STEVIE D on Halliburton: "And you might have just maybe hit on the whole reason for the Occupation of Iraq."
:fingerc: Manson wears their dissent like a badge of honor! :fingerc:
You want to make yourself depressed? Just log right onto the Madjack's political chatroom. Never has the internet seen so many defeatist liberal crybabies. Man, what a shitty way to live...angry 24/7.
Sorry that I no longer visit this website...but this messageboard is ruined by the far left wackos who spend every waking moment thrashing on Bush and critisizing our country. They show no patriotism whatsoever - only complaining 24/7. They wake up, not even taking a piss, and they run over to their computers and vent their desperate frustrations, just dying inside for some needed attention. We all know who they are....and they are priceless.
Didn't you guys read Al Zarqawi's letter? I mean...we are winning this war!! I know American military success is bad news for the liberals, but thank god all they can do is sit on the sidelines with their thumb up their ass and whine like defeatist crybabies.
anyways.....to Halliburton....
this is from FACTCHECK.ORG, have fun and God Bless America!! :sadwave:
A John Kerry ad implies Cheney has a financial interest in Halliburton and is profiting from the company's contracts in Iraq. The fact is, Cheney doesn't gain a penny from Halliburton's contracts, and almost certainly won't lose even if Halliburton goes bankrupt.
The ad claims Cheney got $2 million from Halliburton "as vice president," which is false. Actually, nearly $1.6 million of that was paid before Cheney took office. More importantly, all of it was earned before he was a candidate, when he was the company's chief executive.
Analysis
A Kerry ad released Sept 17 once again attacks Cheney's ties to Halliburton, implying that Cheney is profiting from the company's contracts in Iraq. That's false.
The ad isn't subtle. It says, "As vice president, Dick Cheney received $2 million from Halliburton. Halliburton got billions in no bid contracts in Iraq. Dick Cheney got $2 million. What did we get?" And it implies that Cheney lied to the public when he said in a TV interview that "I have no financial interest in Halliburton of any kind."
But as we document here, Cheney has insulated himself financially from whatever might happen to Halliburton. The Kerry ad misstates the facts.
$2 Million
To start, the $2 million figure is wrong. It is true that Cheney has received just under $2 million from Halliburton since his election, but nearly $1.6 million of that total was paid before Cheney actually took office on Jan. 20, 2001. Saying Cheney got that much "as vice president" is simply false.
We asked Cheney's personal attorney to document that, and he did, supplying several documents never released publicly before:
A Halliburton pay statement dated Jan 2, 2001 shows just under $147,579 was paid that day as "elect defrl payou," meaning payout of salary from the company's Elective Deferral Plan. That was salary Cheney had earned in 1999, but which he had chosen previously to receive in five installments spread over five years.
Another pay statement dated Jan. 18 shows $1,451,398 was paid that day under the company's "Incentive Plan C" for senior executives. That was Cheney's incentive compensation -- bonus money -- paid on the basis of the company's performance in 2000. Cheney had formally resigned from the company the previous September to campaign full time, but the amount of his bonus couldn't be calculated until the full year's financial results were known.
Cheney's personal financial disclosure forms, together with the pay statements just mentioned, show that Cheney has received $398,548 in deferred salary from Halliburton "as vice president." And of course, all of that is money he earned when he was the company's chief executive officer. Cheney was due to receive another payment in 2004, and a final payment in 2005.
The Kerry ad isn't the only place the false $2 million figure appears. The Democratic National Committee also gets it wrong on their website. The dates of the Halliburton payments don't appear on Cheney's personal financial disclosure form from 2001, and the DNC assumed -- incorrectly as we have shown -- that all the 2001 payment were made after he took office.
Deferred Salary
The $398,548 Halliburton has paid to Cheney while in office is all deferred compensation, a common practice that high-salaried executives use to reduce their tax bills by spreading income over several years. In Cheney's case, he signed a Halliburton form in December of 1998 choosing to have 50% of his salary for the next year, and 90% of any bonus money for that year, spread out over five years. (As it turned out, there was no bonus for 1999.) We asked Cheney's personal attorney to document the deferral agreement as well, and he supplied us with a copy of the form , posted here publicly for the first time.
Legally, Halliburton can't increase or reduce the amount of the deferred compensation no matter what Cheney does as vice president. So Cheney's deferred payments from Halliburton wouldn't increase no matter how much money the company makes, or how many government contracts it receives.
