Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Jack of All Trades who wrote (168759)	5/29/2002 12:02:45 PM
From: maceng2	Respond to of 436258

US corporate clean-up implicates Cheney Halliburton provides construction services to the oil industry US oil services and engineering firm Halliburton is being investigated for its accounting practices when US vice president Dick Cheney was at the helm. Halliburton is the latest in a string of companies to come under fire for allegedly shielding their true financial position from investors and analysts. Mr Cheney was chairman and chief executive of the company between 1995 and 2000 and the probe revolves around the firm's accounts in 1998. The Enron scandal prompted the push to clean up corporate America when it emerged that the disgraced energy firm had been reporting highly misleading accounts. Costs under scrutiny The US financial watchdog has begun a preliminary investigation into Halliburton for its treatment of over-running costs on its construction projects. Halliburton said it would cooperate fully with the inquiry, and documents are expected to be formally requested in the next few days. The firm says it believes the way it had accounted for construction claims was in accordance with generally accepted practices. The firm's chief financial officer, Doug Foshee, said he was not surprised by the probe given the current investigative environment, but thought the matter could be cleared up quickly. Worried investors Worries over the probe sent shares in the group 7.5% lower in early trading in New York on Wednesday. The share price of a number of other companies including Dynegy, WorldCom and KMart have suffered a similar fate recently due to the threat of investigations. Halliburton has also been embroiled in a controversy over asbestos exposure. On Tuesday, it settled 30 pending lawsuits for millions of dollars in damage from people suffering with lung cancer. news.bbc.co.uk