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Halliburton announces 284 percent increase in war profits
25 July 2005
WASHINGTON, July 25 (HalliburtonWatch.org) -- Halliburton announced on Friday that its KBR division, responsible for carrying out Pentagon contracts, experienced a 284 percent increase in operating profits during the second quarter of this year.
The increase in profits was primarily due to the Pentagon's payment of "award fees" for what military officials call "good" or "very good" work done by KBR in the Middle East for America's taxpayers and the troops.
...
Audits conducted by the Pentagon's Defense Contract Audit Agency determined that KBR had $1 billion in "questioned" expenses (i.e. expenses which military auditors consider "unreasonable") and $442 million in "unsupported" expenses (i.e. expenses which military auditors have determined contain no receipt or any explanation on how the expenses were disbursed).
But the top Pentagon brass ignored these audits and rewarded KBR's work anyway.
Halliburton's earnings announcement comes on the heels of new reports showing the Iraq and Afghan wars have already cost U.S. taxpayers $314 billion and that another ten years of war will cost $700 billion.
According to a February 2001 report in the Wall Street Journal, "Halliburton Products & Services Ltd. works behind an unmarked door on the ninth floor of a new north Tehran tower block. A brochure declares that the company was registered in 1975 in the Cayman Islands, is based in the Persian Gulf sheikdom of Dubai and is "non-American." But, like the sign over the receptionist's head, the brochure bears the company's name and red emblem, and offers services from Halliburton units around the world." Moreover, mail sent to the company’s offices in Tehran and the Cayman Islands is forwarded to the company’s Dallas headquarters.
Originally posted by Liberal1984
It’s a scary thought but how big would the U.S military be if it spent all its budget on defence as opposed to questionable companies like Halliburton? Would you need such a big budget? Maybe you could solve more of your own problems.
Originally posted by cargo
"My country, right or wrong"
Originally posted by enslaved83
This type of thing disgusts me to my very core. The US administration is so utterly corrupt and unnacountable to anyone and the public aren't doing a damn thing about it.
Originally posted by edsinger
Originally posted by enslaved83
This type of thing disgusts me to my very core. The US administration is so utterly corrupt and unnacountable to anyone and the public aren't doing a damn thing about it.
Because most Americans are to smart to believe all this Tulipwalker conspiracy horsepucky.
Come to think of it, says a lot fot the UK also.
Originally posted by edsinger
Just so you know, no other American company could have done this work on the grand of scale.....KBR was the only American choice and as ong as my taxes are paying for it, the contracts should stay American.
Originally posted by edsinger
Originally posted by enslaved83
This type of thing disgusts me to my very core. The US administration is so utterly corrupt and unnacountable to anyone and the public aren't doing a damn thing about it.
Because most Americans are to smart to believe all this Tulipwalker conspiracy horsepucky.
Come to think of it, says a lot fot the UK also.
Mr. TIERNEY. So it is a little astonishing to me, and I think to others, the planning for what is going to happen to our troops, their meals, their water, their housing, the essentials of life, their protection, all of that doesn't even begin to happen until May 2003, after Baghdad falls, but in the meantime the administration had your company planning for Iraq's oil infrastructure months before it had a plan how to support our troops.
KBR executives admitted at the hearing that contingency planning for protecting Iraq's oil wells from sabotage began in the summer of 2002, but that contingency planning for protecting the troops and KBR employees began in May 2003, two months after the U.S.-led invasion of Iraq began. The troops have complained that they were not given adequate body or vehicle armor to protect themselves.
KBR also failed to provide simple vehicle parts like oil filters. It declared oil changes were "out of the question." As a result, KBR employees were forced to forever abandon brand new $80,000 trucks in the middle of the desert whenever a minor equipment problem occurred. Wilson testified that KBR once removed all the spare tires on his truck so that when he acquired a flat tire he was forced to abandon the truck. "In my time on the road," he said, "I saw disabled trucks -- or what was left of them -- abandoned on the side of the road on a daily basis."
...The administration's approach to the reconstruction of Iraq is fundamentally flawed," Waxman said. "It's a boondoggle that's enriching private contractors."