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Dick Cheney's Conflict of Interest:

In the 2000 Election Cheney Said He Would Divest His Ties With Halliburton,
Today He Still Makes Over $150,000 a Year From the Firm

By Robert E. Martin

        While Martha Stewart was recently sentenced to serve jail time for her episode of 'insider trading', Dick Cheney is currently running for his second term as Vice-President.
Republicans consistently accuse Democrats of 'double-standards', yet in the case of Cheney and Halliburton, I'll leave it to you as readers to judge whether conflict-of-interest charges should be pressed against the current VP.

Halliburton is the world's largest oil services firm. During Cheney's five years as Chairman & Chief Executive, Halliburton was identified as a participant in 10 loans or guarantees valued at a total of $1.8 billion awarded by the U.S. government. 

A report by the Washington-based Center for Public Integrity notes that Halliburton essentially 'cashed in' by doubling the value of its government contracts once Cheney became Vice-President. The company took in revenue of $2.3 billion on government contracts, up $1.2 billion from the five-year period before he arrived.

"Halliburton gets unfairly maligned simply because of their past association with me," Cheney has said. He also characterizes allegations of corruption as stemming from 'desperate' political opponents who 'can't find legitimate policy differences to debate.'

In fact, Halliburton itself has acknowledged that it "accepted up to $6 million in kickbacks" in its no-bid contract work in Iraq. Additionally, it is the Bush Administration - not 'political opponents' that is looking into allegations that the company overcharged the government by $61 million.

Cheney continues to assert that he has no ties to Halliburton since joining the GOP ticket in 2000. He also promised to clear himself from any conflict of interest should he become Vice President. In each of his claims, the facts tell a very different story.

On July 30, 2000 Cheney said, "What I'll have to do, assuming we're successful in the election, is divest myself and sell any remaining shares that I have in the company."

But a congressional report found that Cheney still owns more than 433,000 Halliburton stock options, including 100,000 shares at $54.50 per share, 33,333 shares at $28.125 and 300,000 shares at $39.50. Along with these stock options, Cheney still receives about $150,000 a year from Halliburton, according to a CNN report in October of 2003. Moreover, once Cheney became Vice-President, in addition to his stock options, Hallibruton allowed Cheney to 'retire' with a package worth an estimated $20 million.

"I'll do whatever I have to do to avoid a conflict of interest," Cheney said in August 2000. "I will eliminate the conflict, I've said repeatedly, I will not tolerate or be party to a conflict of interest while I'm vice president."

In fact, a congressional report found that the more than 433,000 stock options Cheney possesses is considered among the 'ties' retained in or 'linkages to former employers' that may represent a continuing financial interest in those employers which makes them potential conflicts of interest.

Halliburton also faces potential criminal charges in a $180 million international bribery scandal during the time Cheney was CEO of the company, in addition to the Congressional scrutiny over allegations of overcharging the government by $61 million in Iraq - a practice the company was previously fined $2 million for.

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