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Halliburton can't account for 1.8 billion, Pentagon says
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Posted by: 9:35
http://www.nytimes.com/aponline/bus...alliburton.html
 Quote:
Report: Audit Looks at Halliburton Billing
By THE ASSOCIATED PRESS
Published: August 11, 2004
Filed at 4:46 p.m. ET
WASHINGTON (AP) -- Halliburton Co. did not adequately account for more than $1.8 billion it billed the government for work in Iraq and Kuwait, a published report on the findings of Pentagon auditors said Wednesday.
The results of the audit, reported by The Wall Street Journal, were the latest financial headache for Halliburton subsidiary KBR, formerly known as Kellogg Brown & Root, which filed for bankruptcy protection last year to resolve billions of dollars in pending asbestos claims.
The $1.8 billion amounts to 40 percent of the $4.18 billion KBR has already billed the Pentagon for its work feeding and housing military troops. The Pentagon could begin withholding payments from KBR if it determines it is owed money -- though it has yet to do so.
KBR officials told the newspaper the company has done nothing wrong, and expressed confidence the issue would be resolved without such action.
"The fact that we have negotiated and continue to negotiate proposals proves that our estimating system is valid,'' an unidentified KBR official was quoted as saying. "This is the same system that the company has used for more than 10 years.''
The audit, part of a report dated Aug. 4 that has yet to be made public, found that KBR's "internal control policies'' are "inadequate for providing verifiable, supportable, and documented cost estimates that are acceptable for negotiating a fair and reasonable price.'' Pentagon officials told the newspaper that that no defense contractor has had its estimating system ruled "inadequate'' in years.
Halliburton spokeswoman Wendy Hall told The Associated Press on Wednesday that the company disagrees with the report.
"This audit has nothing to do with the amounts we have billed the government or which costs will ultimately be determined allowable for our work in Iraq,'' she said. "This report alleges that Halliburton does not have a system which is adequate to produce proposals upon which to negotiate final price and this allegation is simply not true.''
Auditors' concerns included more than $900 million in payments for dozens of dining facilities; auditors say that more than a third of those costs may be unjustified, the newspaper said. Auditors also are examining $180 million in costs charged for fuel from Kuwait that was delivered to Iraq.
The dispute over the Iraq/Kuwait billing only intensifies the scrutiny on Halliburton.
Earlier this month, the company agreed to a $7.5 million settlement with the Securities and Exchange Commission to resolve an investigation into its accounting practices.
The company is also working to put its asbestos liabilities behind it. In late July, a federal judge in Pennsylvania affirmed approval of Halliburton Co.'s $4.17 billion plan to settle asbestos- and silica-related health claims.
On Wednesday, Halliburton shares fell 74 cents to close at $29.09 on the New York Stock Exchange.
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Cheney has stated over and over again that he has severed all financial interest with Halliburton way before the Bush campaign began. However, as this older article points out, Cheney still holds 433,000 unexercised stock options.
Can we stop giving them money now?
Posted by: SKYHN
I am shocked by this.
SPOILER: (highlight to read)
Not.
Posted by: SpecOpsHoov
My hate for Dick Cheney is almost as great as that of the royal ass-clown himself - Bush.
Posted by: Canis Lupus
It's too bad Kerry himself doesn't have a strong platform in this race... he's been switching positions on a lot of issues lately... If Bush decides to drop Cheney as a running mate and chooses Rudy Guiliani, he'll probably gain more support than the candidate from the Democrats... frankly, we all lose either way, but voting anyone but Bush would probably be the lesser of two evils imho (hell, I'll even settle for Nader if worse comes to worse)...
Posted by: 9:35
Quote:
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Originally Posted by SpecOpsHoov
My hate for Dick Cheney is almost as great as that of the royal ass-clown himself - Bush.
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There are several Bush hating threads that I can direct you towards. This thread is about how Cheney gave a no-bid contract to his former company, which completely ****ed over the tax payers, and how Cheney will profit from it.
Posted by: laborat
I suspect the 1.8 bill was used to hire mercenarys to cover Halburton operations in the Middle East.
