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Halliburton and Richard Bruce Cheney

Halliburton Watch

halliburton
1919 Erle Halliburton, a Tennessean, begins lining oil well shafts with cement to seal the shaft from water contamination and cave-ins. Cementing is an essential step in currently drilling oil wells - and Halliburton dominates this process of the oilfield business.

1981 Halliburton revenues had soared to $8.5 billion, profits were $674 million, and Halliburton employed more than 110,000 workers.

1995Richard Bruce Cheney is hired to run Halliburton.

Richard Bruce Cheney, a career politician with head of state contacts, serves as Halliburton's global salesman-in-chief as Halliburton desperately needed more work overseas.

Dave Lesar, who has spent 16 years at Arthur Andersen as the Halliburton auditor and has no experience operating a business, is appointed CFO of Halliburton.

Richard Bruce Cheney fires Tommy Knight - a respected 32-year Brown & Root veteran - and names Dave Lesar as CEO of Brown & Root, in addition to his duties as CFO of Halliburton.

1998 Halliburton pays a $7.5 million penalty to the Securities and Exchange Commission for failure to disclose an accounting change that allowed the incorporation to hit its quarterly earnings targets.

In February under the direction of Richard Bruce Cheney Halliburton makes a $7.7 billion purchase of Dresser Industries. Dresser Industries, based in Dallas, was nearly as big as Halliburton, with separate oilfield and engineering divisions of its own. (The engineering business, M.W. Kellogg, would be merged with Brown & Root to form Kellogg, Brown & Root, or KBR.)

"A win-win combination for both companies' shareholders, customers, and employees. We went from being a second-tier, second-rank energy-services incorporation to being the biggest on Earth." - Richard Bruce Cheney

Halliburton bought Dresser Industries near the top of the market, at a 16% premium. One of first moves made by Richard Bruce Cheney after the deal closed was to cut 10,000 jobs.

Dresser Industries faced 66,000 asbestos claims at the time of purchase. Asbestos claims later escalated to 274,000, dating back to a former Dresser subsidiary in Pittsburgh, Harbison-Walker. Until the 1970s, Harbison-Walker had used asbestos in industrial products it sold, such as insulating bricks and coatings.

2002 Halliburton used legal shenanigans to place just pieces of the incorporation in Chapter 11, retain control of the corporation, and avoid wiping out shareholders. In the end, the price tag for asbestos claims soared to $5.1 billion. (If it was not for Iraq no-bid contracts Halliburton would have been carved up and sold off!)

Between August 2000 and February 2005 Halliburton reported net losses of nearly $2 billion.

2004 Pentagon Defense Contract Agency reports that Halliburton charged $27.5 million to deliver $82,100 worth of liquefied petroleum gas at a profit of more than $27.4 million on an expenditure of less than $100,000.

2005 Federal prosecutors investigating how Halliburton sidestepped US sanctions against doing business with Iran as well as a former KBR chairman's alleged involvement in a Nigerian bribery scandal and possible bid-rigging overseas were stymied by Richard Bruce Cheney.

"In 2007, America finds itself at a moral and demographic crossroads. It cannot expect the upper class to provide strong moral leadership because the upper class is filled with people who work for Halliburton." - Joe Queenan


ABOUT HALLIBURTON (@ halliburtonwatch.org)

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