Friday, 25 February 2011

CASE 228 - Haliburton

Halliburton is the world's second largest oilfield services corporation with operations in more than 70 countries. It has hundreds of subsidiaries, affiliates, branches, brands and divisions worldwide and employs over 50,000 people. The company has its headquarters in the North Belt office in Houston, Texas, and in offices in Dubai, United Arab Emirates (opened March, 2007), where Chairman and CEO David J. Lesar works and resides, "to focus [the] company’s Eastern Hemisphere Growth." The company will remain incorporated in the United States. Halliburton's major business segment is the Energy Services Group (ESG). ESG provides technical products and services for petroleum and natural gas exploration and production. Halliburton's former subsidiary, KBR, is a major construction company of refineries, oil fields, pipelines, and chemical plants. Halliburton announced on April 5, 2007 that it had finally broken ties with KBR, which had been its contracting, engineering and construction unit as a part of the company for 44 years. They have made such a total pig's ear out of rebuilding Iraq's oilfields that it is estimated to cost $8billion in lost production. It will be left to another bidding company to sort out the mess they left behind after the military finally cancelled their contract. So, after getting their good buddies at Halliburton $20 billion of business in the aftermath of the Iraq invasion, do you think Bush & Cheney will ask for any of it back on behalf of the US taxpayers?

Not only is Haliburton and the people who work or have worked for it are corrupt but also incompetent. I honestly believe they are in Iraq to loot the American treasury. Why are NO BID contracts a good thing? And Haliburton represents the worst in Republican privatization. And people are paying them with money borrowed from China and other central banks.

Industry: Oil & Gas Equipment & Services
Founded 1919, Duncan, Oklahoma, USA
Founder(s): Erle P. Halliburton
Headquarters: Houston, TX, USA
Dubai, UAE
Area served: Worldwide
Key people:David J. Lesar (Chairman), (President) & (CEO)
Products Products and services to the energy industry
Revenue US$18.279 billion (2008)
(U.S. 46% International 54%)
Operating income: $4.010 billion (2008)
Net income: $2.224 billion (2008)
Total assets: $14.385 billion (2008)
Total equity: $7.725 billion (2008)
Employees: 52,000 (September 2009)

The Cheney - Halliburton Circle of Corruption

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