The Democrats promised to conduct oversight when they took control of Congress and boy, are they delivering. On Monday, the Senate Oversight Committee held a hearing dealing with Halliburton and their exploitation of a loophole in U.S. law that allowed the company to use foreign subsidiaries in order to do business with terrorist states - namely, Iran. This clip shows Democratic Senators Frank Lautenberg (D-NJ) and Sherrod Brown (D-Ohio) grilling Sherry Williams, V.P. and Corporate Secretary for Halliburton about the company's deplorable ethics and questionable practices.
Vice President Cheney continues to recieve his hefty pension from Halliburton, all the while knowing that that money is being earned with the blood of American soldiers.
The senators heard testimony from a representative of Halliburton, a U.S. oil giant that has continued indirect trade relations with Iran through a subsidiary that sold a reported $30 million in oil extraction equipment to energy companies in the Islamic Republic. U.S. sanctions have made it illegal to directly do business with Iran since 1995.
"Despite doing business with Iran, Halliburton received more than $20 billion in U.S. government contracts," Brown's office said.
The Restoring Integrity in Contracting Act of 2007 would punish companies found to continue trade relations with state sponsors of terror through offshore subsidiaries by prohibiting offending U.S. companies from winning federal contracts.
"Corporations are free to move their CEOs and headquarters wherever they want," Senator Dorgan said, "but if they choose to work with state sponsors of terror, they shouldn't expect to be rewarded with U.S. government contracts. We are engaged in a war on terror, and corporations need to show some economic patriotism. Our bill will help encourage that."
The Restoring Integrity in Contracting Act (RICA) of 2007 would:
Deny government contracts for five years to any corporation that expatriates; Deny government contracts to any corporation, or subsidiary, that does business with a state sponsor of terrorism or foreign terrorist organization with penalties of 5 years for the first offense, 10 years for the second offense, and 15 years for any offense after the second offense; Require all future contract bids to include full disclosure information on expatriation and business operations with state sponsors of terrorism and foreign terrorist organizations, and establish penalties for non-disclosure. Provide for a database of contractor information.
3 comments:
but still they will find another loop hole
Now, now, Chicago Naitve.
Don't be pessamistic. This is good start to lay a policy for future business who abuse the law and government contract. In the case ofthe Dickster, the Dickster is clever. He knew that there was going to be a policy in place in the U.S. to punish companies that receive gov't contracts that do business with countries that are considered terrorist connection. The Dickster move Halliburton to Dubai where the company will do business overseas and receive contracts non-US and then end partnership with KBR and leave KBR in the U.S. Who gets screwed from this deal? Not the Dickster but KBR. A bulk of the Dickster's assets are in Halliburton and not in KBR.
Sounds as bad as the ComEd/Excelon thing we are having over in Illinois. ComEd (electric company) was told to buy energy from competitors, then ComEd became ComEd the distributer and Excelon the Supplier, rates were frozen to allow competition for electricity to build up. Now ComEd was able to raise it's rate (price freeze expired) to unbelievable highs 26% or more, Excelon is getting record profits the stocks are going up 75 cents 60 cents a day etc. But ComEd says it will go bankrupt if it lowers fees, and since they are a separate Company from Excelon.....well anyhow this is getting to be quite the mess because Emil Jones, pres of State Senate is blocking another rate freeze etc. Also Emil Jones' stepson got a huge no bid contract for computer services with Excelon, along with the City Colleges of Chicago. But Emil Jones' contributors to his campaign are .....Excelon. This is one current mess we have in full blown media/political mode in Illinois, we have State house Speaker Madigan (attory gen Lisa's Dad), Pat Quinn, Lt. Gov and others in this fight.
Post a Comment