Just when a person is seeing a glimmer of hope. Crap like this comes out and is gathering strength. This is going to be in the news now all the way in to elections. IMHO
Cheney knew HAL accounting
SEC chief pledges vigorous investigation if needed
By Julie Rannazzisi, CBS.MarketWatch.com
Last Update: 3:24 PM ET July 14, 2002
NEW YORK (CBS.MW) -- Vice President Dick Cheney knew about Halliburton's accounting practices when he was CEO and chairman of the oil services firm, a company spokeswoman said Sunday.
Cheney aware of Halliburton's accounting treatment
Want confidence, Mr. President? Fix baseball
Crushing blow to drug sector socks U.S. stocks
In the latest issue of Newsweek, Halliburton's (HAL: news, chart, profile) current CEO David Lesar defended the firm's bookkeeping methods and claimed that Cheney knew that the firm was counting projected cost-overrun payments as revenues.
"The vice president was aware of who owed us money, and he helped us collect it," Lesar was quoted as saying.
Halliburton spokeswoman Wendy Hall confirmed Lesar's comments, telling CBS.MarketWatch.com that Cheney was aware of the company's accounting methods.
Halliburton added that it has always accounted for overrun revenues the way it does now.
"We stand behind the accounting treatment," Lesar was quoted as saying.
Cheney was chairman and chief executive of the oil services behemoth from 1995 to 2000.
Douglas Foshee, Halliburton's chief financial officer, told Newsweek that the SEC is investigating whether the company accounted for these revenues properly and whether it adequately disclosed information.
Halliburton received notice from the Securities and Exchange Commission in May that it was looking into the firm's accounting method of reporting cost overruns on construction jobs. The SEC has not filed any charges against Halliburton.
Pitt speaks
Embattled SEC chairman Harvey Pitt said on Sunday that his agency would vigorously investigate Cheney's former company and take enforcement action if necessary.
"If there's a problem with Halliburton or any other company, we will investigate it and we will take whatever action is appropriate," Pitt told NBC's Meet the Press.
Pitt, under fire amid a wave of accounting scandals plaguing Corporate America, said he would not personally decide whether the SEC should act against Halliburton.
Washington-based legal watchdog group Public Citizen filed a lawsuit against Cheney and Halliburton last Wednesday, alleging fraudulent accounting practices at the company during the period when Cheney served as its chairman and CEO See the story.
Halliburton denied any wrongdoing, labeling the claims in the lawsuit "untrue, unsupported and unfounded" and indicating that it was working diligently with the SEC to resolve questions regarding the company's accounting procedures.
Halliburton shares closed on Friday up 1.9 percent to $13.52, a gain of 25 cents.
be careful
Some day, someone will be standing at the end in telcom land, |
