Monday, August 09, 2004



HALLIBURTON: According to a new filing by four former Halliburton employees, Vice President Cheney's former company was guilty of inflating its financial results, overbilling for services, overstating its accounts receivable due from customers, and understating accounts payable owed to vendors. The employees “contend that a high-level and systemic accounting fraud occurred at the company from 1998 to 2001,” including during the two years when Cheney was Halliburton's chief executive. “The filing accuses the company of accounting improprieties that go far beyond those outlined by the Securities and Exchange Commission in its civil suit against Halliburton, which the company settled on Tuesday, paying $7.5 million.” It notes that one former employee in accounting said superiors told her to do “whatever it took” to make projects appear profitable and to meet Wall Street estimates for the company's earnings. According to a quarterly filing it also made on Tuesday, Halliburton is under investigation by the Justice Department for possibly overbilling on work done in the Balkans from 1996 through 2000.