Kerry says Vice President Cheney profited from Iraq war

[NNN0LHI]

http://story.news.yahoo.com/news?tmpl=story&u=/afp/20040917/ts_alt_afp/us_vote_kerry_cheney&cid=1506&ncid=1473

WASHINGTON (AFP) - John Kerry (news - web sites)'s Democratic election campaign accused Vice President Dick Cheney (news - web sites) of making money from the Iraq (news - web sites) war through his links to the Halliburton company, in a new television advertisement.


The spot, which will be shown in states where Kerry is in the tightest race with President George W. Bush (news - web sites), shows Cheney saying in 2003: "I have no financial interest in Halliburton of any kind and haven't had now for over three years."


Cheney gave up his job running the Texas-based oil services and general contracting giant to join the Bush campaign in 2000. But since saying he had no links to Halliburton, Cheney has admitted he was still receiving pension payments.


Kerry's advert goes on: "The truth: As vice president, Dick Cheney, received two million dollars from Halliburton. Halliburton got billions in no bid contracts in Iraq.


"Dick Cheney got two million dollars. What did we get? A 200 billion dollar bill for Iraq."

more

[NNN0LHI]

1. Keep sending your loved ones to the slaughterhouse in Iraq

Dick needs the money.

Don

[tabasco]

2. I'm SHOCKED I tell ya' !!

Cheney seems like such a decent and ethical man.

HIT 'EM HARD KERRY ! Expose the traitorous cabal for what it is - criminal war profiteers!

[central scrutinizer]

22. play the cut from the 2000 debates

where Dick says "the federal government had absolutely nothing to do with his doing well" then show how he actually made millions by trading on his government connections and specifically working in Iraq in contravention to the sanctions.

[Tuttle]

24. The exact quote

"...with no help from the government, Joe!"

And Lieberman applauded...

Tut-tut

[spinbaby]

3. Doesn't he still have stock options?

I seem to recall something like 400,000 of 'em.

[Richardson08]

9. 455,000 HAL stock options

[Tuttle]

23. Not that I doubt it but

is there a source for that? I heard 433,000 shares and would like to know with some verification.

Tut-tut

[Bush_Eats_Beef]

4. The campaign message needs to be kept short and beyond questioning

How would Kerry prove to the American public that "Dick Cheney got two million dollars"...tax records, what DOCUMENT? Kerry is SAYING it, I believe him, but I'm a Democrat and a Kerry supporter. What's going to make evereyone ELSE believe him, where's the PROOF?

This is good stuff but I'd like to see:

1). "Dick Cheney got two million dollars"

2). Here is proof, and they're not forged documents

3). End of story.

Did Cheney get the $2 million as the result of the "pension payments?" Because if you read the story and take it as face value,

1). Cheney saying in 2003: "I have no financial interest in Halliburton of any kind and haven't had now for over three years."

2). Cheney has admitted he was still receiving pension payments

1 + 2 = Cheney got $2 million from pension payments.

...which provides Cheney with an "out" as far as "actively profiting" is concerned. He can debate his "moral duty" to relinquish ANY profit from Halliburton as long as he is VP, and we all know that will NEVER happen. There are too many loopholes in this one...as it stands...to allow FURIOUS Rove / Hughes media spinning.

[NewYorkerfromMass]

6. Well, how do you explain the 2 mill?

It's a reasonable assertion given Cheney's historic sources of income.

[Bush_Eats_Beef]

29. It's reasonable, except to the people paid to rip the reason to shreds

We need to draw a straight, short line.

Iraq > Halliburton No-Bid Contracts > $2 million into Cheney's bank account.

Karl Rove and Karen Hughes LIVE to contest this crap. It needs to be bulletproof or we will simply have another "Dan Rather & the forged documents" yank-off on our hands.

[Judi Lynn]

5. It's about time SOMEONE discussed this, isn't it?

God knows it's a matter of indifference to our "media."

If Kerry doesn't discuss it now, and loses the election, we'll never hear about it again!

From the article:

The Kerry campaign has launched a series of aggressive new television adverts since Bush pulled ahead in opinion poll ratings during September.

Good luck to the next wave of ads. Can't WAIT! I'm all ears!

[DeadHead67]

7. May I agree and emphasize? IT'S ABOUT FREAKIN ' TIME !!!!

Time to go after these creeps!:grr: :kick:

[RevCheesehead]

15. QUARK!!!!!!!!!!!!!!!!!!!

Cheney is so Ferengi-in-Chief!!!!!!!!!!!!!!

