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Originally Posted by buggyone
I am sure Cheney said he severed all ties with Haliburton and he probably even too the legal step to do so. However, do you honestly feel that having Cheney as VP did not have anythng to do with Haliburton getting millions and millions of dollars in no-bid contracts? No, it still counted for a lot and Cheney and family got their cuts of the money, too. Blind trusts or whatever, they got the money for their juice.
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Some people will continue to believe whatever they want about those they disagree with, but the facts are not there to support it. Here is what Factcheck found:
http://www.factcheck.org/kerry_ad_fa...lliburton.html
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The $398,548 Halliburton has paid to Cheney while in office is all deferred compensation, a common practice that high-salaried executives use to reduce their tax bills by spreading income over several years. In Cheney's case, he signed a Halliburton form in December of 1998 choosing to have 50% of his salary for the next year, and 90% of any bonus money for that year, spread out over five years. (As it turned out, there was no bonus for 1999.) We asked Cheney's personal attorney to document the deferral agreement as well, and he supplied us with a copy of the form, posted here publicly for the first time.
Legally, Halliburton can't increase or reduce the amount of the deferred compensation no matter what Cheney does as vice president. So Cheney's deferred payments from Halliburton wouldn't increase no matter how much money the company makes, or how many government contracts it receives.
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so, whatever happened to Halliburton, Cheney did not profit or suffer - he was completely isolated.
Before I stated that it was his deferred compensation that was donated; it was actually his stock options:
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That still would leave the possibility that Cheney could profit from his Halliburton stock options if the company's stock rises in value. However, Cheney and his wife Lynne have assigned any future profits from their stock options in Halliburton and several other companies to charity. And we're not just taking the Cheney's word for this -- we asked for a copy of the legal agreement they signed, which we post here publicly for the first time.
The "Gift Trust Agreement" the Cheney's signed two days before he took office turns over power of attorney to a trust administrator to sell the options at some future time and to give the after-tax profits to three charities. The agreement specifies that 40% will go to the University of Wyoming (Cheney's home state), 40% will go to George Washington University's medical faculty to be used for tax-exempt charitable purposes, and 20% will go to Capital Partners for Education, a charity that provides financial aid for low-income students in Washington, DC to attend private and religious schools.
The agreement states that it is "irrevocable and may not be terminated, waived or amended," so the Cheney's can't take back their options later.
The options owned by the Cheney's have been valued at nearly $8 million, his attorney says. Such valuations are rough estimates only -- the actual value will depend on what happens to stock prices in the future, which of course can't be known beforehand. But it is clear that giving up rights to the future profits constitutes a significant financial sacrifice, and a sizable donation to the chosen charities.
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It's a b**ch when long-held beliefs are proven wrong with facts.