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Cheney's Halliburton Stock Options Soar to $9.2 Million

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  • Ram Lau
    http://lautenberg.senate.gov/~lautenberg/press/2003/01/2005915804.html September 15, 2005 Lautenberg: congratulations Halliburton and Vice President Cheney!
    Message 1 of 1 , Oct 15, 2005
      http://lautenberg.senate.gov/~lautenberg/press/2003/01/2005915804.html

      September 15, 2005
      Lautenberg: congratulations Halliburton and Vice President Cheney!
      Cheney's Halliburton Stock Options Soar to $9.2 Million

      WASHINGTON -- Senator Frank R. Lautenberg reiterated his call for Vice
      President Dick Cheney to forfeit his continuing financial interest in
      the Halliburton Co (HAL), in light of the surging value of Vice
      President Cheney's Halliburton holdings. Vice President Cheney
      continues to hold 433,333 Halliburton stock options, now worth
      $9,214,154.93 (at close yesterday.)

      "As Halliburton's fortunes rise, so does the Vice President's, and
      that is wrong," said Senator Lautenberg. "Halliburton has already
      raked in more than $10 billion from the Bush-Cheney Administration for
      work in Iraq, and now they are being awarded some of the first Katrina
      contracts. It is unseemly for the Vice President to continue to
      benefit from this company at the same time his Administration funnels
      billions of dollars to it."

      All of Vice President's Cheney's stock options are "in the money" for
      the first time in years. According to the Vice President's Federal
      Financial Disclosure forms, he holds the following Halliburton stock
      options:

      100,000 shares at $54.5000 (vested), expire 12-03-07 33,333 shares at
      $28.1250 (vested), expire 12-02-08 300,000 shares at $39.5000
      (vested), expire 12-02-09

      The Vice President has attempted to fend off criticism by signing an
      agreement to donate the after-tax profits from these stock options to
      charities of his choice, and his lawyer has said he will not take any
      tax deduction for the donations. Valued at over $9 million, the Vice
      President could exercise his stock options for a substantial windfall,
      benefiting not only his designated charities, but also providing
      Halliburton with a tax deduction.

      The Vice President also continues to receive "deferred salary" from
      Halliburton. While in office, he has received the following salary
      payments from Halliburton:

      Deferred salary paid by Halliburton to Vice President Cheney in 2001:
      $205,298 Deferred salary paid by Halliburton to Vice President Cheney
      in 2002: $162,392 Deferred salary paid by Halliburton to Vice
      President Cheney in 2003: $178,437 Deferred salary paid by Halliburton
      to Vice President Cheney in 2004: $194,852

      In September 2003, the Congressional Research Service (CRS) issued a
      memorandum to Senator Lautenberg concluding that holding stock options
      while in elective office does constitute a "financial interest"
      regardless of whether the holder of the options will donate proceeds
      to charities. CRS also found that receiving deferred compensation is a
      financial interest.

      The CRS report can be downloaded at:

      http://lautenberg.senate.gov/Report.pdf

      The CRS findings contradict Vice President Cheney's puzzling view that
      he does not have a financial interest in Halliburton. On the September
      14, 2003 edition of Meet the Press in response to questions regarding
      his relationship with Halliburton where he was employed as CEO for
      five years, from 1995 to 2000, Vice President Cheney said:

      "And since I left Halliburton to become George Bush's 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."
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