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Halliburton CEO's stock rises by $78 million since Iraq invasion
El_Kabong
Posts: 4,141
almost a year old, but still a good read...if you go to the site there are links throughout it
http://www.halliburtonwatch.org/news/lesar_stock.html
Halliburton CEO's stock rises by $78 million since Iraq invasion
15 Sept. 2005
WASHINGTON, Sept. 15 (HalliburtonWatch.org) -- War and skyrocketing oil prices have been good to Halliburton's CEO David Lesar, whose stock in the company increased by an estimated $78 million since the U.S. invaded Iraq in 2003, a HalliburtonWatch analysis reveals.
In March 2003, the first month of the Iraq invasion, corporate disclosure records show Lesar owned 1.476 million common shares and share options in Halliburton worth $30 million. At the end of stock trading yesterday, those shares were worth $93 million, for a $63 million gain. Subsequent to the Iraq invasion, Lesar boosted his total holdings in the company from $93 million to $108 million by acquiring a net 243,000 additional shares, thereby increasing his stock holdings by $78 million since March 2003.
Halliburton's stock price tripled since the Iraq invasion from $20 to $63.
Lesar owns an additional 644,575 shares of "restricted stock," or stock that may be sold only if he satisfies certain goals and requirements of the corporation. If Lesar is authorized by Halliburton to sell those shares, they would be worth an additional $40.8 million as of yesterday's closing stock price.
In the last 24 months, Lesar sold $18.8 million worth of Halliburton stock, with $16.3 million sold this year alone.
On September 1, three days after Hurricane Katrina hit New Orleans, he sold stock pursuant to his stock option plan, earning a one-day profit of $720,100. One week later, on September 8, he similarly earned a one-day profit of $782,000 by selling stock.
$13.6 Billion in Iraq Revenue
Lesar has presided over a period for the company that has corrected the mistakes created by former CEO and current U.S. Vice President Dick Cheney. After Cheney left the firm in 2000 to run for vice president, Halliburton was forced to deal with the legacy of his incompetent decisions made while he was CEO, decisions that forced parts of the company into bankruptcy. Those problems have mostly been solved under Lesar's leadership. In the last four reported quarters, Halliburton received $20 billion in revenue and earned $1.9 billion in operating income.
Iraq-related contracts amounted to $13.6 billion in revenue for the company since March 2003. Nonetheless, most of Halliburton's profit is earned from its energy services business, not the war. Higher gasoline prices have required oil companies to build additional oil rigs, something Halliburton leads the world in doing.
The company's skyrocketing stock price also reflects, in part, a market expectation that the company might one day benefit from Iraq's large oil reserves.
'Jacking Up the Margins'
Lesar complained last year about the low profit margins earned in Iraq from the company's troop support contract with the Army, known as "LOGCAP." He even threatened to charge the Army with higher costs by declaring that he would "jack the margins up significantly" if companies other than Halliburton are allowed to bid for new work under LOGCAP. He made his comments in response to a U.S. military recommendation that called for the immediate termination of the LOGCAP contract so that other, less scandalous, firms can be hired to assist the soldiers.
"Jacking up the margins" is already standard practice at Halliburton via cost overcharges. Those overcharges helped boost the company's war profits by 284 percent during the second quarter of this year.
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).
Despite the cost overcharges, numerous critical reports from military auditors and the public outcry against Halliburton, Washington continues to drag its feet in dealing with the company's continuing rip-off of U.S. taxpayers.
http://www.halliburtonwatch.org/news/lesar_stock.html
Halliburton CEO's stock rises by $78 million since Iraq invasion
15 Sept. 2005
WASHINGTON, Sept. 15 (HalliburtonWatch.org) -- War and skyrocketing oil prices have been good to Halliburton's CEO David Lesar, whose stock in the company increased by an estimated $78 million since the U.S. invaded Iraq in 2003, a HalliburtonWatch analysis reveals.
In March 2003, the first month of the Iraq invasion, corporate disclosure records show Lesar owned 1.476 million common shares and share options in Halliburton worth $30 million. At the end of stock trading yesterday, those shares were worth $93 million, for a $63 million gain. Subsequent to the Iraq invasion, Lesar boosted his total holdings in the company from $93 million to $108 million by acquiring a net 243,000 additional shares, thereby increasing his stock holdings by $78 million since March 2003.
Halliburton's stock price tripled since the Iraq invasion from $20 to $63.
