End of hot meals for U.S. troops in Iraq? owed $87 million by Halliburton

[dArKeR]

Food service firm says it's owed $87 million by Halliburton

By Lisa Myers
Senior investigative correspondent
NBC News
Updated: 7:49 p.m. ET March  08, 2004

Halliburton has a multibillion-dollar contract to feed and house U.S. troops in Iraq.  But there are problems. A food subcontractor that runs 10 percent of the dining facilities in Iraq claims it hasn’t been paid by Halliburton for months and is threatening to stop serving hot meals.

The company, Event Source, serves 100,000 meals a day in Iraq under a contract with a Halliburton subsidiary.  vent Source claims Halliburton owes it $87 million, including payment for President Bush's Thanksgiving dinner with the troops.

“When you get stuck out there for $87 million,” explains Event Source Chief Executive Officer Phil Morrell, “it’s a question of economics.”

http://www.msnbc.msn.com/id/4480796/

[I AM SPARTACUS]

1. meanwhile HAL stock up today, and insiders are still buying...

...the share price keeps going up and the insiders keep buying...using that good ol' common sense yer momma gave ya, that tell you anything???

since the Thief of Baghdad said "open sesame"...

[Torgo Johnson]

9. I'm willing to bet ...

that if Kerry wins the election, the stock will drop by at least 20% the very next day. I wonder what caused that sharp volume spike in late June.

Halliburton ... the worst money can bribe ... uh, buy.

[I AM SPARTACUS]

10. the day to sell HAL is the day before the election...

if the Smirko Gang loses, the share price will drop the next day. If they steal the election, the price will just nudge up a bit. I bet there'll be a dividend before...

[Torgo Johnson]

11. Even better...

how about shorting the stock and making some money at the same time Halliburton stinks up the market. I normally hate the concept of short selling, but in this case I would make an exception (If I had any money to spend, that is). Then again if Kerry is coasting in the polls shortly
before the election the price may drop before then.

[I AM SPARTACUS]

13. this is not at all my area of expertise, just sorta a coincidence...

...when BushCo set it's sights on war, I knew from experience in the field that HAL would profit immensely, 'cause I've seen KBR working as DoD & USAID contractors...

...'nuther thing, it seems to me that the insiders are awfully heavy with HAL stock, and they've been buying and exercising options steadily since the price plummeted back in '01.

...and there's those asbestos lawsuits in the closet and the custom-written asbestos-liability legislation on the whore, I mean floor of Congress...

[Zero Gravitas]

16. It'll go down sooner

if it looks like the Smirk Regime is behind in the polls in the last few weeks before the election.

[joeunderdog]

19. Don't forget pending litigation in France for post-election Cheney.

[RamboLiberal]

2. Figures - couldn't even pay for the plastic turkey

Hope this story gets big play - can't help with Mr. Halliburton sitting as the VP - any military or their families that vote for AWOL and VP Halliburton this year are damn fools!

[FloridaPat]

3. $28 a day per soldier. Anyone think this is treason???

[Florida_Geek]

12. that is more than Princess or Holland American pay

for food on Cruises. And they contract it out.

[PartyPooper]

4. Meanwhile back at the ranch, Dick Cheney receives his cool $1 million

each year as part of his "severance" package.

Hmmm.

:evilfrown:

[minkyboodle]

5. time to make a new commercial

show some sorry SOB sobbing about how its an honor to fleece the troops.. yeah that will do it. Fucking Crooks!!
Scott

[DiverDave]

6. Congressional investigation

indictments, jail...
hey, a guy can dream, cant he?

[readmylips]

7. Halliburton (latest Reuter)....Investigation

NEW YORK (Reuters) - Halliburton Co. (HAL.N: Quote, Profile, Research) said it could be formally audited by the U.S. Department of Defense in the "near future" for procurement issues related to its work in Iraq and that a review could "adversely affect" its liquidity, according to a regulatory filing on Monday.
The Houston-based company, which has been accused of overcharging the U.S. government for its work in Iraq, said in a filing with the U.S. Securities and Exchange Commission that the Defense Contract Audit Agency, which is controlled by the Pentagon, recently issued a deficiency report.

