Thursday, August 05, 2004

Zemblan Investment Guide 

From our distinguished colleagues at Approximately Perfect:

Details galore here.

Note also that $1.9 billion of oil money supposedly belonging to the Iraqi people somehow wound up in Halliburton's pocket.
 Posted by Hello
UPDATE: Don't miss Billmon's take on the stern finger-wagging Halliburton just received from the SEC:
Apparently, we're expected to believe that Halliburton's CEO was completely ignorant of an accounting change so significant it turned a quarterly loss in one of the company's two main operating division into a gain - even though, as we shall see, the switch also may have played a crucial role in Cheney's most important business achievement (if that's the right word), the merger with Dresser.

This variation on the Ken Lay defense is pretty far-fetched to begin with, but it becomes even more laughable when you read the complaint, which tries to pin the guilt on the gray flannel shoulders of Halliburton's former CFO by noting that his signature was on a variety of misleading documents, such as the firm's annual report, that were filed with the SEC.

Which is true enough. There is, however, one signature above the CFO's on the company's 1998 report:

But there's an even stronger reason to suspect Cheney must have had some awareness that Halliburton's earnings were being "managed," so to speak. And that's the Dresser merger, which was to be the capstone of his career at Halliburton.

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