Wednesday, August 04, 2004
Cheney's Halliburton
Halliburton makes money the old-fashioned way - via deceptive accounting practices:
From the BBC:
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My guess is that the SEC's fines were far less than Halliburton's (and ironically named financial controller Mr. Muchmore) profits on this accounting scandal. Crime does pay:
BBC
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From the BBC:
"The SEC said Halliburton failed to disclose a 1998 change in accounting practices that caused its profit statement for that year and 1999 to be 'misleading.'
In one example, profits were inflated by 46.1% in the 1998 annual report, it said.
...
Mr Cheney "provided sworn testimony and co-operated willingly and fully in the investigation conducted by the commission's career staff," the SEC said.
Last year Halliburton, the US' second-largest oil services group, agreed to pay $6m to settle lawsuits over accounting practices involving cost overruns on construction projects."
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My guess is that the SEC's fines were far less than Halliburton's (and ironically named financial controller Mr. Muchmore) profits on this accounting scandal. Crime does pay:
Halliburton and Mr Muchmore agreed to a settlement, with Mr Muchmore paying a penalty of $50,000 and the company $7.5m...Mr Cheney, who ran the company between 1995 and 2000, was not charged.
BBC
