Halliburton Responds to Larry Klayman's Supersillyous Suit(My Title)

CBS Market Watch "Big Charts" Web Site ^ | 7/10/2002 | MarketWatch.com

[SierraWasp]

12:57PM Halliburton responds to Judicial Watch lawsuit (HAL) by Michael Baron Halliburton (HAL) is off 30 cents, or 2.1 percent, to $13.82, in midday action. The company is out with a press release responding to a lawsuit filed by Judicial Watch, a Washington, D.C.-based legal watchdog group. The suit alleges fraudulent accounting practices at Halliburton took place during the period when current vice president Dick Cheney served as its chairman and CEO. Halliburton called the claims in the suit, "untrue, unsupported, and unfounded." The company continued: "We are working diligently with the SEC to resolve its questions regarding the company's accounting procedures. Halliburton has always followed and will continue to follow guidelines established by the SEC and GAAP, General Accepted Accounting Principles."

[FreedominJesusChrist]

Don't change the subject Luis.

JW contributers willingly gave them money, they choose to use some of it on legal activities and some of it on educational activities. How JW chooses to divide their budget is up to them, and if they wish to only spend 2 million on the cases, that is their decision and constitutes nothing illegal.

If their supporters don't like it, they can stop giving them money.

[Lady In Blue]

And one more thing,it seems rather strange to me that only a handful of people are suing Halliburton.If there were any kind of fraud,wouldn't more people be suing? Hmmmmm!?

[Mo1]

Have you ever met Larry Klayman? He voted for the "peanut farmer"....

I heard he worked for the peanut farmer's DOJ

[Amelia]

If their supporters don't like it, they can stop giving them money.

I do hear that donations are down considerably.....

[terilyn]

Note, Harvey Pitt has been the head of the SEC for nine months. In that time more corporate fraud has been brought to light than in the entire eight years of the Clinton administrations SEC.

BTW, you with your more governmental control theories.

The markets actually do work. Corporations that seek to defraud their investors to line their own pockets pay, dearly. The market punishes them. Their stock valuation dwindles to practically nothing overnight and their personal reputations, not to mention fortunes are toast.

The appropriate laws are in place. I'm glad to see one addition, and that is Bush's call to make CEO's personally responsible for signing off on the credibility of their financial statements.

If they're going to collect millions, (and I have no problem with them collecting millions if they're also making lots of money for their shareholders), they must also be accountable.

Now it appears we have a DOJ & a SEC that are willing to enforce those laws.

The only thing Larry will do here with his posturing is to tear down a reputable company and financially destroy many innocent investors in the process.

[Inkie]

So true. Virtually all the "nefarious deeds" were part of the annual report in the Notes sections. If investors were not savvy enough to read AND UNDERSTAND these, then they were silly to invest without getting further advice. Even Enron had its off-balance-sheet and special-purpose-entity info in the Notes. That's why I wouldn't have invested in it; I could see this stuff. If I could, why couldn't other people? I'm an English major, for crying out loud!!!!! If I am not mistaken, WorldCom is the only one that just simply lied. Everyone else just was very clever in their modes of disclosure. I could be wrong here. As I said, I'm an English major so am a real amateur in this dept.

[terilyn]

Mine is hopeless.

My brother is great though.

Family holidays are a real hoot!

[Registered]

Speaking of Peanut Farmers, I wonder who JimRob voted for way back then?

[FreedominJesusChrist]

"Would you care to define your particular brand of conservatism in relation with this idea of yours that government needs to exercize sufficient control over industry to PREVENT illegal practices?"

I do not need to defend myself to you Luis. The fact is that even government involvement did not stop the Enrons of this world from scamming people out of their hard-earned money and trust.

That being said, I am not going to debate political ideology here, when we can simply look at the facts. The fact is that the SEC already heavily monitors the buying and selling of stock and bonds and oversees the operation of stock exchanges in the attempt to protect investors against fraud and other investment malpractices.

The SEC monitors stock bought on margin, the sale of futures, and also closely surpervises holding companies and mutual funds.

We are discussing two stockholders whom the system has let down. These people approached Judicial Watch for help and Larry decided to tak up the case. American citizens are given the legal right to sue, if you have forgotten. It is now up to the presiding judge to decide whether or not these stockholders have a legitimate case.

[terilyn]

From the articles posted here, Halliburton published it as a footnote on their financials page.

[Mo1]

Larry is a truth-seeker and a maverick and it is apparent from some of the posts here.

A maverick .. Gee who else do we know with that title

Oh yea .. John McCain ..

as for the posts here .. half of them are about your undies

Are you telling me that Larry is seeking the truth about them??

[Luis Gonzalez]

So then if Jerry Lewis and the MDA take in 4200 million a year to find a cure for Multiple Sclorosis, and spen only $2 million of that on research, and the rest on something other than research...that's OK? That's not fraud?

Hey everyone...if anyone here was ever a JW donor, could you tell us if you ever received an accounting from Larry on how the donations were being used?

[RedBloodedAmerican]

"He's far more crooked than any one of these companies could ever be."

No replies.

[FreedominJesusChrist]

"The markets actually do work. Corporations that seek to defraud their investors to line their own pockets pay, dearly. The market punishes them. Their stock valuation dwindles to practically nothing overnight and their personal reputations, not to mention fortunes are toast."

Well of course corrupt corporations end up paying for their business fraud. But what about all the innocent people that have been scammed? The only logical answer we can give is that they have the legal right to sue these corporations, and that is what is happening here. Two Halliburton investors were scammed out of their hard-earned money and they have chosen Judicial Watch as the law firm of choice.

[terilyn]

You'd think wouldn't you.

As it is, their are two named plaintiffs. One from California that bought shares and one from Indiana. One bought 100 shares and the other bought either 300 or 400. One purchase was in November of 2001, and the other was in February of 2002.

One of them has a small unrealized loss, while the other has a small unrealized gain as of the date of the complaint.

[Mo1]

Larry Klayman's heart is in the right place, that much I can tell.

His heart??

Oh good lord .. THE MAN SUED HIS MOTHER

[RedBloodedAmerican]

Nope, never. He never gives out that info. No accountability whatsoever. Can't wait for what he is sowing to be reaped :)

[deport]

If you want to read some good dialog regarding the accounting standards that may or may not be applicable in this case go to the following thread. Beginning about post 50 or so and on down. There is some above that but a lot of foil fluff also....

http://www.freerepublic.com/focus/news/716105/posts? .. Halliburton CEO Says Cheney Knew About Firm's Accounting Practices

[RedBloodedAmerican]

"Honor your father and mother" only apply to some. Larry is above the Law, thats why he wants others below it.

Power, greed...pure evil.

[Registered]

Jerry would move the telethon to France and make a killing.