Sep 29, 2003

S.1125 LEGISLATION WILL BENEFIT CHENEY PERSONALLY

Cheney said Sunday on NBC's ``Meet the Press'' that since becoming vice president, ``I've severed all my ties with the company, gotten rid of all my financial interest. I have no financial interest in Halliburton of any kind and haven't had, now, for over three years.''

Democrats pointed out that Cheney receives deferred compensation from Halliburton under an arrangement he made in 1998, and also retains stock options. He has pledged to give after-tax proceeds of the stock options to charity
Prior to the asbestos claim problem Halliburton stock had a value of $45.00. The asbestos claim problem caused the stock to plummet to a low of $8.50. If the S. 1125 legislation passes ending Halliburton's asbestos problem there is every reason to believe that the stock will rebound to at least pre-asbestos claim value nearly doubling the value of Cheney's stock options. That is a clear financial benefit to Cheney who retains ownership while pledging the after tax dividend proceeds to charity.
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