Wednesday, September 28, 2005

Halliburton's Stock Value Doubles As American Troop Deaths Double

I know it's cynical to think that any American corporation would actually profit directly from the death of Americans (well, except in the funeral industry); but, maybe it's not so cynical.

(from HalliburtonWatch)
WASHINGTON, Sept. 20 ( -- Since the beginning of the Iraq war, Halliburton, the Texas energy giant once headed by Vice President Dick Cheney, has seen its stock price more than triple in value. When the U.S invaded Iraq in March of 2003, Halliburton's stock was selling for $20 per share. The stock price at the close of market activity on Monday was $66.

In the last 12 months, the total number of U.S. service members killed in Iraq almost doubled as Halliburton's stock doubled. Halliburton's stock rose from $33 per share in September 2004 to $66 yesterday while U.S. deaths in Iraq increased from 1,061 to almost 1900.

Three graphs at this link starkly depict the dramatically similar rise of Halliburton's stock price, revenue and U.S. soldiers killed during the past thirty months of war in Iraq.

Halliburton's CEO also enjoyed an incredible personal gain from Iraq and the commensurate rise in gasoline prices. A HalliburtonWatch analysis reveals that CEO David Lesar's stock holdings in Halliburton increased by a stunning $78 million since the Iraq invasion.

As U.S. citizens march on Washington this weekend to protest the 30-month anniversary of the war, a recent poll shows 52 percent of Americans want an "immediate" withdrawal of all U.S. troops from Iraq.

The big money Halliburton has made from the war, along with the widespread belief that the Bush administration lied about Saddam Hussein's purported weapons of mass destruction, has helped fuel public sentiment supporting the immediate withdrawal of troops from Iraq. Polls show a majority of Americans do not think the war is worth the cost in lives and taxpayers' money.

Halliburton has been the focus of heated criticism from members of Congress and even the Bush administration over its handling of war contracts. Pentagon auditors have issued at least nine reports slamming the company's inept and possibly fraudulent accounting system for work in Iraq.

In September 2004, the U.S. military called for the immediate termination of Halliburton's most lucrative contract with the Army because of poor performance. Additionally, in January, the U.S. embassy in Iraq threatened to terminate Halliburton's contracts because of poor performance. However, both recommendations were ignored by President George W. Bush.

Can someone remind me again about who benefits from this war, because I keep getting confused. Are American citizens reaping the benefits of a billion-dollar-a-day price tag? Are Iraqi citizens benefiting from our invasion of their country? Is Halliburton benefiting from the lion's share of the $200,000,000 spent so far? Who is benefiting?

More articles at HalliburtonWatch:

Halliburton bills taxpayers $45 per case of soda

The Basics of Halliburton's Military Contracts

Pentagon's preferential treatment for Halliburton

Dick Mac Recommends:

Worse Than Watergate
John W. Dean


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