The report dealt with deficiencies related to the logistics contracts Halliburton's KBR engineering and construction unit has won for work in Iraq, specifically the timely updating and formalizing of procurement documentation.

The report is "likely" to result in a formal audit, the company said in the filing.

"As a result of an increase in the level of work performed in Iraq or the DCAA's review of additional aspects of our services performed in Iraq, it is possible that we may, or may be required to, withhold additional invoicing or make refunds to our customer, some of which could be substantial, until these matters are resolved. This could materially and adversely affect our liquidity," the company said in its 10-K filing.

It is already the subject of other ongoing DCAA audits.

Halliburton, once led by Vice President Dick Cheney, said the "internal control" issues were identified in the fourth quarter by its auditors. As a result, it sent a task force into Kuwait to help employees keep procurement documentation current. It also provided additional resources to assist with identifying and accounting for goods and services that were received but not invoiced.

Etc...

Halliburton -- which said its revenue from government services in Iraq totaled $3.6 billion in 2003 -- Late last month, Halliburton said it formed a group to oversee accounting on its contracts in Iraq, responding to a report that KBR had found its cost control systems "antiquated" and inadequate and its procurement "disorganized" and marked by "weak internal controls."

---------lookiehere...Halliburton and the Dick in the news again...

[I AM SPARTACUS]

8. "cost control systems 'antiquated' and inadequate"...

its cost control systems "antiquated" and inadequate and its procurement "disorganized" and marked by "weak internal controls."

[RamboLiberal]

14. Giving this outrageous story a kick for daytime DU'ers

:kick:

[Mari333]

15. and my stepson emails me telling me he is hungry???

so everyday we send him boxes of food, beef jerky, whatever we can send because hes hungry????? He said all 250 guys in his unit are hungry, and if a box of food is sent by a parent or loved one its gone in 10 minutes
WTF!!! feed our kids you bastards!! You took them over there you sons of bitches now FEED them you slimey pieces of shit!!!
where the FUCK is the outrage???????????????????????????

[Ganja Ninja]

18. Where the f**k is the boot licking media!

Oh I forgot the media is too busy doing fluff pieces and feel good stories about soldiers that have made it back to their families safe and sound. They can't spare anyone cause they're too busy covering welcome home pep rallies. This ought to be the lead story for every Newspaper, TV and Radio outlet in the country. It ought to be the lead story and it should stay the lead story until it's fixed. This isn't the first time we've heard this type of crap going on. How about some 24/7 coverage of something that matters for Christ-sakes!

[Lisa]

21. right back to the War of 1812!

I remember reading an historical account about an American army unit that broke into a bakery, just across the border in Canada. The author, who sympathized with the other side, described how his heart welled over with pity when he realized that the young troops were half-starved, and were scooping the raw dough out of the ovens and wolfing it down.

It has been almost 200 years since then, and the United States is now richer and stronger than the old British Empire. And for all the things that have happened, good and bad, I would console myself by thinking that at least life wouldn't be that miserable for today's servicepeople. (Remember back when GIs had plenty of supplies and would GIVE AWAY food to hungry civilians? The elderly woman across the street from me remembers being a child in Europe during the Liberation, when one of the Americans gave her a piece of chocolate. She still cries, thinking of how good it tasted -- she was too young to remember chocolate, or even sugar candy, from before the War.)

Mari, I am so sorry!

[Beetwasher]

17. WTF Are They Doing W/ All That Goddamn Money?!?

Don't answer, it's rhetorical...Dick Cheney I'm sure has some fat offshore accounts somewhere...

[0007]

20. ......and the beat goes on

[Ilsa]

22. Jebus H! What are they doing with all of that money

the pentagon is paying them?
Bastards.