Wednesday, August 04, 2004


Cheney's Halliburton

Halliburton makes money the old-fashioned way - via deceptive accounting practices:

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."


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.



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