http://atimes.com/atimes/Global_Economy/GK05Dj01.html Nov 5, 2005
An unsafe world for US companies
By Mark Engler
The Bush administration has a reputation for creating an unusually business-friendly White House. Put Vice President Dick Cheney's secretive Energy Task Force and massive tax cuts together with corporate lobbyists writing regulations for their own industries, and you've made an argument that seems pretty persuasive.
There are reasons, however, to consider a contrary notion: Maybe President George W Bush and Cheney aren't very good capitalists at all.
Bush's history as a failed businessman is well known. Cheney, portrayed by conservatives as a brilliant ex-chief executive officer and by progressives as a Halliburton shill, also has a suspect past. While he certainly increased Halliburton's profile in four-and-a-half years as its chief,
his foremost accomplishment was the US$7.7 billion acquisition in 1998 of Dresser Industries, a rival that turned out to be plagued with staggering asbestos-related liabilities.
In the wake of Cheney's reign, multiple Halliburton divisions sought bankruptcy protection and the company's stock price plunged. Rolling Stone magazine reported in August 2004, "Even with the bounce Halliburton stock has received from the war, an investor who put $100,000 into the company just before Cheney became vice president would have less than $60,000 today." Many analysts hold the vice president accountable for the downturn, arguing that Dresser's asbestos problems, which cost Halliburton billions, were predictable. Less harsh critics nonetheless question his success as a business leader. For instance, Jason E Putman, an energy analyst at Victory Capital Management, argues that, as Halliburton chief, "Overall, Cheney did maybe at best an average job." Newsweek's Wall Street editor, Allan Sloan, is less complimentary, suggesting Cheney was a "CEO who messed up big-time".
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