Another Bush Ripoff: The Hazards of Halliburton

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Another Bush Ripoff: The Hazards of Halliburton


Texas-based Halliburton, Vice President Cheney's former company, won a no-bid contract worth more than $7 billion to help rebuild Iraq-even as Cheney continues to profit from the company. For that favoritism, Halliburton has shown little regard for American taxpayers and-worse yet-American soldiers serving in Iraq and workers laboring at home. Reports show that Halliburton drastically overcharged Americans for gas being imported into Iraq and skimped on basic services to troops like providing clean working conditions and safe food. Halliburton could even benefit from President Bush's push to explore Mars.

Halliburton Has Been Very, Very Good to Dick Cheney
Cheney Made Millions As Halliburton CEO, Continues To Receive Income From The Company.Vice President Dick Cheney was CEO of Texas-based Halliburton from 1995-2000. In addition to providing a massive salary and bonus for only eight months of work in 2000, Halliburton's board of directors voted to give Dick Cheney a $20 million retirement package when he resigned. Cheney received the severance package even though he had only been with the company for five years and his contract stated that he would have to forfeit some of his retirement package if he retired before turning 62-Cheney retired at age 59. Cheney's compensation for the eight months of 2000 he served as CEO of Halliburton, according to the Associated Press, was "$4.3 million in deferred compensation and bonuses, and $806,332 in salary. The summer when he began his campaign with Bush for the White House, Cheney sold stock options worth just over $40 million." Halliburton approved the package on July 20, 2000, just five days before Cheney was announced as George W. Bush's running mate.

As Vice President, Cheney Continued Receiving Compensation From Halliburton. In his retirement package from Halliburton, Cheney was granted deferred compensation, which paid out his bonus his salary from 1999 over a five-year period and his bonus from that year in 2001. In 2001, while serving as Vice President, Cheney received $1,656,696 in deferred compensation from Halliburton, which included a bonus worth $1,451,398 and $205,298 in deferred salary. In 2002, Cheney received $162,392 in deferred salary compensation. <"Income: Type and amount," Schedule A, Standard Form 278, Richard B. Cheney Personal Financial Disclosure, May 15, 2002; May 15, 2003>

Cheney Retained Possession of 433,333 Options of Halliburton; Committed Them to Charities. Following his departure from Halliburton, Cheney retained possession of 433,333 options of Halliburton stock that were set to expire at three different times. In a press release, the Cheneys announced they were committing the options to three charities.



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http://democrats.org/specialreports/halliburton/