Raw Story: Halliburton Stock up 600% Under Bush

Federal contracts up 86% under Bush; Halliburton rises 600%
Top contractor Lockheed got contracts larger than budget of Congress, Dept. of Interior

WASHINGTON -- A new report claims that a "shadow government" of federal contractors has exploded in size over the last five years.

The document, compiled at the request of Rep. Henry Waxman (D-CA) and distributed to RAW STORY, indicates that procurement spending increased by over $175 billion between 2000 and 2005, making federal contracts the fastest growing component of federal discretionary spending.

500 reports, audits and investigations by government and independent bodies, including the Government Accountability Office and the Defense Contract Audit Agency, were used to compile the data.

That spending increase -- an astonishing 86 percent -- puts total US federal procurement at $377.5 billion annually. The increase means spending on federal contracts has grown more than two times as fast as other forms of discretionary government spending.

Nearly $800b in contracts questioned

Waxman claims that overcharging -- by mistake or outright fraud -- has been a frequent occurrance. In all, the report identifies 118 federal contracts worth $745.5 billion that have been found by government officials to include significant waste, fraud, abuse or mismanagement.

Rest of the shameful story:

http://www.rawstory.com/news/2006/Report_Federal_contracts_rise_86_under_0619.html

TC

I think it is important.

It's so unbelieveable. I can't bellieve no one responded to your thread.

I think it is very important, too!

TC

As soon as the government and the country are completely bankrupt, they'll gladly hand the reins back over to the Democrats again, and retire to their billions.

TC

Our govt. just reminds more and more of the days when the mob bosses ruled the roost. Now its the govt. bosses.

HAL was trading around $36 in Jan 01 and is trading @ around $72 today. While obscene, thats a 100% increase (or double) since * has been in office, not 600% I believe the 600% number was related to the increase in revenue from government contracts which is equally as obscene.

MZr7

Halliburton hit the bottom because of ASBESTOS litigation. It was then that the War drums in Iraq started sounding.

INdividaul settlements were averaging between 3-5 million a pop. Multiply that by thousands....and one sees the result.

This prompted Orin Hatch (-et job) to put up Asbestos liability legislation.

Cheney while head of Halliburton facilitated the purchase of Dresser Industries which if you DIDN'T know...is a long time Bush family cash cow. (GHW Bush cut his corporate teeth at Dresser before becoming a spy) and Dresser also owned Harbison Walker which has huge Asbestos claims outstanding.

Both of these companies are long time foundations of our Military Industrial complex.

Prescott Bush took Dresser public and served on the Board of Directors.

This (as I have written before) I believe is the underlying reason and motivation that Dick Cheney had for becoming VP. Halliburton faced an uphill climb to dig itself out of the asbestos litigation debacle. Cheney was rewarded tghe VP for taking Dresser into the Halliburton fold. He was STRONGLY criticized by many for doing so knowing that Halliburton would take on HUGE Asbestos liability from Dresser and Harbison Walker.

Remember Halliburton filed for BANKRUPCY because of Asbestos in 2002.

However we see now what was at stake. A multi billion dollar company with it's hands so entreched in the government that literally it would jeapordize national security and stability if it was liquidated.

HAL investors were nervous at 9$ per share. So Cheney being the good company man. Fired up the war machine. The rest is history.

HAL $9 in July 2002 it is $72 today.

That is 800%!! And enough capitalization to handle any Asbestos settlement that is RAMMED through washington.

That my friends is the REAL REASON for the Iraq War. Plain and simple greed and CYA by Dick Cheney. and The Bush's calling in some favors.

They KNOW they are not to respond to ANY posts about Bush's family background or Halliburton's fortunes...

Just as the MSM avoids these subjects because you don't eat the hand that feeds.

Bush family and friends have been war profiteers for a very LONGTIME and they are very good at it.

Funny I thought it would be more.. Oh well, it will be soon I am sure :sarcasm:

It's the new math, the post 9-11 math.