I suspect the negotiations are about whether a corporation hiring mercenarys can use their (mercenarys) salarys as a tax write off. I am sure that Powell insisted on Halburton covering some of the cost of committing US troops in Iraq, probably because Cheney suggested it. As it turned out, Halburton really dropped the ball when it came to provisioning the troops over there. Damn scandal if you ask me.
Posted by: SKYHN
If it was McCain and Edwards, they would WTFPWN everybody.
Posted by: Bishop
Were I president, you would all be much happier under my reign.
I only need five hundred more nominees (yes, I do have that many fans) before I am capable of running. If you hurry, I can saddle up and we can be kicking in the white house doors by christmas.
Posted by: redwench
kerry and mccain would do the job as well. but i would vote for a guinea pig over the current incumbent.
anyways, unless the GAO gets involved, nothing will be done about halliburton while bush is in office.
Posted by: SKYHN
I would rather have McCain as the president than Kerry. But McCain did a flip flop himself. He talked for years about how he disagreed with Dubya about so many things, now hes out on the campaign trail telling everyone how great dubya is.
Posted by: 9:35
Quote:
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Originally Posted by SKYHN
flip flop
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I HATE THAT TERM
I guess I'm a flip flopper because I believed this war was justified at the start, then when I realized it was all a bunch of crap, I changed my mind. I wont be elected to office anytime soon because of this.
(sorry bishop, i changed my reply completely after you posted)
Posted by: Bishop
remind you of something?
Posted by: SKYHN
I dont like the term either, but its what everybody is using now. The fact that someone could have a view about something and then change their mind on it is a good thing. It means they took the time to be enlightened about the subject and revaulated their position.
Meanwhile, Dubya still thinks were gonna find WMD's in iraq.
Posted by: SpecOpsHoov
Quote:
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Originally Posted by 9:35
There are several Bush hating threads that I can direct you towards. This thread is about how Cheney gave a no-bid contract to his former company, which completely ****ed over the tax payers, and how Cheney will profit from it.
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Okay okay...it's ridiculous how much Cheney is profiting off this war using Bush as his puppet. He's already made more than $30 million with the company. I could only fathom how much he's raking in now.
Here's the White House release (issued late Friday--what a surprise) announcing that Vice President Dick Cheney and his wife reported income of $36 million on their just-filed 2000 income tax return. The White House distributed the summary in lieu of Cheney's actual return, which probably would make for some real interesting reading. Cheney, whose veep salary is a paltry $186,300, hit the jackpot last year "from the exercise of stock options and from the sale of restricted stock of Halliburton," the company he previously headed.
An interesting read: http://www.thesmokinggun.com/archive/dicktax1.html
Posted by: laborat
In defense of McCain, I suspect he is playing the loyal to party role because that is what is expected of him. If he ever wants a chance to run for President he will have to demonstrate that he campaigned for the incumbent even though they might disagree on issues. I see McCain and possilby Powell as the two leading candidates from the moderate Republican wing. For the Republicans to survive they have to tone down the extremist rhetoric coming from the right and the Christian-right.
Posted by: redwench
mccain still has to play the game for his party. the point is he disagrees where it counts, on legistation and the senate floor. that hes stumping for shrub i dont think will affect anyone's vote.
Posted by: SKYHN
What about the John McCain supporters that look to him on where to stand? Dubya is getting their votes.
The party thing though, he doesnt HAVE to do it. Theres plenty of other people out there who could. Hes one of the most respected members of our government and to think he is being pawned around in his party is sickening. He doesnt need to run as a Republican to get elected as president. He could probably even run as Independant and win at this point. If it was Kerry/Bush/McCain, McCain has my vote for sure.
Posted by: redwench
yes, but most people vote by that stupid letter after the name, rather than the candidate.
and i dont think many mccain supporters would blindly go for whoever he was stumping for. thats kinda the point of a maverick politician. id be more swayed by his friendship and semi-support of kerry, as that is obviously genuine.
he has to take his turn supporting bush. all the republican senators do. and all the democratic ones will take their turn with kerry. you just wont hear about it, as they arent newsworthy, unlike mccain.
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