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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Perspective who wrote (8524)	6/30/2004 10:23:56 PM
From: mishedlo	Read Replies (1) of 116555

Good ol HAL msnbc.msn.com The Pentagon has already awarded Halliburton, the controversial military contractor, deals worth up to $18 billion for their work in Iraq. But now former Halliburton insiders have come forward with new allegations of massive waste of taxpayer money. Marie deYoung, a former Army Chaplain working for Halliburton, was so upset by attacks on the company, she e-mailed the CEO in December with a strategy on how to fight the "political slurs." But today, after five months inside Halliburton's operation in Kuwait, deYoung has radically changed her opinion. "It's just a gravy train," she said. DeYoung audited accounts for Halliburton's subsidiary KBR. She claims there was no effort to hold down costs because all costs were passed on directly to taxpayers. She repeatedly complained to superiors of waste and fraud. The company's response, according to deYoung was: "We can be as dumb and stupid as we want in the first year of a war, nobody's going to care." DeYoung produced documents detailing alleged waste even on routine services: $50,000 a month for soda, at $45 a case; $1 million a month to clean clothes—or $100 for each 15 pound bag of laundry.

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