[RevCheesehead]

20. Cheney as the Grand Negus

[readmylips]

8. 3 Words: cheney WAR PROFITEER...

that's the #1 sound byte.

[yardwork]

10. Good work, Kerry!

[drdtroit]

11. NO SHIT!!! n/t

[moondust]

12. Two million plus

the tons of gratuities waiting for him when he gets back to Texas in January.

[Just Me]

13. Yup. I saw him. I was inspired by his tough confrontation of Cheney!

Keep it up, Kerry!!!

This is a war we cannot lose!!!

[BiggJawn]

14. "Delayed Compensation" is how the bushies spin it.

This is money that TinMan earned while he was CEO, but for some reason (tax fraud, perhaps?) did not collectr before he "left" the firm...

More of the GOP's "Why? Because we SAY so!" bullshit.

Prescott Bush's daddy was a war profiteer in WWI, Prescott made money off of Hitler AFTER we went to war with Germany, and Dick just follows suit.

[Catfight]

16. Cheney Loves WAR and DEATH, he makes money from it! n/t

[Bushfire]

17. Why stop at Cheney, GW is profiting through Carlyle.

It doesn't take Michael Moore to tell us that for long time DU readers.

[snooper2]

18. Great commercial!

here

http://www.johnkerry.com/tv/

[dolstein]

19. Actually, Cheney's telling the truth

I'm voting for Kerry, but on this point Cheney's telling the truth. The deferred compensation payments Cheney gets are guaranteed by a third party insurer. So even if Halliburton tanked tomorrow, Cheney would still get those payments. Again, these payments are not in any way contingent upon the future economic performance of Halliburton. Cheney has no financial interest in Halliburton, period.

[truthisfreedom]

21. too bad. this is war. cheney can speak for himself. besides, he's now

cheney, war profiteer. didn't you notice? 8^)

[Eye and Monkey]

25. Cheney DOES have HAL stock options - (LINK)

That seems like a financial interest to me. He assigned them to a trust. I'm sure that there's some level of technicality where stock options would not be considered a financial interest. That seems like hiding behind semantics to me.

ON EDIT - I would add that the timing of his options - 2007 to 2009, might suggest a "coincidence" in timing with a presidential election year.

http://www.cnn.com/2003/ALLPOLITICS/09/16/cheney.halliburton/index.html
<SNIP>
Lautenberg also listed Halliburton stock options that are shown on Cheney's financial disclosure form -- some 233,000 shares in all that vest between 2007 and 2009.

The Cheney aide said that on January 18, 2001 -- just before being sworn in as vice president -- Cheney assigned all of his Halliburton stock options to a charitable trust.

"He legally and irrevocably assigned them and he receives no tax benefit from them," the Cheney aide said. This aide said the trustee of the trust decides when to sell them.

Lautenberg, in a statement, renewed a call for the Senate Government Affairs Committee to hold hearings on government contracts with Halliburton and said to everyday Americans that Cheney's statement would not make sense.

"If you ask everyday Americans if someone has a financial stake in a company that provides them with annual compensation, I am certain they would answer, 'yes.' "
<SNIP - MORE>


IN THE MEANTIME, wouldn't it be something if Halliburton was poised as the next Enron? -

http://biz.yahoo.com/ap/040917/halliburton_brazil_1.html

<SNIP>
Associated Press
Think Iraq Hurts Halliburton? Try Brazil
Friday September 17, 12:09 am ET
Despite Iraq Woes, Halliburton Suffers More From Effort to Build Oil Platform Off Brazil

VANCOUVER, Wash. (AP) -- Halliburton Co. is in the oilfield services business -- something many Americans seem unaware of and at times the company has trouble focusing on as well.

The $20 billion Houston business is often in the headlines for the role its Kellogg Brown & Root subsidiary plays in supplying U.S. troops in Iraq. To add to the distractions, Halliburton this year must settle billions of dollars in asbestos claims, address a shareholder class action over accounting issues and deal with an investigation of a joint venture in Nigeria.

Troubling as those issues are, Halliburton investors have so far suffered more from an effort to build a $2.5 billion oil platform and well network off the coast of Brazil. Known as the Barracuda-Caratinga project, it has generated $762 million in losses, including a $310 million write down announced in June.

