trial lawyer; Democrats have an opportunity to bash Cheney's performance at Halliburton. Given the wreckage that Cheney left behind, that record offers a target-rich environment.

Since Cheney's departure, the company's net worth has gone into free-fall, debt has soared, and it is now facing embarrassing legal entanglements that could hamper its profitability for years to come. Furthermore, despite being the largest oil-field services company on earth (last year, its revenues surpassed those of French giant Schlumberger), Halliburton hasn't been able to make any money. Instead, it's losing money -- lots of money. In 2002, the company lost $1 billion. In 2003, despite revenues of $16.2 billion, it lost another $800 million. In the first quarter of this year, losses totaled $65 million. More bad news is expected when the company reports its second quarter results on Friday.

more…
http://salon.com/news/feature/2004/07/21/halliburton/index.html

[Arbustosux]

1. Bribes take alot from the company's bottom line!!

give them a break :)

[avb7]

2. If you believe....

that Halliburton lost "real Money", I have a bridge in Brooklyn I'd like to show you.

[7th_Sephiroth]

3. Halliburton founder and chair member

a Mr. S. Ayton had this to say FUCK YOU BWA HA HA HA, WE RUN THE GOVERMENT, SO BEND OVER AND GIVE US ANOTHER $90 BILLION CONTRACT, BWA HA HA HA HA

[cosmicdot]

4. have they checked their Cayman accounts? got oil? got gas?

Halliburton is subpoenaed over unit's Iran work - Jul. 19, 2004
Oil field services company Halliburton Co. received a grand jury subpoena earlier this month seeking information about its Cayman Islands unit

http://www.cnn.com/money/2004/07/19/news/international/halliburton.reut/

Halliburton Board of Directors
what a fine complement of people and other companies/directorates - even the Federal Reserve

ROBERT L. CRANDALL, 68, Chairman Emeritus, AMR
Corporation/American Airlines, Inc. (engaged primarily in
the air transportation business); President, American
Airlines, Inc. 1980-1995; Chairman, President and Chief
Executive Officer, AMR Corporation/American Airlines
1985-1995; and Chairman and Chief Executive Officer, AMR
Corporation/American Airlines 1985-1998; joined Halliburton
Company Board in 1986; Chairman of the Compensation
Committee and member of the Audit and the Management
Oversight Committees;

Director of Air Cell, Inc., Anixter
International, Celestica Inc., i2 Technologies, Inc., and
serves on the Advisory Board of American International
Group, Inc. and on the Federal Aviation Administration
Management Advisory Committee.

KENNETH T. DERR, 67, Retired Chairman of the Board,
Chevron Corporation (an international oil company); Chairman
and Chief Executive Officer, Chevron Corporation, 1989-1999;
joined Halliburton Company Board in 2001; member of the
Audit, the Nominating and Corporate Governance and the
Management Oversight Committees;

Director of AT&T Corp.,
Citigroup Inc. and Calpine Corporation.

CHARLES J. DIBONA, 72, Retired President and Chief
Executive Officer, American Petroleum Institute (a major
petroleum industry trade association), 1979-1997; joined
Halliburton Company Board in 1997; Chairman of the Health,
Safety and Environment Committee, member of the Nominating
and Corporate Governance and the Management Oversight
Committees; Chairman of the Board of Trustees, Logistics
Management Institute.

W. R. HOWELL, 68, Chairman Emeritus, J.C. Penney
Company, Inc. (a major retailer); Chairman of the Board,
J.C. Penney Company, Inc., 1983-1996; Chief Executive Officer, J.C. Penney Company, Inc., 1983-1995; joined
Halliburton Company Board in 1991; Chairman of the
Management Oversight Committee and member of the Audit and
the Compensation Committees;

Director of American Electric
Power Company, Exxon-Mobil Corporation, Pfizer Inc. and the
Williams Company. He is also a Director of Deutsche Bank
Trust Corporation and Deutsche Bank Trust Company Americas,
non-public wholly owned subsidiaries of Deutsche Bank AG,
and Viseon, Inc. Mr. Howell has informed us that he does not
intend to stand for reelection to the Board of Viseon, Inc.
in 2004.

