[SimpleLife]

$$$

The Spoils of War

Halliburton subsidiary KBR got $12 billion worth of exclusive contracts for work in Iraq. But even more shocking is how KBR spent some of the money. Former U.S. Army Corps of Engineers official Bunnatine Greenhouse is blowing the whistle on the Dick Cheney–linked company's profits of war.
(...)
To the Corps's top brass and their cronies at KBR, Greenhouse may not be the irritant she was, but other government bureaucrats are asking them pointed questions, too. Last year, a Pentagon audit found that KBR could not document more than $l.8 billion worth of work done under its LOGCAP contract in Iraq. At first the army considered withholding payments, but the prospect of bitter court battles led it to try to negotiate a settlement. Ordinarily, a contractor would be asked to come up with documentation for its claim—to date, Halliburton has charged the government $9.5 billion for LOGCAP work in Iraq. The government would then respond with its own documentation, and the two parties would reach a compromise figure. Not here: strangely, an outside auditor was hired to help decide what Halliburton would be owed if it could come up with the paperwork—and the government would then pay that amount. Whatever the final number, hundreds of millions of dollars will simply go unaccounted for—the waste of war, or the spoils of war, depending on how one looks at it. An army spokesman says the settlement will be reached this month. Meanwhile, in early February the army announced that it would not withhold any percentage of future payments to Halliburton—a precedent-setting waiver.

After all this, the lucrative LOGCAP contract for troop support in Iraq may be put out for competitive bid at last. But that's not to say that if that happens KBR won't win it back. Last year, when the RIO contract was finally put out for bid—as Greenhouse had called for it to be from the start—six companies vied for the new prize of $2 billion to repair Iraqi oil fields. KBR bid to fix the fields in the South—the larger chunk of the contract, valued at up to $l.2 billion—and won. Parsons won the balance, $800,000, to fix those up North. This new work is in addition to KBR's first RIO contract, under which $2.51 billion of its potential $7 billion was actually spent before the contract was yanked. It is also not included in the current overall figure of $12 billion for Halliburton in Iraq. (That total consists of the $2.51 billion plus $9.5 billion in LOGCAP troop-support work.) So, adding the new $1.2 billion RIO contract along with future spending under LOGCAP will push the total billions higher.

Just how much Halliburton has profited from these huge Iraq contracts is a matter of some debate. David Lesar, Halliburton's C.E.O., told analysts last fall that Halliburton's Iraq contracts have yielded $1.4 billion, with a profit of merely $4 million after taxes and expenses. KBR, which handled most of those, actually incurred an operating loss in 2003 of $36 million on revenues of $9.3 billion, even as the rest of Halliburton increased operating profits by about $200 million to $826 million. If the company bids for more Iraq contracts, Lesar groused, it will probably "jack the margins up significantly."
(...)

I love Peace.

[Dimethyltrypt]

shut your sarcastic face. they are brave business men who try to defend america's way of life. they don't deserve your anger.

go away you lefty terrorist.

[Athens]

Originally posted by Dimethyltrypt:
shut your sarcastic face. they are brave business men who try to defend america's way of life. they don't deserve your anger.

go away you lefty terrorist.

Perhaps you should look at more of his posts, you will find most of the stuff SimpleLife says is well thought out posts with good content. And brave business men my ass but your right they are defending America's (Cough Enron) way of life. Its your wasted tax dollars either way

[SimpleLife]

Originally posted by Dimethyltrypt:
shut your sarcastic face. they are brave business men who try to defend america's way of life. they don't deserve your anger.

go away you lefty terrorist.

See, I really wonder how these business men, in Iraq, are protecting the American Way of Life. Please elaborate.

[Dimethyltrypt]

America's way of life is capitalism: everyone can become rich... don't you know that?

those businessmen worked hard to get those contracts. they deserve our respect for being so rich and powerful.

they are the example americans must and will follow.

stop all leftist propaganda now.

