Thursday, February 12, 2009

READ AND SCREAM!






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Something's Missing
WaPo:

Halliburton and Kellogg Brown & Root have agreed to pay $579 million in fines related to allegations of foreign bribery, the biggest fines ever paid by U.S. companies in a foreign corruption case, federal authorities and the companies said yesterday.

The Securities and Exchange Commission and Department of Justice alleged that Houston-based Halliburton and KBR were part of a joint venture that spent $182 million to bribe Nigerian government officials over a 10-year period to win more than $6 billion in construction contracts.


First thing: Halliburton and KBR spent $182 million in bribes and payed $579 million in fines for a total of $761 million. Halliburton and KBR won $6,000 million in contracts as a result of those bribes so, if my math is correct, they're still up $5,239 million.

Some punishment.

But more than that something seems to be missing from the WaPo story. This, perhaps:

The scheme commenced in the 1990's prior to Halliburton's 1998 acquisition of Dresser Industries, Inc., Halliburton said.
Those dates are interesting. But why? Let me think. Hmmm. Oh yeah:

From 1995 until 2000, [Dick Cheney] served as Chairman of the Board and Chief Executive Officer of Halliburton[.]
It's interesting that this little factoid isn't being mentioned, isn't it?

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