Letters to the Editor
Cow Head Soup
Published Letters: 238 Editor's Choice: 1
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The Said Myriad Proclivities of The Salonists to "Banish" alternative views - - - -
[Read the article: Rendering public opinion irrelevant ]
[Read more letters about this article: Here]- - - had been duly noted by myself post after post when views seemed to regularly vaporize once they ran against the Grain of Accepted Fact.
I ain't no fan of Halliburton ... and welcomed Mr. Nadar's Voice in exposing their "factual" mischief.
However, as a True Believer in all contrarian examinations of the "Fact Industries", I can verify that after several decades of sniffing about from the Screaming Radical Center fencepost of the Nation that, indeedie, the odors of Bull Dung are quite indistinguishable from the Elephant Dung or Donkey Dung to either side of said Fence Post ...
The following post was vaporized shortly after its appearance --- "this thread is now closed" ..... as were numerous contrarian postings by numerous contrarian posters.
-- COW HEAD SOUP
Permalink Tuesday, June 17, 2008 03:38 PM
"HALLIBURTON - - Blah, Blah, Blah -- YOU CAN'T EVEN MAKE THIS STUFF UP" (!!!) -- Oh Yessss You Can -- People Make up Whatever They Wish to Make Up --- They Does it Everyday
"In early 2001, before September 11, Halliburton won the Defense Department's 'Super Contract,' which covers food, maintenance, construction, and other services worldwide. (Halliburton) bid a price that was shockingly low. In addition to being reimbursed for what it spent, Halliburton would get a base fee of 1 PERCENT and a maximum performance award of just 2 PERCENT. After September 11, that already awarded 'Super Contract' meant that Halliburton received an avalanche of unexpected business - at very low profit margins. -- Certain unforseen costs (additional security, hazzard pay, soaring insurance rates) are NOT COVERED. When those unreimbursable costs exceed 3 PERCENT -- the cost-plus contract becomes a MONEY LOOSER."
- Fortune Magazine 18april2005 P.Elkind
"Halliburton earned $85 million from $3.6 billion in Iraqi contracts, a profit margin of roughly 2.4%, in 2003"
- Washington Post 09March2004 J.Spinner
"In the second quarter of 2004, Halliburton reported that it earned 1.4 percent profits on $1.7 billion worth of work in Iraq."
- Business Week 04Oct2004 S.Forest
"Consider Halliburton's stock price. When CEO David J. Lesar took over from Dick Cheney in August 2000, the company's shares were trading at $54. They sank to a record low of $8.70 in 2001. By August 9, 2005 (two years into the war) they were trading at $58.
- R. Miniter Contributor New Republic, Atlantic Monthly, NY Times, Washington Post.
"As a result of poor performance, Halliburton wants to sell the division that runs Iraqi operations, KELLOGG, BROWN & ROOT (KBR)."
- R. Miniter Contributor New Republic, Atlantic Monthly, NY Times, Washington Post.
"In 2004 Halliburton was strained by borrowing to pay the unexpectedly large expenses (and) thought about getting out (but) concluded it COULDN'T LEGALLY DO IT."
- Financial Times 22june2004 J.Chaffin
"KELLOGG, BROWN & ROOT (KBR) has become an ALBATROSS for them (Halliburton)"
- Jason Putnam of Victory Capital Mgmt. [owner of 2 million shares of Halliburton]
"Could Halliburton be burying its Iraq profits elsewhere in its vast conglomerate? Not likely. The parent company itself is not very profitable: Mergent (formally Moody's) reports that the company LOST $979 million on total world-wide sales of $20.4 billion in 2004."
- R. Miniter Contributor New Republic, Atlantic Monthly, NY Times, Washington Post.
"A MoveOnDOTorg ad claimed that 'the Pentagon caught Halliburton overcharging $61 million for gasoline.' In fact, the Defense Contract Audit Agency found 'POTENTIAL overcharges of UP TO $61 million for gasoline.' So $61 million was the UPPER LIMIT on the ESTIMATED overbilling. And it was HALLIBURTON'S OWN AUDITORS who caught the two Middle Eastern SUB-CONTRACTORS overcharging for gasoline and turned them in. Halliburton offered to return $6.3 million to the Pentagon."
- R. Miniter Contributor New Republic, Atlantic Monthly, NY Times, Washington Post.
"The truth is that the conspiracy theories about the vice president's involvement in Halliburton's Iraq contracts are either unproven or flatout wrong. And while the company's Middle East operation is the subject of scathing (Congressional) audits and investigations,it's hardly raking in scandalous profits. Indeed, KELLOGG, BROWN & ROOT, the part of Halliburton's business that America seemed to hate because it was raking in far too much, is the part of the business Wall Street hates because it is making far too little."
- Fortune Magazine 18april2005 P.Elkind
"Halliburton has been a bad bet for investors - and for conspiracy theorists. Its Iraq operations have been barely profitable and the company has performed poorly. There is no evidence that Vice President Cheney had a hand in awarding the Iraq contracts."
- R. Miniter Contributor New Republic, Atlantic Monthly, NY Times, Washington Post.
-- Cow Head Soup
Permalink Tuesday, June 17, 2008 03:38 PM