When the contract was announced in October 1999, Dick Cheney, former Halliburton chief executive and now U.S. vice president, said "We are proud to be selected as the preferred bidder." Halliburton promised investors big profits. Instead it has spewed merely red ink.
<SNIP - MORE>

[wsswss]

28. Not very fruitful

Halliburton's stock price is lower than it was on Inauguration Day. The S&P 500 has outperformed Halliburton in this time period.

[Lucky Luciano]

30. This is true, but

http://investdb.theglobeandmail.com/invest/investSQL/gx.show_chart?pl_comp_id=177759&pl_errmsg=&iaction=Chart&pl_primary_listing=HAL-N&iaction=Chart&pl_additional_listing=0&pl_period=60M&pl_chart_type=+&pl_sh_movement=0&pl_long_movement=0

it is still relevant. In Aug 2002 his options were probably not worth much, but the war has helped significantly. I don't know what the strike price of his options are though, so I don't know if he is now in the money, but there is certainly a big improvement since the war and reconstruction efforts.

Cheney will also benefit signifciantly after his tenure as VP is over with EXTREMELY lucrative "consulting" contracts and he can also go back to being CEO of HAL (or at least be on the board) where he would probably get a very significant number of stock options. Then would that be considered shady and would it be illegal???? I do not know if it would be illegal, but the ethics of it are extremely questionable.

[Eye and Monkey]

31. Oh, please. HAL was set to take a dive on the asbestos claims.

HAL would still be at 10 or less today without the various perqs via Cheney.

The perqs didn't START with Iraq. The asbestos claims situation started looking better for HAL even during the 2000 campaign. The cases would be heard, in all likelihood, in a federal court with a likely Reagan-or-Bush appointed judge - if not a Chimpie-appointed judge - while there's a sitting Repub dynasty and the former CEO is the Veep. No chance of bias there, is there? The perqs continued with encouraging news like a discussion of HAL-KBR refitting Subic Bay, before 9-11 - nice size piece o' work, that'd be.

HAL prices have been up and down continually over the last 3 1/2 years. Look at the insider trading - they've been playing the ups and downs to the tune of huge profit. Almost like they, ummm, KNEW something.

[Lucky Luciano]

33. You should post some of the 144 filings and compare the buys`

and sells to a chart over the past couple of years. That would be interesting indeed! I would do it, but I am taking a break from the ugly process of moving out of my place and I do not want to get too involved with DU!!! Sometimes I cannot resis though!

[Just Me]

37. Hmmm. I disagree, totally. His interest was vested in his influence.

If you are getting lost as a spectator of such games,...better turn in your cards. Eventually, those who "play" as if they are beyond the rule,...will pay,...per all rules.

[Catfight]

26. The gull of these criminals never stop, first outing a CIA Operative,

and now profiting from the dead. I hope there is a God, I really do, but it doesn't appear there is when these atrocities go unpunished.

[JoFerret]

27. What! No t-shirt?

Keep slamming John.

[Swamp Rat]

39. Yeah, I want a t-shirt too!

Maybe I should just make my own.

[eduardito]

32. Deferred income.

The money that Cheney is receiving is DEFERRED income. This is money that he has earned in the past, but chose to receive at a later date. The compensation is NOT dependent on whether Haliburton makes a profit or not. If there are specific issues with a particular contract with Haliburton, that should be investigated thoroughly. To claim that Cheney is profiting from the war is disingenious. I also believe, but am not sure that he is donating some, if not all, of the deferred compensation to charity

[Carolab]

34. Oh, yes, your ONE post clears it all up

quite sure Dick is COMPLETELY above board on this

"Unfortunately, the tide hasn't turned at Halliburton, where Dick Cheney served as CEO before leaving to run for Vice President. When Cheney left Halliburton to become then-Governor Bush's running mate, the company's board gave him an "early retirement" package valued at more than $13 million. He also sold 660,000 shares of Halliburton stock worth about $35 million.

Now, rather than asking Vice President Cheney to re-negotiate his excessive compensation package, Halliburton has announced it will cut off the retirement benefits of hundreds of ex-Halliburton employees who worked for a division (Dresser-Rand) that was acquired by Cheney, but has now been sold off by Halliburton. Like Jack Welch, perhaps Vice President Cheney should step forward, acknowledge that his excessive compensation package was not in the best interest of the company (or employees or investors), and reimburse Halliburton for at least some of the nearly $50 million he walked away with when he retired from Halliburton after five years of service.

