Dick Cheney is a crook

Louis Proyect lnp3 at panix.com
Wed Jul 10 06:33:30 MDT 2002


The Guardian, Wednesday July 10, 2002

Vice-president faces fraud lawsuit

Mark Tran

The US vice-president, Dick Cheney, today faces a lawsuit that will accuse
him of accounting fraud when he was a businessman, as top Bush
administration officials come under increasing pressure to be more candid
about their past financial dealings.
In the suit to be filed later today, a Washington-based group, Judicial
Watch, will allege that the actions of Mr Cheney when he ran an energy
company resulted "in the overvaluation of the company's shares, thereby
deceiving investors and others".

Mr Cheney was chairman and chief executive of Halliburton, an oilfield
services company, from 1995 to 2000. The suit names Mr Cheney and 10
company board members.

However, a Halliburton official said: "We don't believe that there's any
merit to this case,"

The legal challenge against Mr Cheney, comes just a day after the
president, George Bush, tried to clear the air on financial scandals with a
speech in New York.

Judicial Watch described Mr Bush's speech, in which he outlined tougher
measures against corporate fraud, as an attempt to deflect attention away
from his and Mr Cheney's own business practices.

Judicial Watch previously sued for access to records of Mr Cheney's energy
taskforce that drew up the Bush administration's energy policy last year.

Halliburton said on May 28 that it received notice from the securities and
exchange commission (SEC), America's financial regulator, that its
accounting methods were being looked into by the commission.

At issue are accounting practices Halliburton adopted in 1998 which
recognised some of its unresolved claims against engineering and
construction clients as revenue, even though the amounts of money at stake
were still in dispute.

Before 1998, the company was more cautious, reporting such revenue only
after settling with customers. The SEC has not filed any charges against
Halliburton.

"We're seeking actual and punitive damages for allegations of securities
fraud, for changing accounting practices and not advising the public of
these changes," Judicial Watch chairman and general counsel Larry Klayman
said yesterday in Miami. "To look the other way for the vice president
would be to set a precedent that the Washington elite are above the law."

full: http://www.guardian.co.uk/bush/story/0,7369,752722,00.html

Louis Proyect
Marxism mailing list: http://www.marxmail.org



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