Halliburton's Dubai Move Makes Democrats Suspicious

[DeepModem Mom]

ABC News: Halliburton's Dubai Move Makes Democrats Suspicious
Congress Will Likely Investigate the Firm's Reasons for Moving
By JAKE TAPPER

March 12, 2007 — Halliburton Co., currently the largest military contractor in Iraq with billions of dollars in Pentagon contracts, announced Sunday that it was planning to move its CEO and corporate headquarters from Houston to Dubai, the United Arab Emirates.

The move could eventually save the firm a fortune in U.S. taxes, but it is raising serious questions about its priorities and prompting at least one possible congressional hearing....

***

Run by Vice President Dick Cheney from 1995 to 2000, Halliburton has a five-year, $16 billion contract with the U.S. Army and total revenues of $22.6 billion in 2006.

Energy analyst Roger Read says if the company formally incorporates itself in the U.A.E., the banking mecca of the Middle East, company profits will soar.

"You'd probably be looking at a tax savings of several hundred million dollars.…It's a win for the shareholders," Read said.

Outrage over that possibility had Halliburton scrambling Sunday to explain it had no plans to incorporate abroad. Still, Democrats are suspicious....

The move may raise serious national security questions too, as happened last year with the canceled port security contract with another U.A.E.-based company, Dubai Ports World. Congressional outrage scuttled that deal; Halliburton will now have some explaining to do to avoid similar scrutiny....

Halliburton is already being investigated by different government agencies for various allegations of improper business dealings, and it is in the cross hairs of Democrats in Congress for alleged overbilling....

http://www.abcnews.go.com/GMA/Politics/story?id=2943017&page=1

[Eurobabe]

1. Good, it ought to!

[BOSSHOG]

2. More conservative values

Just move to another country to avoid potential legal action against you. Avoid paying taxes. Compound the felony. Stay in bed with the criminals in the bush administration. Another very proud chapter for conservatives in America. They have so much to be proud of.

[yellerpup]

3. Uh, you know the way they freeze the bank accounts of those who

abet terrorism? Better get the ice on this right away.

[Norquist Nemesis]

4. Meanwhile, wasn't there something about a sale of port ownership

to a foreign based country not too long ago? Gee, I wonder what Halliburton's ability to handle the logistics of port management is...

[tridim]

8. Top notch port management! Triple the price, half-assed deliverable.

That's how Halliburton does business.

Anyone else get the feeling that Dubai is the BFEE's next Saudi Arabia?

[GoddessOfGuinness]

5. Now why would it make anyone suspicious?

:eyes:

[Kagemusha]

6. Last night I saw a denial by Halliburton that it was changing incorporation.

Guess we'll see what the case is.

[KKKarl is an idiot]

7. They have the inside scoop

They know the US economy may soon be in for a huge shock. I figure a lot of big companies are going to do this very soon. The outlook is bad for the US economy. So these shareholders want to preserve their money from becoming worthless. Additionally the tax haven countries like Dubai provide look extremely appealing to these people.

[RaleighNCDUer]

9. If haliburton wants to move to Dubai, more power to em.

If they are no longer a US company, we cancel all defense contracts with them. Didn't we pass a law saying that vital defense industries are to be in US hands, for national security reasons?

[Vidar]

13. Great idea.

[TechBear_Seattle]

10. If they move their corporate headquarters out of the US, are they still a US company?

And if they are not a US company anymore, aren't they automatically disqualified from any contracts dealing with US military and security?

[LiberalEsto]

11. I'll bet Ken Lay is there

just waiting for the gang to arrive!

[Norquist Nemesis]

12. WOW! Something just brought up on the radio show I'm listening to

(Ed Schultz) that I hadn't considered with this 'move'. US companies can not do business with Iran. Repeat: US companies can't do business with Iran.