-Caveat Lector-
http://www.msnbc.com/news/892744.asp?cp1=1
Fanning the Flames
Cheney’s Halliburton ties come under increasing scrutiny
By Keith Naughton and Michael Hirsh
NEWSWEEK
April 7 issue — The stock market may be suffering, but Operation Iraqi
Freedom has sure been good for business at Halliburton, the Houston oil-
services company famous for its former CEO, Dick Cheney.
THE VICE PRESIDENT hasn’t entirely severed his
financial ties to the big defense contractor. Even while Halliburton is
scoring Army contracts that could top $2 billion, Cheney is still receiving
annual compensation from the company he led from 1995 to August 2000,
NEWSWEEK has learned.
When Cheney stepped down from Halliburton to run for vice president,
he sold his company stock and gave profits from his stock options to
charity. But he still had more compensation coming. Rather than taking it
in a lump-sum payment of about $800,000, Cheney opted for “deferred
compensation,” Wendy Hall of Halliburton tells NEWSWEEK. Cheney chose
annual payments of “less than $180,000” from 2001 to 2005, says Hall, which
offers a tax benefit. Cheney, through spokeswoman Cathie Martin,
contends he has no financial ties to Halliburton because of an insurance
policy he took out for the value of his deferred compensation, which
means he’ll get paid even if the company goes under. “He has no financial
interest in the success of the company,” says Martin, who adds that
Cheney has no say in awarding defense contracts. Indeed, NEWSWEEK
learned last week that Halliburton is not a finalist for a $600 million
reconstruction contract in Iraq.
But some Washington players are questioning the vice president’s
ethics. Cheney should “sever all financial ties to Halliburton,” says Larry
Noble of the nonpartisan Center for Responsive Politics. “I don’t think this
passes the smell test.” Rep. Henry Waxman, a California Democrat,
complained to the Army last week about the contract Halliburton’s
Kellogg, Brown & Root unit received in early March to fight Iraqi oil fires.
The Army secretly awarded Halliburton the contract, which analysts say
could be worth up to $1 billion, without receiving other bids. Waxman told
NEWSWEEK that Cheney’s ties to Halliburton “raise a red flag.”
Cheney and Halliburton have a long history. While
Defense secretary in the first Bush administration, Cheney awarded KBR
the Army’s first private contract to manage troop tent cities. During the
Clinton years Halliburton lost that contract after KBR came under fire for
allegedly overcharging the government. But after Cheney was elected, KBR
was again awarded that Army contract and has rung up $1.15 billion so far
on the 10-year deal. The Army says it chose KBR for the fires because it
was in Kuwait and could work fast. For Cheney, the political flames may
just be getting started.
© 2003 Newsweek, Inc.
Forwarded for your information. The text and intent of the article
have to stand on their own merits.
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In accordance with Title 17 U.S.C. section 107, this material
is distributed without charge or profit to those who have
expressed a prior interest in receiving this type of information
for non-profit research and educational purposes only.
~~~~~~~~~~~~~~~~~~~~
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