Public Citizen Takes on Tax Break for Halliburton-Backed Energy Think Tank

[CorpGovActivist]

The RPSEA Rip-Off Report: http://www.citizen.org/publications/release.cfm?ID=7498

"RPSEA members include 17 publicly traded companies that could fully fund the entire 10-year research program by setting aside just 1.5 percent of their profits from 2005 alone. These companies include such energy giants as Anadarko, Halliburton, Chevron, BP, Marathon Oil, ConocoPhillips and the French firm Total SA."

Be sure to note the articles and other resources at the bottom of the page.

TomPaine.com ran this item about the group: http://www.tompaine.com/articles/2007/01/25/big_oil_gets_to_keep_its_loot.php

"Championed by disgraced former House Majority Leader Tom DeLay, R-Texas, the oil and gas subsidy was slipped late one night into the massive Energy Policy Act of 2005 after a House-Senate conference committee had completed its deliberations on the bill. The conferees thus had no chance to consider the provision before it reached the House and Senate floor. Though this is not the first time we have seen a corporate giveaway stealthily inserted into a bill in the early hours of the morning, it is a striking example of how taxpayers get bilked by corporations and Congress."

Among RPSEA's board members: MR. DANIEL D. GLEITMAN, HALLIBURTON ENERGY SERVICES.

"Just prior to the filing of Chapter 11 proceedings, Halliburton Energy Services, Inc. was a wholly owned subsidiary of DII Industries. As part of the plan of reorganization, prior to its Chapter 11 filing, DII Industries distributed all of the capital stock of Halliburton Energy Services to Halliburton. Halliburton then distributed all of its ownership interests in DII Industries to Halliburton Energy Services, after which DII Industries became a wholly owned subsidiary of Halliburton Energy Services.

Although the transfer was disclosed in, among other documents, the disclosure statement for the proposed plan of reorganization, which on July 16, 2004 was confirmed by the bankruptcy court, if the proposed plan of reorganization does not become effective, it is possible that a claim may be made by a person with standing to assert such claim that the transfer of Halliburton Energy Services capital stock to Halliburton by DII Industries prior to the Chapter 11 filing constitutes a fraudulent transfer."

http://www.sec.gov/Archives/edgar/data/45012/000095012904004967/h16903e8vk.txt

Nice group that Tom Delay championed there, huh?

- Dave

[Robbien]

1. I believe almost every single GOP think tank is receiving taxpayer funds

There are so GOP think tanks with plenty of money to burn and if one looks into the funding details one always seems to find government grants up the whazoo.

[CorpGovActivist]

2. A Democratic Congress Should Commission a GAO Report...

... into the issue, IMO.

- Dave

[Swamp Rat]

3. We the People should take our money back ... let's RICO the bastards!!!