Lesar owns an additional 644,575 shares of "restricted stock," or stock that may be sold only if he satisfies certain goals and requirements of the corporation. If Lesar is authorized by Halliburton to sell those shares, they would be worth an additional $40.8 million as of yesterday's closing stock price.
In the last 24 months, Lesar sold $18.8 million worth of Halliburton stock, with $16.3 million sold this year alone.
On September 1, three days after Hurricane Katrina hit New Orleans, he sold stock pursuant to his stock option plan, earning a one-day profit of $720,100. One week later, on September 8, he similarly earned a one-day profit of $782,000 by selling stock.
$13.6 Billion in Iraq Revenue
Lesar has presided over a period for the company that has corrected the mistakes created by former CEO and current U.S. Vice President Dick Cheney. After Cheney left the firm in 2000 to run for vice president, Halliburton was forced to deal with the legacy of his incompetent decisions made while he was CEO, decisions that forced parts of the company into bankruptcy. Those problems have mostly been solved under Lesar's leadership. In the last four reported quarters, Halliburton received $20 billion in revenue and earned $1.9 billion in operating income.
Iraq-related contracts amounted to $13.6 billion in revenue for the company since March 2003. Nonetheless, most of Halliburton's profit is earned from its energy services business, not the war. Higher gasoline prices have required oil companies to build additional oil rigs, something Halliburton leads the world in doing.
The company's skyrocketing stock price also reflects, in part, a market expectation that the company might one day benefit from Iraq's large oil reserves.
'Jacking Up the Margins'
Lesar complained last year about the low profit margins earned in Iraq from the company's troop support contract with the Army, known as "LOGCAP." He even threatened to charge the Army with higher costs by declaring that he would "jack the margins up significantly" if companies other than Halliburton are allowed to bid for new work under LOGCAP. He made his comments in response to a U.S. military recommendation that called for the immediate termination of the LOGCAP contract so that other, less scandalous, firms can be hired to assist the soldiers.
"Jacking up the margins" is already standard practice at Halliburton via cost overcharges. Those overcharges helped boost the company's war profits by 284 percent during the second quarter of this year.
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).
Despite the cost overcharges, numerous critical reports from military auditors and the public outcry against Halliburton, Washington continues to drag its feet in dealing with the company's continuing rip-off of U.S. taxpayers.
standin above the crowd
he had a voice that was strong and loud and
i swallowed his facade cos i'm so
eager to identify with
someone above the crowd
someone who seemed to feel the same
someone prepared to lead the way
he had a voice that was strong and loud and
i swallowed his facade cos i'm so
eager to identify with
someone above the crowd
someone who seemed to feel the same
someone prepared to lead the way
Post edited by Unknown User on
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Comments
don't worry, i'm sure there'll be a new war for you to profit from sooner or later
he had a voice that was strong and loud and
i swallowed his facade cos i'm so
eager to identify with
someone above the crowd
someone who seemed to feel the same
someone prepared to lead the way
Hopefully! I need my share of the pie!
Has the stock of other companies risen similarly or greater in that timeframe?
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
depends...did these other companies get several billions worth of no bid contracts? then did they double bill for things, charge for services they never provided, feed the soldiers spoiled food....?
so what?? i thought you would be able to grasp the concept of 'war profiteering' and the former ceo pushing for a needless war, then his company (which he still owns a lot of stock in) gets lots and lots of no bid contracts worth tens of BILLIONS and overcharges...guess i was too hopeful
he had a voice that was strong and loud and
i swallowed his facade cos i'm so
eager to identify with
someone above the crowd
someone who seemed to feel the same
someone prepared to lead the way
I'm better at grasping the concept of:
Those who CAN and Do - do and say nothing.
Those who CAN'T and Don't or won't - whine, gripe, complain, etc.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
must be a real nice world ya live in there, pal. sounds like you're a happy guy
he had a voice that was strong and loud and
i swallowed his facade cos i'm so
eager to identify with
someone above the crowd
someone who seemed to feel the same
someone prepared to lead the way
This coming from someone who continually posts threads where he is whining and complaining. Who sounds happier?
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
if that's how you choose to see it, so be it. i know i don't sound like a cold, emotionless robot, tho
he had a voice that was strong and loud and
i swallowed his facade cos i'm so
eager to identify with
someone above the crowd
someone who seemed to feel the same
someone prepared to lead the way
I don't SOUND like anything on a message board. Much of how you interpret through reading is a reflection of yourself.
