Monday, October 16, 2006

Halliburton’s Lobbying Efforts Paid Off: Watchdog Group

Sunday, October 08, 2006

WASHINGTON — A watchdog group says that the lobbying efforts of Vice President Dick Cheney’s former company paid off big-time.

Over the last six years, Halliburton has bought influence in Washington to the tune of $4.6 million.

At the same time, its government contracts mushroomed by over 600 percent and jumped from being the 20th largest federal contractor to sixth by 2005, according to HalliburtonWatch.

As a result, the company gained $18.5 billion in revenue from contracts related to the war in Iraq from March 2003 to June 30, 2006. In 2005 alone, Halliburton received $6 billion in federal contracts.

The analysis found that Halliburton’s lobbying efforts came from three main sources: the board of directors and their spouses, Halliburton’s political action committee, and the company itself.

Halliburton’s board of directors have seen the entire value of their stock jump to over $100 million — a quadrupling between March 2003 to March 2006 due to high oil prices, contracts, and Mideast violence.

The value of shares held by Halliburton’s largest corporate shareholder — CEO David Lesar — jumped from $17.3 million in 2003 to $66.8 million in 2006, said the HalliburtonWatch report.

For more information, visit HalliburtonWatch’s website.



George Eliot


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