On the other hand, there is a possibility that if the company went bankrupt it would be unable to pay. That raises the theoretical possibility of a conflict of interest -- if the public interest somehow demanded that Cheney take action that would hurt Halliburton it could conceivably end up costing him money personally. So to insulate himself from that possible conflict, Cheney purchased an insurance policy (which cost him$14,903) that promises to pay him all the deferred compensation that Halliburton owes him even if the company goes bust and refuses to pay. The policy does contain escape clauses allowing the insurance company to refuse payment in the unlikely events that Cheney files a claim resulting "directly or indirectly" from a change in law or regulation, or from a "prepackaged" bankruptcy in which creditors agree on terms prior to filing. But otherwise it ensures Cheney will get what Halliburton owes him should it go under.
Cheney aides supplied a copy of that policy to us -- blacking out only some personal information about Cheney -- which we have posted here publicly for the first time.
Stock Options
That still would leave the possibility that Cheney could profit from his Halliburton stock options if the company's stock rises in value. However, Cheney and his wife Lynne have assigned any future profits from their stock options in Halliburton and several other companies to charity. And we're not just taking the Cheney's word for this -- we asked for a copy of the legal agreement they signed, which we post here publicly for the first time.
The "Gift Trust Agreement" the Cheney's signed two days before he took office turns over power of attorney to a trust administrator to sell the options at some future time and to give the after-tax profits to three charities. The agreement specifies that 40% will go to the University of Wyoming (Cheney's home state), 40% will go to George Washington University's medical faculty to be used for tax-exempt charitable purposes, and 20% will go to Capital Partners for Education , a charity that provides financial aid for low-income students in Washington, DC to attend private and religious schools.
The agreement states that it is "irrevocable and may not be terminated, waived or amended," so the Cheney's can't take back their options later.
The options owned by the Cheney's have been valued at nearly $8 million, his attorney says. Such valuations are rough estimates only -- the actual value will depend on what happens to stock prices in the future, which of course can't be known beforehand. But it is clear that giving up rights to the future profits constitutes a significant financial sacrifice, and a sizeable donation to the chosen charities.
:fingerc: Manson wears their dissent like a badge of honor! :fingerc:
You want to make yourself depressed? Just log right onto the Madjack's political chatroom. Never has the internet seen so many defeatist liberal crybabies. Man, what a shitty way to live...angry 24/7.
Sorry that I no longer visit this website...but this messageboard is ruined by the far left wackos who spend every waking moment thrashing on Bush and critisizing our country. They show no patriotism whatsoever - only complaining 24/7. They wake up, not even taking a piss, and they run over to their computers and vent their desperate frustrations, just dying inside for some needed attention. We all know who they are....and they are priceless.
Didn't you guys read Al Zarqawi's letter? I mean...we are winning this war!! I know American military success is bad news for the liberals, but thank god all they can do is sit on the sidelines with their thumb up their ass and whine like defeatist crybabies.
anyways.....to Halliburton....
this is from FACTCHECK.ORG, have fun and God Bless America!! :sadwave:
A John Kerry ad implies Cheney has a financial interest in Halliburton and is profiting from the company's contracts in Iraq. The fact is, Cheney doesn't gain a penny from Halliburton's contracts, and almost certainly won't lose even if Halliburton goes bankrupt.
The ad claims Cheney got $2 million from Halliburton "as vice president," which is false. Actually, nearly $1.6 million of that was paid before Cheney took office. More importantly, all of it was earned before he was a candidate, when he was the company's chief executive.
Analysis
A Kerry ad released Sept 17 once again attacks Cheney's ties to Halliburton, implying that Cheney is profiting from the company's contracts in Iraq. That's false.
The ad isn't subtle. It says, "As vice president, Dick Cheney received $2 million from Halliburton. Halliburton got billions in no bid contracts in Iraq. Dick Cheney got $2 million. What did we get?" And it implies that Cheney lied to the public when he said in a TV interview that "I have no financial interest in Halliburton of any kind."
But as we document here, Cheney has insulated himself financially from whatever might happen to Halliburton. The Kerry ad misstates the facts.