But I guess your definition of cold and emotionless is someone who doesn't want to sit in front a computer and complain about the world.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
hmmm...it appears you are whining about whining and complaining about complaining....
and you are the "happier" one...?
as I see it, Kabong raises issues and concerns and you, rather that addressing the point, complain and whine about the messanger....
happy happy joy joy...
Quit complaining!
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
what was the point, again, hypocritical1?
well, which is it, contradictory1??? do i either 'continually whine and complain' or do i just 'regurgitate "articles" '??
you can't have it both ways!
is it that time of the month? is that why you're in such a bad mood today?
he had a voice that was strong and loud and
i swallowed his facade cos i'm so
eager to identify with
someone above the crowd
someone who seemed to feel the same
someone prepared to lead the way
You continually regurgitate articles that whine and complain
I'm not in a bad mood at all. I already apologized and said that it was immature of me to have made that comment.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
http://forums.pearljam.com/showpost.php?p=2898434&postcount=24
'at least kabong's rantings usually bear some relation to the article posted and he attempts to debate the topic offered.'
now it's implied my opinion is 'secret' and i never have an opinion or an original opinion or 'complaint', i just 'regurgitate "articles".'
so since everyone is in the dark on where i stand; i think this was a manufactured war over a manufactured threat. done so certain ppl can profit and loot the treasury, also to strengthen their control and influence as well as other things, but to me, those are forefront. i think ppl in this administration, like cheney and rumsfeld, used 9/11 to push for a needless war so they could have more control and influence over the region, it's resources and keeping it the petroDOLLAR instead of petroeuro. these 2, as well as several others, did it to pay one group of their old companies/friends/investors for making the bombs, then paying other former companies/friends/investors for 'rebuilding' the wreckage. not only that but allowing gross overcharges, poor to shitty treatment of our troops (the ones DYING) and after that comes to light still give them a fucking bonus.
i think bush put the Carlyle Group's (daddy is on the board) company United Defense's Crusader system (http://www.thenation.com/doc/20020401/shorrock/2 ) back into the budget, even after the pentagon advisory board repeatedly voted against it, saying it wasn't worth the price b/c, obviously he wanted his dad's company to benefit...they got paid and as the pentagon had wanted all along, the program was dropped...AFTER the check was cashed, of course.
i think this is a war of profit for them and their former companies/friends/investors. to say otherwise is ridiculous.
so...there you go...the secret is out...is anyone shocked at where i stand? of course not, but that was never really the point. it was just an excuse for one poster to vent his waking up on the wrong side of the bed and another who is the epitome of 'whiney and bitching' to jump in and get some cuts, too.
if there's anything to the article and my point of view on it you are more than welcome to express it, otherwise you can keep your personal attacks to yourself (and yes, i'm aware in a way i did the same right here, but...don't mean to push, but i'm being shoved)
he had a voice that was strong and loud and
i swallowed his facade cos i'm so
eager to identify with
someone above the crowd
someone who seemed to feel the same
someone prepared to lead the way
I just wanna know when you find time to go to work.
www.myspace.com/jensvad
why........?
Why, do you know? Id love some insight into how he manages his time between all the googling and posting he does. I could use some good tips on time management.
www.myspace.com/jensvad
perhaps you should google "time management"...just a thought...
interesting article on time management. I have no opinion on it to offer at this time.
www.myspace.com/jensvad
interesting read.
www.myspace.com/jensvad
and your thoughts on the original article?
he had a voice that was strong and loud and
i swallowed his facade cos i'm so
eager to identify with
someone above the crowd
someone who seemed to feel the same
someone prepared to lead the way
I have to actually offer an opinion? Bullshit. I agree 100% with the articles I post. they speak for me.
www.myspace.com/jensvad
well if you disagree w/ something it's kinda helpful in a debate to express that...
i posted my opinion already, maybe you should try reading it
he had a voice that was strong and loud and
i swallowed his facade cos i'm so
eager to identify with
someone above the crowd
someone who seemed to feel the same
someone prepared to lead the way
As per usual, I disagree with some of these opinions and the effectiveness of them.
I think you put an overabundance of blame on Bush and his administration. Congress authorized the "war" and furthermore I'm pretty certain that Gore would have pursued military action after 9/11 as well.
Secondly, it almost looks like you're implying that if the war was somehow justified it would be OK. I don't think war is ever justfied.
Finally, I have to call into question your objectivity and the honesty of your opinions since you were in the military yourself. It's kind of like when you question the objectivity of someone who used to work in the Bush administration and now works for the FDA....
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.