<snip>

The Cheney "early retirement" package at Halliburton. When Dick Cheney left Halliburton to become George W. Bush's running mate, the company's board gave him an "early retirement" package to reward him for his service to the company. The board granted him this retirement package even though he was too young to qualify for full benefits under his employment contract. Halliburton's parting gift to Cheney was worth more than $13 million - this does not include another estimated $35 million he received when he exercised stock options. (USA Today, 6/10/02)

Cheney wins "big time" - guess who loses? Halliburton acquired its chief competitor, Dresser Industries, for $7.7 billion during Vice President Cheney's tenure as CEO. While the deal turned out to be a major drain on Halliburton's bottom line, and caused its stock to plummet, at the time Cheney said the acquisition was "one of the most exciting things I've been involved in." Of course, the deal was a lot less exciting to the 10,000 Halliburton and Dresser workers who lost their jobs. (USA Today, 6/10/02)

In December 1999, more than one year after the Halliburton/Dresser Industries merger, Halliburton sold the newly-acquired subsidiary, Dresser-Rand, to Ingersoll-Rand. Halliburton continued to administer the retirement plans of Dresser-Rand employees - even after the sale to Ingersoll Rand. The company now claims, however, that employees are eligible for much less than they expected to receive under the retirement plan.

If the Dresser-Rand employees do not accept the smaller sum now being offered by Halliburton, they will "forfeit their right to a lump sum forever." (The New York Times, 9/10/02) Employees have estimated that they are being stripped of $25 million in benefits - about $50,000 per person. (The New York Times, 9/10/02) Halliburton's board is refusing to right this wrong - despite earlier promises that the pensions, once earned, would never be taken away or modified."

http://democrats.senate.gov/~dpc/pubs/107-2-294.html

[Eye and Monkey]

35. Not charity - a private trust fund.

In other words, a fraud, a semantic technicality that allows him to keep his stock options and say he doesn't control them.

Look at Dickie - is he a creature that is going to have money and NOT control it?

[Carolab]

36. For those who haven't read the whole saga

Of Cheney and Halliburton--here is a great summation:

http://www.aloofhosting.com/reader/issue/250/cheney.html

[Swamp Rat]

38. Kick ass Kerry!

:kick:

Geaux Kerry!

[rocktivity]

40. YES, KERRY BABY! GIVE ME WHAT I NEED! YES! YES! YESSSS!

a towel and a cigarette, please...

:smoke:
rocknation

[Carolab]

41. Charitable trusts for stocks

It's easy to see why charitable remainder trusts, or CRTs, continue to grow in popularity. You get to eat your cake and have it, too. CRTs allow donors to sell appreciated stock without paying capital gains, place them in trust and hang onto an income stream from those assets for life. There is, of course, a catch: These devices are only practical for clients who can afford to give up the principle — when they die, what remains in the trust goes to the charity of his or her choice. That's no small matter, of course, but the tax advantage of avoiding a huge capital gain in life and moving money out of a taxable estate after death can make a charitable trust appealing to clients who had never considered significant charitable giving. Jim Barber, a general partner at Edward Jones in Greensboro, N.C., who works with charitable trusts, says his clients “tend not to be really charitably inclined, but when you explain the terrific tax benefits of a CRT, they become charitable after the fact.”

CRTs offer other tax breaks. First, clients get a current income tax deduction when the trust is funded that is based on the value of the portion that will ultimately go to charity. The charitable portion must be at least 10 percent of the original assets. That is, if a client funds a trust with $100,000, he can receive up to $90,000 back in income over the life of the trust. The smaller the income the client takes back, the greater the gift to charity, and hence the greater the immediate tax deduction. The client can pass the income stream on to a family member as well, but that too will lower the current income tax deduction. The icing on the cake is that the assets are also removed from the client's estate...If the client sets up his or her own private foundation, that foundation can be the charity the CRT assets go to when the trust ends. This way they can keep the charitable imperative going among their heirs indefinitely — a gift that truly keeps on giving.

(While there has been an effort in Congress to permanently repeal the federal estate tax, which is set to disappear for just one year in 2010, estate planners doubt that it will happen, especially if big deficits return.)

http://registeredrep.com/estateplan/finance_doing_good_avoiding/

[struggle4progress]

42. kick

:kick: