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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Fangorn who wrote (268095)	6/28/2002 3:58:28 PM
From: pompsander	Read Replies (1) \| Respond to of 769670

You State: "Apparently you are missing even a passing knowledge of the facts though you seem completely up on unfounded allegations and innuendo" Here is the allegation in one of the class actions against Haliburton. You may say that I am buying into the innuendo, but my point is not that this is true (I don't know) but that Bush's choice of language today opens the door to powerful arguments by the dems (using Bush's own words) if it turns out ANY of these allegations are found to have substance, and shareholders were harmed, and any remedial action is taken by Halliburton or a government agency. That is my point. "The complaint alleges that defendants violated the federal securities laws by disseminating false and misleading statements throughout the Class Period. Throughout the Class Period, the Company improperly recognized revenues from long-term construction projects in violation of generally accepted accounting principles. Around the fourth quarter of 1998, and without disclosing the accounting practice to the market, Halliburton began reporting revenues to cover cost overruns, while tacitly assuming that its customers would pay the disputed amounts. The Company changed its accounting policy in the midst of a difficult year, with lower oil prices contributing to a net loss of $14.7 million for fiscal 1998. But for the change in accounting policy, however, Halliburton would have reported a loss in excess of $100 million in 1998. Further, prior to the accounting changes made by the Company, Halliburton had just completed its acquisition of Dresser Industries, Inc., which was suffering from hundreds of thousands of asbestos-related lawsuits. Defendant Andersen was complicit in the fraud, and issued unqualified audit opinions which accompanied each of Halliburton's annual reports filed with the SEC during the Class Period. Andersen's actions were done knowing or while at least recklessly disregarding the fact that Halliburton's accounting changes resulted in the Company's financial results being false and misleading."