Morning Report 12/14/04
Happy Holiday, Halliburton!

Cheney company's Iraq contracts pass the $10 billion mark

While you're trying to decide whether to spend your Christmas bonus on a Snickers bar or a loosey, take a look at California congressman Henry Waxman's latest report on Halliburton's bonus from the Iraq Debacle.

A little mood music, too? Check out "Cynics in Love," a track from Nat Berg's band, the Halliburtons. Ready? Read:

Dick Cheney's company has passed the $10 billion mark in Iraq contracts, some of them for helping the U.S. reduce the country to rubble and others for pushing the rubble around. Halliburton's got two major contracts. Waxman's report elaborates:

    The combined value of these two contracts is $10.77 billion. This is significantly more than any other contractor has been awarded in Iraq.

    For example, the maximum value of Bechtel’s Iraq infrastructure contracts is $2.8 billion. Halliburton will reap profits of between $133 million and $424 million on its two contracts.

    The actual value of Halliburton’s Iraq contracts is likely higher than $10.77 billion. In January 2004, Halliburton received a follow-on oil contract for southern Iraq worth up to $1.2 billion. The Administration has not disclosed the value of the work given to Halliburton under this contract.

    At the same time that the value of Halliburton’s contracts is increasing, auditors are finding extensive problems with Halliburton’s billings, and criminal investigations of Halliburton and its employees continue.

The amount of rubble is increasing, too. Another suicide bomber just hit the sweet spot near Baghdad's designated "safe spot," the Green Zone, blasting people to paradise and parapets to powder. More work for Cheney's crew.

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