For Immediate Release
June 15, 2002 Press Office: 202-646-5172
HALLIBURTON CEO ADMITS CHENEY KNEW OF ALLEGED FRAUDULENT ACCOUNTING POLICIES
VP Cheney Signed Halliburton’s 1998 & ’99 Financial Statements
Admissions Further Confirm Sound Basis For Judicial Watch’s Lawsuit Against Him
(Washington, DC) On July 10, Judicial Watch, the public interest group that investigates and prosecutes government corruption, filed a lawsuit against Vice President Dick Cheney, the directors of Halliburton, and the accounting firm of Arthur Andersen on behalf of Halliburton shareholders. Reporting in this week’s edition (July 22, 2002) of Newsweek magazine, by Wall Street Editor Allan Sloan and Senior Writer Johnnie L. Roberts, contains an interview of current Halliburton CEO David Lesar. Mr. Lesar admits that Vice President Cheney knew that Halliburton was counting projected cost over-run payments as revenues. "The vice president was aware of who owed us money, and he helped us collect it," Mr. Lesar told Newsweek.
Vice President Cheney, as the Chief Executive Officer of Halliburton in 1998 and 1999, signed the corporation’s financial statements. Halliburton is also currently under investigation by the Securities and Exchange Commission (“SEC”). Given SEC Commissioner Harvey Pitt’s conflict of interest (he was appointed by President George W. Bush), it is unlikely that the SEC will take any action against Cheney. This underscores one of the reasons for Judicial Watch’s lawsuit.
Judicial Watch filed its lawsuit against Vice President Cheney, Halliburton and others in the U.S. District Court for the Northern District of Texas in Dallas. The lawsuit follows other strong legal actions taken by Judicial Watch against both Democrat and Republican officials involved in the Enron and Global Crossing scandals.
“It is now confirmed by Halliburton itself that Cheney had a ‘hands on’ role in the financial management of the company. Mr. Lesar’s admissions reinforce the strength of our lawsuit,” stated Judicial Watch Chairman and General Counsel Larry Klayman.
I think it's hilarious that you post these HORRID press releases, written by Larry Klayman, quoting Larry Klayman, to back up a lawsuit filed by Larry Klayamn.
We can ALL read his words up the thread; he is, plain and simply, a documented liar. Nobody believes a word he says.
Basically it says that Cheney knew of the accounting practices Klayman alleges are fraudulent.
The entire Newsweek article was pretty well debunked (as far as the accounting practices being "fraudulent") on another thread last night, by people who know a great deal more about accounting than most of us on this thread.
. "The vice president was aware of who owed us money, and he helped us collect it," Mr. Lesar told Newsweek.
Your boy Larry has just stuck his foot in his Grand Canyon mouth. In the interview with CNN posted earlier he stated that the problem contracts were "cost-plus" contracts. Now my naive little friend THERE IS NO SUCH THING AS A "COST OVER RUN" in a cost plus contracts. There are ONLY production check estimates at scheduled intervals to recast the original price and release of CONTINGENCY funds from the original estimate. Based on the check estimate the project is either continued under the new budget OR it is shelved. Once again Larry is beating his sorry self with his public display of monumental ignorance. This is becoming hilarious to watch