Halliburton's contemptuous move [View All]

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Halliburton's contemptuous move

PrintE-mailDisable live quotesRSSDigg itDel.icio.usBy Thomas Kostigen, MarketWatch
Last Update: 10:30 AM ET Mar 16, 2007


SANTA MONICA, Calif. (MarketWatch) -- Webster's says a "venal or unscrupulous person" is one definition of a whore. By moving its headquarters to the United Arab Emirates, Halliburton, the giant defense contractor that has profited immensely off the war in Iraq, is showing that it is nothing but the definition of a corporate whore.

Halliburton announced last weekend that its chief executive, along with its corporate headquarters, are moving to Dubai. The company says it isn't trying to evade paying U.S. taxes by moving operations offshore. It says the move is strategic because most of its business is being conducted in the Middle East.

Halliburton is once again showing that it has no conscience. The conglomerate has reaped more than $20 billion of revenue off the war in Iraq. It still has $6 billion worth of government contracts there. Many of its contracts have been "no-bid," which means they were exclusively granted without other companies being given the opportunity to offer better prices. Halliburton, which was headed by U.S. Vice President Dick Cheney before he took office, gave its thanks for all this business by admittedly overbilling for its services.

Government contracts, remember, are funded by U.S. taxpayers.
~snip~

So I say if Halliburton chooses to go, it should go away with good riddance. But at the same time, its government contracts should be reallocated to other companies and it should be delisted from the New York Stock Exchange. After all, Halliburton says it wants to list on a foreign exchange anyway, likely in the Middle East. The company clearly is looking to give up its American citizenship. It should then have to suffer the consequences of that decision too.

Last year, when Dubai Ports World won management contracts for six U.S. ports, controversy erupted and the contracts were eventually reassigned. The deal caused an outcry over national security.

Likewise Halliburton should be classified as a foreign company, and as such there should be consideration about its involvement with U.S. forces in Iraq; U.S. soldiers even if they aren't on U.S. soil are a matter of national security and interest as well.


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