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Halliburton's ex boss and how well he ran his company . . .

post #1 of 4
Thread Starter 
. . . . into the red.

Apparently Halliburton is still reeling from Cheney's *ehem* leadership.
This is a funny article Halliburton, getting investigated right and left and losing money big time

Besides all of the current investigations facing Halliburton, including a brand new one for 'business' in Iran, the company is in the red, even with a 65Billion$+ revenue, and many debts being payed for misdeads during Cheney's time . . . . including a 150million$ bribery slush fund, for which they were found guilty, and, of course the fact of a subsidiary that was doing business in Iraq before the war, (hmmm?),
but, besides these there is some just plain very bad business deals that went down while cheney was in office.

Read the article (just go through the flash ad to access it) it is a huge huge pile of truly terrible Business management . . . . why there isn't more discussion about such a patently shoddy track record I don't know.

Here is a small intro example from just before the article starts to get down to brass tacks:
Quote:
The news of the criminal investigation follows close on the heels of other bad news: In late June, Halliburton said that it will take an $815 million charge against earnings for the second quarter. Of that amount, $200 million stems from cost overruns on the Barracuda-Caratinga offshore project in Brazil, a $2.5 billion undertaking that was announced in January of 2000 -- seven months before Cheney left Halliburton to become George W. Bush's running mate. The rest of the charge against earnings -- $615 million -- will cover the asbestos-related legal claims that stem from Cheney's decision to take over Dresser Industries in 1998.

Meanwhile, both the Securities and Exchange Commission and French investigators are investigating Halliburton for its alleged involvement in bribing Nigerian officials over a giant liquefied natural gas project. Much of the alleged bribery occurred on Cheney's watch.

Add in a recent $106 million legal judgment against the company for its involvement in a Kazakh oil deal done during Cheney's stint as CEO, along with the Pentagon's ongoing investigations into Halliburton's overbilling (investigators have recently found that Halliburton spent $11 million to house personnel at the five-star Kuwait Hilton), and it becomes clear that Halliburton may have trouble surviving Dick Cheney.
"They never stop thinking about new ways to harm our country and our people, and neither do we."
--George W Bush

"Narrative is what starts to happen after eight minutes
--Franklin Miller.

"Nothing...

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"They never stop thinking about new ways to harm our country and our people, and neither do we."
--George W Bush

"Narrative is what starts to happen after eight minutes
--Franklin Miller.

"Nothing...

Reply
post #2 of 4
Cheney's misdeeds don't outweigh Cheney's connections. So, on the whole, I think Halliburton benifits from Cheney's time and connections. Halliburton is just a typical infantile pig sucking from the government's teat for a majority of it business. It is important for such companies to have someone who has crony capitalist gov't connections as the CEO.

Sort of nasty that many conservatives/democrats promote the philosophy that private business is more efficient and cost effective than the gov't, and much of the gov't's services should be privatized because of it. It is just convenient that some of these people happen to get huge and very profitable gov't contracts. So who knows if they truly believe the cost-effectiveness, better efficiency idea. They certainly bring the bucks though.
post #3 of 4
Thread Starter 
Quote:
Originally posted by THT
Cheney's misdeeds don't outweigh Cheney's connections. So, on the whole, I think Halliburton benifits from Cheney's time and connections. Halliburton is just a typical infantile pig sucking from the government's teat for a majority of it business. It is important for such companies to have someone who has crony capitalist gov't connections as the CEO.

Sort of nasty that many conservatives/democrats promote the philosophy that private business is more efficient and cost effective than the gov't, and much of the gov't's services should be privatized because of it. It is just convenient that some of these people happen to get huge and very profitable gov't contracts. So who knows if they truly believe the cost-effectiveness, better efficiency idea. They certainly bring the bucks though.

That would be fine . . . . except that Halliburton is NOT actually pulling in profit . . . they are at least 150 million short of a profit, in 2002 it lost $800 Million!!! and $65 Mill in the first quarter of this year alone . . . even with his no-bid connections, they still can't seem to pull it together . . .

and yeah his connections musta been teh reason . . . its natural that he knows nothing about business, his degrees are in Sociology
"They never stop thinking about new ways to harm our country and our people, and neither do we."
--George W Bush

"Narrative is what starts to happen after eight minutes
--Franklin Miller.

"Nothing...

Reply
"They never stop thinking about new ways to harm our country and our people, and neither do we."
--George W Bush

"Narrative is what starts to happen after eight minutes
--Franklin Miller.

"Nothing...

Reply
post #4 of 4
Quote:
Originally posted by pfflam
That would be fine . . . . except that Halliburton is NOT actually pulling in profit . . . they are at least 150 million short of a profit, in 2002 it lost $800 Million!!! and $65 Mill in the first quarter of this year alone . . . even with his no-bid connections, they still can't seem to pull it together . . .

Cheney: "Deficits don't matter." The objective of many public companies aren't having a profitable business, though it is a necessary condition over the long run, it is to maximize shareholder returns. Which coincidently they are also major shareholders.



Quote:
and yeah his connections musta been teh reason . . . its natural that he knows nothing about business, his degrees are in Sociology

Hell, GWB has an MBA and he knows nothing about business. This is a more common condition than people think. Their expertise is unique though, not that many people have good-ol-boy oil/energy/corporate connections like they do.
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