October 12, 2005
Dick Cheney’s Halliburton stock options rose 3,281% last year:
Sen. Frank Lautenberg (D-NJ) asserts that Cheney’s options — worth $241,498 a year ago — are now valued at more than $8 million. The former CEO of the oil and gas services juggernaut, Cheney has pledged to give proceeds to charity…
“Halliburton has already raked in more than $10 billion from the Bush-Cheney Administration for work in Iraq, and they were awarded some of the first Katrina contracts,” Lautenberg said in a statement. “It is unseemly for the Vice President to continue to benefit from this company at the same time his Administration funnels billions of dollars to it. The Vice President should sever his financial ties to Halliburton once and for all.”
Cheney continues to hold 433,333 Halliburton stock options. The company has been criticized by auditors for its handling of a no-bid contact in Iraq. Auditors found the firm marked up meal prices for troops and inflated gas prices in a deal with a Kuwaiti supplier. The company built the American prison at Guantanamo Bay.
The Vice President has sought to stem criticism by signing an agreement to donate the after-tax profits from these stock options to charities of his choice, and his lawyer has said he will not take any tax deduction for the donations.
However, the Congressional Research Service (CRS) concluded in Sept. 2003 that holding stock options while in elective office does constitute a “financial interest” regardless of whether the holder of the options will donate proceeds to charities. CRS also found that receiving deferred compensation is a financial interest.
Teatpot Dome, baby. Is anyone naive enough to think that the $8+ million is going to find its way to the United Way or Make-A-Wish? Shit, that cash will go to the “Dick deserves a nice retirement” charity and the Republican Party is what I think. Hence the reason that he hasn’t specified the recipient charities at this point. Via ThinkProgress.