RAY L. HUNT, 60, Chairman of the Board and Chief
Executive Officer, Hunt Oil Company (oil and gas exploration
and development) and Chairman of the Board, Chief Executive
Officer and President, Hunt Consolidated, Inc. for more than
five years; joined Halliburton Company Board in 1998;
Chairman of the Nominating and Corporate Governance
Committee and member of the Audit and the Management
Oversight Committees;

Director of Electronic Data Systems
Corporation, PepsiCo, Inc., King Ranch Company, and Chairman
of the
Board of Directors of the Federal Reserve Bank of Dallas and member of the Board of Managers of Verde Group, LLC.

DAVID J. LESAR, 50, Chairman of the Board,
President and Chief Executive Officer of the Company, since
2000; President of the Company, 1997-2000; Executive Vice
President and Chief Financial Officer, 1995-1997; joined
Halliburton Company Board in 2000;

Director of Lyondell
Chemical Company and Mirant Corporation.

AYLWIN B. LEWIS, 49, President, Chief Multibranding
& Operating Officer, YUM! Brands, Inc. (a quick service
restaurant company), since 2003; Chief Operating Officer,
YUM! Brands, Inc., 2000-2003; Executive Vice President,
Operations and New Business Development, YUM! Brands, Inc.,
January-July 2000; Chief Operating Officer, Pizza Hut, Inc.,
1997-1999; Senior Vice President, Operations, Pizza Hut,
Inc., 1996-1997; Senior Vice President, Marketing and
Operations Development, KFC - Pepsico, Inc., 1995-1996;
joined Halliburton Company Board in 2001; member of the
Compensation, the Health, Safety and Environment and the
Management Oversight Committees;

Director of The Walt Disney
Company.

J. LANDIS MARTIN, 58, Chairman and Chief Executive
Officer, Titanium Metals Corporation (an integrated producer
of titanium metals), since 1995; President, Titanium Metals
Corporation, since 2000; President and Chief Executive
Officer, NL Industries, Inc. (a manufacturer and marketer of
titanium dioxide pigments), 1987-2003; Chairman of the Board
and Chief Executive Officer, Baroid Corporation (and its
predecessor), acquired by Dresser Industries, Inc. in 1994,
1990-1994; joined Halliburton Company Board in 1998; member
of the Health, Safety and Environment and the Management
Oversight Committees;

Director of Titanium Metals
Corporation, Apartment Investment and Management
Corporation, Crown Castle International Corporation and
Trico Marine Services, Inc.

JAY A. PRECOURT, 66, Chairman of the Board and
Chief Executive Officer, Scissor Tail Energy, LLC (a
gatherer, transporter and processor of natural gas and
natural gas liquids), since 2000; Chairman of the Board,
Hermes Consolidated, Inc. (a gatherer, transporter and
refiner of crude oil and refined products), since 1999; Vice
Chairman and Chief Executive Officer, Tejas Gas Corporation,
1986-1999; President, Tejas Gas Corporation, 1996-1998;
joined Halliburton Company Board in 1998; member of the
Compensation, the Health, Safety and Environment and the
Management Oversight Committees;

Director of Founders Funds,
Inc., The Timken Company and Apache Corp.

DEBRA L. REED, 47, President and Chief Financial
Officer, Southern California Gas Company and San Diego Gas &
Electric Company (regulated utility companies), since 2002;
President of San Diego Gas & Electric Company, 2000-2001;
President, Energy Distribution Services, Southern California
Gas Company, 1998-2001; Senior Vice President, Southern
California Gas Company, 1995-1998; joined Halliburton
Company Board in 2001; member of the Health, Safety and
Environment, the Nominating and Corporate Governance and the
Management Oversight Committees.

C. J. SILAS, 71, Retired Chairman of the Board and
Chief Executive Officer, Phillips Petroleum Company (engaged
in exploration and production of crude oil, natural gas and
natural gas liquids on a worldwide basis, the manufacture of
plastics and petrochemicals and other activities); Chairman
of the Board and Chief Executive Officer, Phillips Petroleum
Company, 1985-1994; joined Halliburton Company Board in
1993; Chairman of the Audit Committee and member of the
Compensation and the Management Oversight Committees.

http://www.sec.gov/Archives/edgar/data/45012/000095012904001822/h12681ddef14a.txt

[pfitz59]

5. Dastardly group of pirates!

Time to subpoena those off shore banking records...