Save your breath. I was around during Vietnam. Obviously, you don't recognize sarcasm when you see it.
BTW, Halliburton does over $15Billion/year in business w/o Iraq. If they're getting rich, Iraq is only a small portion of that wealth.

 

I really get tired of seeing 'Cheney' and 'Halliburton' used in the same sentence. The only connection between the man and the company is past history. Mr. Cheney divested his holdings in Halliburton before taking office as Vice President of the United States. His fortunes do not rise and fall with that company's profits and no amount of insinuation can change that. This is an old canard and ought to be put to rest.

If you have some legitimate criticisms of the man, fine. But let's stick to the facts and quit repeating false innuendo.

 

Wouldn't it be naive to believe Mr. Cheney surrendered his rolodex when he became a politician? American politics and American business have always been in bed together and I'm not even saying that it should be otherwise.

 

Re:Cheney/Halliburton. According to the New Yorker Magazine of 2-16 and 2-23-o4, Cheney still collects $150,000.00 per year from Halliburton in deferred compensation and still retains stock options worth more than $18 million.
During his 5 years employed by Halliburton he earned $44 Million. Calli

 

I'm sure Mr. Cheney didn't destroy his Rolodex, but I don't believe for a minute that he consults it as part of his decision-making process. If there is any evidence at all that Dick Cheney has taken action improperly to benefit his former company, please clue me in.

Of course Halliburton is involved in the military action in Iraq - it is virtually the only company in the world that has the resources and expertise needed to do the job. Should they be precluded from participating just because Dick Cheney was the CEO a few years ago? That's like cutting off your nose to spite your face. It sure wouldn't be a good thing for our troops.

I am all for accountability. Everybody ought to be responsible for their own actions and ought to reap, or suffer, the consequences. If there is something untoward going on, let's kick the bums out. But if there's not, let's quit whispering in the shadows and move on to the real issues.

 

Deferred compensation is another red herring. It is simply salary that was earned by Mr. Cheney when he was employed by Halliburton and is not affected in any way by current company performance. It is an accepted standard practice at most companies to allow highly-paid executives to have some of their salary put into a deferred compensation account to be paid out at some later time, presumably at a lower tax rate. In fact, Mr. Cheney made the decision to have his 1999 salary paid out as deferred compensation in 1998, long before he had any inkling of becoming the Vice President. At his own $15,000 expense, he purchased an insurance policy to ensure that he would receive the deferred compensation even if Halliburton became insolvent. The terms of the deferment specified that the amount would be paid out in the five years after he left the company.

Mr. Cheney's stock options are in a charitable trust. He has legally and irrevocably assigned them in such a way that he cannot benefit from them, nor can he receive tax benefits from the assignment. The options do not vest and cannot be exercised until 2007 and beyond, so there was nothing else he could legally do with them. No possible way for him to benefit from Halliburton's fortunes here, either. Sorry, try again.

Whether or not $44 million over five years is just compensation for the position he occupied may be the subject of a separate debate, but it has nothing to do with this subject. I am not certain, but I believe $34 million of that amount was in stock that he felt compelled to sell to avoid any future conflict of interest once he was elected. I believe Mr. Cheney would prefer to have kept that stock, to be sold at a time of his choosing, if he had had a choice.

 

So tell me how that is any different from a million other politicians that aren't being crucified for past employment? For example, Edwards was a trial lawyer; guess who funded his campaign? It's the nature of the beast. If you don't want ex-oil employees running the country, don't vote for them.
While I'm a firm believer in campaign reform, I think that reform should be in disclosure only. I think that everyone has the First Amendment right to voice their opinion via their wallet.

 

I'm impressed. Someone has done his homework.

 

Wonder what those stock options will be worth in 2007? Anyone knows that stock options can be exercised at any time. You defer to take advantage of growth in the stock. Duh!!!

 

Stock options can be exercised at any time if you own them. You don't own them until they vest. That's what the term means. These particular options will vest starting in 2007 on through 2009. That is the earliest they can be exercised.

BUT - if you read my post, you might have noticed that it really doesn't matter to Mr. Cheney when they vest. He has already assigned them to a charitable trust. He can't profit from them. He can't get them back. His only possible interest might be in hoping that the charity realizes the maximum possible benefit from his gift. That is called altruism.

Duh, yourself.

 

blinded by the truth. huh?

 

Ohh kettle, you are very, very, very, black!

Chaneys actions were no different than people investing in a 401K, or holding stock options in the company they work for.

 

Mudlord, you did ask just for facts in your previous post of 2:41 pm. sorry if you are unhappy with same.I am enclosing a quote from Dwight D. Eisenhower in his farewell address of 1-17-61. "In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military industrial complex. The potential for the disastrous rise of misplaced power exists and will persist."Ca

 

Super, I think stock options are different from a 401K. I invested my own money in my 401K, which, by the way, has lost 50% since 2001. I also paid into my own pension plan. Stock options come either as a gift or in lieu of pay. I think Cheney was paid well so it must have been a gift? Think about it. Maybe I'm just jealous. I worked as a union ironworker and did not receive many freebies. Calli

 

Calli,

I am not at all unhappy with facts. What I got from you was half-truths and innuendo. It gave me the opportunity to present the additional information that most people gloss over. Actually, I am grateful to you for bringing it up.

One more thing - the stock options in the charitable trust represent an opportunity to buy shares of Halliburton stock at a predetermined price. The difference between the market price and the option price is the value of the option. I don't know what the option price is. I have never seen it published anywhere. I have read that the options will allow the purchase of a total of 433,000 shares of stock.

I have already established that Dick Cheney can not get any benefit from these options, but, just for the sake of argument, let's say the option price is $0 - free stock shares. That's not likely, but will serve to illustrate a point. Halliburton stock is currently trading at 28.26/share. The total value of the options, today, would be $12.2 million, not the $18 million you mentioned. That's a maximum possible value. More likely, the options will be worth much, much less because the option price won't be 0. It seems your facts may not be all that accurate. I'd be a little wary of quoting the New Yorker if I were you.