Halliburton was using Enron-style accounting to pump up stock value ...

[Blackhatjack]

ie. booking future profits before the sale is consummated.

I wonder if there are Halliburton whistleblowers who 'know' about this creative accounting scheme which undoubtedly would have misled shareholders and increased the profits of certain individuals(like Cheney!). IT is also possible this was used to 'make the numbers' appear to support a the spin off of KBR.

http://www.tpmmuckraker.com/archives/003500.php

Halliburton Accused of Accounting Irregularities

By Spencer Ackerman - June 21, 2007, 4:35 PM

Last year, Halliburton lost billions of dollars of revenue with the U.S. Army discontinued a worldwide supply contract with the oil-and-defense-services company. Yet Halliburton continues to report massive profits. What gives? A new reported column by Bloomberg's Jonathan Weil proposes an answer: Halliburton may be cooking its books.

Through a Freedom of Information Act request, Weil got ahold of court papers filed by Halliburton's former director of technical accounting research and training, Anthony Menendez, who alleges that Halliburton reported "billions" of revenue from sales before the sales ever happened. For good measure, according to Menendez's court filings with an administrative-law judge for the Department of Labor in Louisiana, Halliburton retaliated against him after he went to the Security and Exchange Commission with his concerns last year.

MORE

[elehhhhna]

1. That's the Enron medel. Book profits when the contract is signed.

[Warpy]

3. .....hide the losses in dummy subsidiaries, preferably offshore

I have to wonder how many corporations are completely hollowed out by this scam combined with executive greed.

[Double T]

2. Corruption, malfeasance, fraud and conspiracy abound in the WH.......

and corporate america. No wonder the headquarters for Halliburton was moved to Dubai, UAE and bush's retirement ranch is in Paraguay.

[Blackhatjack]

4. Two results of 'boosting' profits --holders of options(Cheney), officers & directors compensation...

You 'pump up' the profits, investors bid up the price of the stock, optionholders exercise and/or sell their options for higher profits, and the officers and the board of directors vote themselves huge raises because of how well the company is doing.

No doubt the move of Halliburton's principal place of business to overseas was designed to secret documents from US perusal.