Jul 24, 2003

THE WORLD ACCORDING TO HALLIBURTON

Mother Jones July 23, 2003 Issue is featuring a fascinating (and frightening) map of the Halliburton empire. Created by Michael Scherer, this interactive map lets you explore the tax havens, defense-related contracts, and federal energy subsidies in the company's global web consisting of offices in 70 countries and annual revenues of $12.6 billion.
Since Dick Cheney took over as CEO of Halliburton in 1995, after serving as secretary of defense during Gulf War I, the company has had tight political connections -- revenues rose 26 percent in his first year. "Federal investigators looking into charges that Halliburton defrauded taxpayers said that company officials "had the upper hand at the Pentagon because they knew the process like the back of their hand."
Scherer shows that Halliburton continues to remain well-connected. The tax dollars the company receives -- $2.2 billion in defense-related contracts and generous subsidies for profitable pipeline projects -- "couldn't come at a better time for Halliburton," Scherer states, "its share price has collapsed under the weight of asbestos lawsuits, a federal investigation into its accounting practices, and a drop in oil prices." And Halliburton adds insult to injury to the American people by avoiding paying taxes, Scherer notes. "In 1995, the company had nine subsidiaries in the Cayman Islands, Bermuda, and other countries that serve as tax havens. By 2002, it had 58."

anyone reading this grim report on corporatism may wish some international comic relief.

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