$2 Million
To start, the $2 million figure is wrong. It is true that Cheney has received just under $2 million from Halliburton since his election, but nearly $1.6 million of that total was paid before Cheney actually took office on Jan. 20, 2001. Saying Cheney got that much "as vice president" is simply false.
We asked Cheney's personal attorney to document that, and he did, supplying several documents never released publicly before:
A Halliburton pay statement dated Jan 2, 2001 shows just under $147,579 was paid that day as "elect defrl payou," meaning payout of salary from the company's Elective Deferral Plan. That was salary Cheney had earned in 1999, but which he had chosen previously to receive in five installments spread over five years.
Another pay statement dated Jan. 18 shows $1,451,398 was paid that day under the company's "Incentive Plan C" for senior executives. That was Cheney's incentive compensation -- bonus money -- paid on the basis of the company's performance in 2000. Cheney had formally resigned from the company the previous September to campaign full time, but the amount of his bonus couldn't be calculated until the full year's financial results were known.
Cheney's personal financial disclosure forms, together with the pay statements just mentioned, show that Cheney has received $398,548 in deferred salary from Halliburton "as vice president." And of course, all of that is money he earned when he was the company's chief executive officer. Cheney was due to receive another payment in 2004, and a final payment in 2005.
The Kerry ad isn't the only place the false $2 million figure appears. The Democratic National Committee also gets it wrong on their website. The dates of the Halliburton payments don't appear on Cheney's personal financial disclosure form from 2001, and the DNC assumed -- incorrectly as we have shown -- that all the 2001 payment were made after he took office.
Deferred Salary
The $398,548 Halliburton has paid to Cheney while in office is all deferred compensation, a common practice that high-salaried executives use to reduce their tax bills by spreading income over several years. In Cheney's case, he signed a Halliburton form in December of 1998 choosing to have 50% of his salary for the next year, and 90% of any bonus money for that year, spread out over five years. (As it turned out, there was no bonus for 1999.) We asked Cheney's personal attorney to document the deferral agreement as well, and he supplied us with a copy of the form , posted here publicly for the first time.
Legally, Halliburton can't increase or reduce the amount of the deferred compensation no matter what Cheney does as vice president. So Cheney's deferred payments from Halliburton wouldn't increase no matter how much money the company makes, or how many government contracts it receives.
On the other hand, there is a possibility that if the company went bankrupt it would be unable to pay. That raises the theoretical possibility of a conflict of interest -- if the public interest somehow demanded that Cheney take action that would hurt Halliburton it could conceivably end up costing him money personally. So to insulate himself from that possible conflict, Cheney purchased an insurance policy (which cost him$14,903) that promises to pay him all the deferred compensation that Halliburton owes him even if the company goes bust and refuses to pay. The policy does contain escape clauses allowing the insurance company to refuse payment in the unlikely events that Cheney files a claim resulting "directly or indirectly" from a change in law or regulation, or from a "prepackaged" bankruptcy in which creditors agree on terms prior to filing. But otherwise it ensures Cheney will get what Halliburton owes him should it go under.
Cheney aides supplied a copy of that policy to us -- blacking out only some personal information about Cheney -- which we have posted here publicly for the first time.
Stock Options
That still would leave the possibility that Cheney could profit from his Halliburton stock options if the company's stock rises in value. However, Cheney and his wife Lynne have assigned any future profits from their stock options in Halliburton and several other companies to charity. And we're not just taking the Cheney's word for this -- we asked for a copy of the legal agreement they signed, which we post here publicly for the first time.
The "Gift Trust Agreement" the Cheney's signed two days before he took office turns over power of attorney to a trust administrator to sell the options at some future time and to give the after-tax profits to three charities. The agreement specifies that 40% will go to the University of Wyoming (Cheney's home state), 40% will go to George Washington University's medical faculty to be used for tax-exempt charitable purposes, and 20% will go to Capital Partners for Education , a charity that provides financial aid for low-income students in Washington, DC to attend private and religious schools.
The agreement states that it is "irrevocable and may not be terminated, waived or amended," so the Cheney's can't take back their options later.
The options owned by the Cheney's have been valued at nearly $8 million, his attorney says. Such valuations are rough estimates only -- the actual value will depend on what happens to stock prices in the future, which of course can't be known beforehand. But it is clear that giving up rights to the future profits constitutes a significant financial sacrifice, and a sizeable donation to the chosen charities.
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