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Everyone's Favorite No-Bid Contractor

I guess screwing our soldiers in Iraq wasn't enough for Halliburton. Screwing U.S. taxpayers wasn't enough, either. No, Halliburton buggered its rank and file employees, as well.

An investigation of Halliburton Co.'s pension plan has found the company violated federal pension law, including charging some costs of Halliburton's executive pension and bonus plan to the workers' pension fund, according to a report published Friday.

A story in the online edition of the New York Times, citing correspondence from the Labor Department, reported Halliburton was required to pay more than $8.6 million to correct the violations.

According to the Times story, the Labor Department concluded that Halliburton's actions violated federal pension law prohibitions against self-dealing and using pension money for the benefit of the company, as well as the requirement to handle pension money with "care, skill, prudence and diligence."

The documents show Halliburton replenished funds that were improperly withdrawn from the pension fund, made the affected individuals whole and paid an undisclosed tax penalty, the Times reported.

Two of the violations began while Vice President Dick Cheney was the company's chief executive. The third, which the Times reported involved the largest amount of money, took place after Cheney resigned in 2000.

But the question which is undoubtedly on all of our minds is this: Are Dick's stock options okay? Are they? Please tell us they're okay!

November 11, 2005 in Current Affairs | Permalink

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