[SimpleLife]

Originally posted by Dimethyltrypt:
America's way of life is capitalism: everyone can become rich... don't you know that?

those businessmen worked hard to get those contracts. they deserve our respect for being so rich and powerful.

they are the example americans must and will follow.

stop all leftist propaganda now.

ROFL!

[OldManMac]

Originally posted by Dimethyltrypt:
America's way of life is capitalism: everyone can become rich... don't you know that?

those businessmen worked hard to get those contracts. they deserve our respect for being so rich and powerful.

they are the example americans must and will follow.

stop all leftist propaganda now.

Thanks; I needed a good, hearty, laugh today!

[bubblewrap]

More hate and envy from the left.
Yes, hate is funny.

The world helped make America capitalist.
America is consumers.
We buy what we want, not what we need.
And it's imported.
This where the envy comes from.

Enron? Shall I link to the resof of the world's Enron.

Canadian Imperial Bank of Commerce is named as Enron fraud accomplice.

Parmalat
Tycho

Not just American.

Yeah, I needed that laugh.

[SimpleLife]

Originally posted by bubblewrap:
More hate and envy from the left.
Yes, hate is funny.

The world helped make America capitalist.
America is consumers.
We buy what we want, not what we need.
And it's imported.
This where the envy comes from.

Enron? Shall I link to the resof of the world's Enron.

Canadian Imperial Bank of Commerce is named as Enron fraud accomplice.

Parmalat
Tycho

Not just American.

Yeah, I needed that laugh.

Although you are right, that is beside the point entirely.

Read the article entirely; the whole thing is about good business in America. There is no mention of any "leftist" speech whatsoever. It's about money spent apparently on nothing for services never provided.

If you are happy to pay thrice the price for a hamburger you will never see or eat for that matter, well, good for you! Others beg to differ.

Incredibly, by posting this in these threads, I am even more pro-American than you and Dimethyltrypt together...

[bubblewrap]

Dimethyltrypt started the leftist crap.

There is NOTHING I can do about Halliburton or Enron.

And trust me, the world isn't going to be miraculously changed by some stupid internet message board.

[Krusty]

Guys .. Dimethyltrypt is Ambush under his new moniker. He's being sarcastic, ya'll.

[Dimethyltrypt]

[SimpleLife]

Originally posted by Dimethyltrypt:

Ah! Toé mon torrieux de chenapan...

[dcmacdaddy]

Originally posted by bubblewrap:
Dimethyltrypt started the leftist crap.

There is NOTHING I can do about Halliburton or Enron.

And trust me, the world isn't going to be miraculously changed by some stupid internet message board.

Sure you can.

Write your member's of Congress. Tell them the type of corporate malfeasance practiced by Enron will NOT be tolerated from Halliburton.
Suggest they hold hearings on the matter.
If it mattered that much to you you could allow your member's action (or inaction) on the issue of Halliburton bilking the government to influence your vote. . . . and tell them it bothers you that much.

You are correct that there is NOTHING you can directly do, but it does not mean you can make your voice heard if you are bothered by the accusations of fraud against Halliburton.

[Athens]

Originally posted by Dimethyltrypt:
America's way of life is capitalism: everyone can become rich... don't you know that?

those businessmen worked hard to get those contracts. they deserve our respect for being so rich and powerful.

they are the example americans must and will follow.

stop all leftist propaganda now.

thats not true either, many became rich off the backs of others, through illegal side stuff, or born into it. Well off people have a easier time becoming more well off. That is the downside to north American society. The real heros, the ones that really deserve our respect are the poorest borns making it to middle class, thats a much harder strugle and a much more difficult life. And the rich like to hold others down.

[bubblewrap]

The rich like to hold others down?
Now that's a blanket statement.

[Athens]

Originally posted by bubblewrap:
The rich like to hold others down?
Now that's a blanket statement.

Guess I should have focused that statement on Rich and big companies not individuals per say.