Halliburton Still Grabs Taxpayer Dollars – Investors Smile
Posted by bosskitty on June 23, 2007
Halliburton’s Accounting Might Make You Wonder
By Jonathan Weil Bloomberg Thursday 21 June 2007
Investors have shrugged off almost all the bad news at Halliburton Co. the past few years – accusations of overbilling the Army and bribing foreign officials, along with scrutiny over business dealings in Iran and non-compete bids on government work.
Instead of tanking, the company’s stock has soared.
The same investors might take notice, though, if Halliburton’s financial statements were in doubt, and a former company accounting executive says they are.
Anthony Menendez, who was Halliburton’s director of technical accounting research and training, has accused the world’s second- largest oilfield-services company of using so-called bill-and-hold accounting and other undisclosed practices to “distort the timing of billions of dollars in revenue.” In short, Menendez says this allowed Halliburton to book product sales improperly, before they occurred.
The allegations are part of a 54-page complaint Menendez filed against Halliburton with a Labor Department administrative law judge in Covington, La., who released the records in response to a Freedom of Information Act request. Menendez, who resigned last year and is seeking unspecified damages, says Halliburton retaliated against him in violation of the Sarbanes-Oxley Act’s whistle-blower provisions after he reported his concerns to the Securities and Exchange Commission and the company’s audit committee.
Quote: While senator during WWII, Harry Truman said: “I have never yet found a contractor who, if not watched, would not leave the government holding the bag. We are doing him a favor if we do not watch him.”
Reason for concern in Halliburton’s books
Seattle Post Intelligencer – 14 hours ago
Investors have shrugged off almost all the bad news at Halliburton Co. the past few years — accusations of overbilling the Army and bribing foreign …
Halliburton Accused of Accounting Irregularities
TPMmuckraker, NY – Jun 21, 2007
By Spencer Ackerman – June 21, 2007, 4:35 PM Last year, Halliburton lost billions of dollars of revenue with the US Army discontinued a worldwide supply …
Cheney still rules the UNDERWORLD!