Halliburton Accused of Accounting Fraud

[ringmastery]

http://story.news.yahoo.com/news?tmpl=story&cid=1896&ncid=1896&e=1&u=/nm/20040806/us_nm/energy_halliburton_lawsuit_dc

NEW YORK (Reuters) - Halliburton Co. (NYSE:HAL - news) and several top executives intentionally engaged in "serial accounting fraud" from 1998 to 2001, including when it was led by Vice President Dick Cheney (news - web sites), according to a new filing in a shareholder class-action lawsuit against the company.

The filing accuses Houston-based Halliburton, the world's No. 2 oilfield services company, of systematic accounting misdeeds far more wide-ranging than those charged in a recent civil lawsuit by the U.S. Securities and Exchange Commission (news - web sites). Cheney was not named as a defendant in either proceeding.


Halliburton agreed on Tuesday to pay $7.5 million to settle SEC charges that it misled investors by not disclosing an accounting change that boosted profit in 1998 and 1999.


Among other things, the filing accuses Halliburton of inflating results, failing to disclose a big asbestos verdict in a timely manner, and being unable to account for $3.1 billion of profit and cash.


Halliburton in a statement called the lawsuit an abusive attempt to extort money from current shareholders and smear the company and its employees.

[aintitfunny]

1. Shocking! n/t

[Cocoa]

2. that's Enron style chicanery

Cheney did it at Halliburton, and they're doing it with the U.S. economy. Even today, Bush is telling us to "buy."

[Protected]

3. So is this ever going to get primetime news play?

The only place I've seen this covered is "The Daily Show!"

[Worst Username Ever]

4. Boy,

life has been hell for the freepers lately, hasn't it.

[Terran]

5. As company president, I don't see how

Cheney could NOT be named as a defendant. What's up with that??

[jimquilty]

6. well, another reason

they are trying to push their BS class action legislation.

[bushwakker]

7. Halliburton defrauded investors while Cheney was CEO

why is he still Vice President? How is this not the lead story on every media outlet in the country?