http://www.cbsnews.com/stories/2003/09/26/politics/main575356.shtmlexcerpt:
Cheney said Sunday on NBC that since becoming 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."
Democrats pointed out that Cheney receives deferred compensation from Halliburton under an arrangement he made in 1998, and also retains stock options. He has pledged to give after-tax proceeds of the stock options to charity.
Cheney's aides defended the assertion on NBC, saying the financial arrangements do not constitute a tie to the company's business performance. They pointed out that Cheney took out a $15,000 insurance policy so he would collect the deferred payments over five years whether or not Halliburton remains in business.
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and here's his golden parachute arrangements
http://more.abcnews.go.com/sections/politics/DailyNews/cheney_retire000817.htmlexcerpt:
Cheney has not released copies of his tax returns, but aides said financial disclosure documents will be filed with the federal government on Sept. 1.
But a review of regulatory filings showed Cheney is the company’s biggest individual stockholder with an estimated $45.5 million stake in the firm.
Documents also showed Halliburton paid him $1.28 million in salary and $640,914 in other compensation last year plus stock options worth between $7.4 million and $18.8 million, depending on the company’s future stock performance.
Morris said he did not know the current value of Cheney’s retirement account and that Halliburton did not plan to disclose this because it was a private matter.
Millions of Shares
Halliburton said its board had approved Cheney retaining options allowing him to buy 1.16 million shares of Halliburton stock at prices ranging from $21 to $54 per share. The company’s stock closed up 2-9/16 at 54 on the New York Stock Exchange on Wednesday.
Cheney joined Halliburton in 1995 and acquired the 10-year options under six separate stock option grants.
Morris said the stock options were part of Cheney’s executive compensation package and not a retirement or severance benefit, though his early retirement had triggered the immediate vesting of 400,000 previously unvested options.
The board also lifted a restriction preventing Cheney from selling 140,000 shares of stock previously granted to him as part of his compensation package.
Chris Lehane, spokesman for Democratic presidential candidate Al Gore, said, “This reinforces the fact that Republicans not only have the first ‘Big Oil’ ticket, but that the Bush-Cheney ticket will transfer the Oval Office into the ‘Big Oil’ Office.”