Wednesday, October 25, 2006

Follow the Money

A US audit shows that 50% of the budgeted Iraq reconstruction funds are going to administrative costs. That means half the money budgeted is NOT going to reconstruction. "In one case, the report says, KBR Incorporated, a subsidiary of the giant U.S. corporation Halliburton billed the federal government $163 million for its overhead costs in Iraq - more than 55 percent of the amount budgeted ($296 million) for the full rebuilding project."

Halliburton stock gets an "outperform" rating, as estimates rise. Halliburton 3rd Quarter net income rose a whopping 22 percent. A light hurricane season helped Halliburton, but the real boost comes from Iraq, and the budget over-runs.
"Iraq was better than expected," said Jeff Tillery, an analyst with Pickering Energy Partners Inc. "Overall, there is nothing really to question or be skeptical about. I think the results are very good."

Vice President Dick Cheney (who used to run Halliburton) seems to agree. Last week he told Rush Limbaugh regarding the Iraqi government, "If you look at the general, overall situation, they're doing remarkably well." The vice president also acknowledged there's some concern because the war wasn't over "instantaneously." October, which isn't over yet, has had the highest number of US dead; we've been in Iraq just one month less than the entire time it took us to fight and win World War II, but overall, Iraq is doing remarkably well.

For whom, Mr. Cheney?


Tina said...

Iraq is doing remarkedly well.... for those of us who are just rolling in all of that blood money!
Bhwaa-aaahhh!... evil laughter erupts from Cheney's forked tongued mouth.

Remarkedly well... for whom in Iraq? The 1.8 million Iraqis who have fled their nation in fear? The 655,000 Iraqis that we've killed in 3 yrs? Sweet baby Jesus. What an evil douchebag bastard he is... my apologies to any an all douchebags. He is an insult to them.

pekka said...

This blatant war profiteering is so outrageous and sickening especially when it is associated with the highest office in the land. It's one thing to have "regular" captains of the industry to fatten their offshore bank accounts but the vice-presiden... I for one thought that those things belonged to a sometime in the past like 1870's. The monetary figures prossecuting this war are in hights that certainly escape my pesant comprehension and one can't help thinking of how much good this money could have brought if only spent differently. I know by now that Chaney will not share this view and I guess that's at least something to be happy about.

sumo said...

If this all will only catch up with them in the end.

Anonymous said...

I just did a quick analysis over on Blognonymous breaking down your tax burden for the war. Assuming the we have to keep issuing treasury paper to cover it for about 100 years, it's gonna cost each family of four $2600 in debt service every years. That's $2600 that can't be used for anything of value.


DivaJood said...

Tina, Dick Cheney is the devil himself.

Pekka, remember, the US is not a Democracy. It's a Republic. Capitalism is good for, oh, I don't know. Dick Cheney.

Sumo, it probably will, but not in my lifetime.

Kvatch, maybe I can refuse to pay my taxes. I'll file, but refuse to pay. Or is that too late?