Despite Big Gov’t Gigs, Halliburton Posts Losses
However, these contracts were not enough to stop the company posting a $947 million net loss in the fourth quarter. Bloomberg reported that the company blamed its losses on massive pay-outs for domestic occupational health and safety abuses. Several charges have been filed by ex-workers placing blame on Halliburton subsidiaries for asbestos-related illnesses. It was noted that $1.1 billion was most recently paid by the parent company as part of its asbestos settlements, which the Guardian (UK) estimated to total around $4.5 billion.
Many of these charges revolve around Dresser Industries, Inc., a Halliburton subsidiary, which has faced asbestos-related damages claims dating back to the 1970s. According to the Los Angeles Times, thousands of workers developed lung cancer and respiratory diseases from being exposed to asbestos at work.
The industry publication Insurance Journal says Halliburton has attempted to dodge payment of the settlements in various ways, including filing for Chapter 11 bankruptcy for the liable subsidiaries. The Los Angeles Times also reported that a July 2003 proposal by Congress to create a “national fund” for asbestos victims was actively supported by Halliburton, which stood to save over $3.5 billion from the plan.
The acquisition of Dresser Industries by Halliburton around four years ago was described as “the high point of Mr. Cheney’s five-year Halliburton career” by the New York Times.
I know two people who’ve taken jobs as truck drivers in Iraq.
For a ten-month commitment they’re being paid 100k [tax free] and allowed three 10-day leaves in that period.
Why aren’t Iraqis being hired for these positions?
In reaction to Kerry’s latest attack on George, Mark Racicot claimed yesterday that “the president has been working for months internationalizing this event.”
Can the taxpayers afford much more of it?
Nice site. Keep up the good work.