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sordid matters and 'conspiracy theory'�with its many half-truths, mis-
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always suggests to readers; be wary of what you read. CTRL gives no
credence to Holocaust denial and nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
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-Caveat Lector-
Halliburton Preparing for 'Confesssion Day'
Harken's Very Strange Family Tree
A centerpiece of the Bush/Cheney ticket during the last campaign was
that both men had hands-on business experience, particularly Dick
Cheney, who at the time was CEO of Halliburton.
Now both President Bush's and Vice President Cheney's former companies
have emerged as just two among the growing list of corporate scofflaws
who's behavior is now dragging down the entire economy.
President Bush's former company, Harken Energy, has seen its stock price
slide from $4 a share when Bush sold his stock in June 1989 to 39 cents
a share today.� Halliburton, once selling at near $60 a share is now
just above $9. Both companies have been the focus of SEC investigations
over their accounting methods.
The SEC is currently investigating Halliburton for booking questionable
revenues during Cheney's tenure as its CEO. But, of more pressing
concern for the company is August 14 - the day a new SEC rule requires
that Halliburton's current CEO swear to the accuracy of the company's
second-quarter financials.
With that deadline looming, Halliburton dropped some not-so-subtle hints
yesterday that its books still contain hot air from accounting changes
instituted during Cheney's reign. The Dallas-based energy services
company said it would have to take "substantial" charges when it reports
it's second-quarter earnings tomorrow. Analysts say the charge will not
be in the millions of dollars, but the billions.
"The market's discounting something north of $10 billion," said Arvind
Sanger, an analyst at Deutsche Bank-North America. "But the future
value, over time, pretax, could be closer to $20 billion."
Shares of Halliburton slid another 14% to $9.97 on news of the expected
hit to earnings.
These new charges, experts say, will put the company firmly in the red.
�
Halliburton is only now accounting for trouble that began under Cheney's
watch. Besides changing the company's longstanding accounting practices,
Cheney also pushed to acquire Dresser Industries, a purchase opposed by
many Halliburton shareholders.
When Halliburton acquired Dresser Industries, it also acquired liability
for over 300,000 asbestos-related health claims, which continue to be a
significant drag on the company. At the time of the acquisition, Cheney
lauded the purchase calling it "one of the most satisfying
accomplishments" of his career.
Cheney also pushed the company to enter risky offshore drilling
construction businesses that provided the company with cost-overrun
opportunities - cost-overruns that could be booked as income. But, as
Halliburton customers balked at the company's mounting cost-overruns,
they began to insist on fixed cost contracts.
On Monday, Halliburton announced that its KBR unit would no longer
pursue fixed-price offshore contracts. �
Once anxious to flaunt his days at Halliburton, Vice President Cheney
now refuses to discuss it, citing ongoing investigations.
Harken's Strange Genealogy
As journalists revisit their dusty old Harken Energy files and notes
from the early 1990's they find names that meant little to them then,
but speak volumes now. Of all the small oil wildcatters in Texas, none
has a family tree stranger than that of Harken Energy:
- Harken Energy was founded in 1973 by two colorful oilmen who benefited
from a successful covert US operation to destabilize Australia's Labor
Party government that had tried to ban all foreign oil exploration
companies from drilling in Australia.
- Alan Quasha: In 1983 Harken was absorbed by an investment group headed
by Alan Quasha, a secretive New York lawyer who's father, William, was a
powerful, politically connected attorney in the Philippines, where he
was a staunch supporter of then-dictator Ferdinand Marcos. It had been
reported that William Quasha provided legal services to two top
officials of the notorious Nugan Hand Bank in Australia. Nugan Hand had
been used by the CIA to launder money and, when it's president turned up
shot to death, the scandal made headlines across Australia prompting a
government probe. William Quasha owned 21 percent of Harken's stock with
a Swiss holding company controlled by a South African family.
- Talat Othman: Another investor brought into the deal was Talat Othman,
a Palestinian-born Chicago investor who became an informal advisor on
Middle East affairs to President George H. Bush. Othman's extraordinary
White House access coincided with Harken's short-lived boom after the
little company won the rights to drill potentially lucrative offshore
wells in Bahrain.
-Stephens Inc.: In 1987 Harken was able to raise $25 million in a stock
offering underwritten by a Little Rock, Arkansas brokerage firm named
Stephens Inc. It was Stephens Inc. that introduced the Bank of Credit
and Commerce (BCCI) into the US when it arranged the 1978 sale of Bert
Lance's National Bank of Georgia to a BCCI front man, Gaith Pharaon.
Harken's ties to BCCI, while significant, have received little attention
since first mentioned in a 1991 Wall Street Journal article. That
article can be read in full at:
http://www.random-abstract.com/archives/00000292.html
Harken officials said any suggestion the company somehow had ties to
BCCI were circumstantial and purely random and that they were "shocked"
to learn of them.
"Our lives begin to end the day we become silent about things that
matter." - Dr. Martin Luther King, Jr.
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DECLARATION & DISCLAIMER
==========
CTRL is a discussion & informational exchange list. Proselytizing propagandic
screeds are unwelcomed. Substance�not soap-boxing�please! These are
sordid matters and 'conspiracy theory'�with its many half-truths, mis-
directions and outright frauds�is used politically by different groups with
major and minor effects spread throughout the spectrum of time and thought.
That being said, CTRLgives no endorsement to the validity of posts, and
always suggests to readers; be wary of what you read. CTRL gives no
credence to Holocaust denial and nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
========================================================================
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-Caveat Lector-
http://www.thedailyenron.com/documents/20020723101112-28603.asp
<A HREF="http://www.ctrl.org/";>www.ctrl.org</A>
DECLARATION & DISCLAIMER
==========
CTRL is a discussion & informational exchange list. Proselytizing propagandic
screeds are unwelcomed. Substance�not soap-boxing�please! These are
sordid matters and 'conspiracy theory'�with its many half-truths, mis-
directions and outright frauds�is used politically by different groups with
major and minor effects spread throughout the spectrum of time and thought.
That being said, CTRLgives no endorsement to the validity of posts, and
always suggests to readers; be wary of what you read. CTRL gives no
credence to Holocaust denial and nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
========================================================================
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