August 21, 2003


Who's making $$ from Iraq?

Well someone had to be making a buck from the little conflict over in the desert, right? Well someone is, and here's the list. Now I would never be one to be cynical or anything, but does is seem strange to see this:

Citing security concerns and time constraints, they hand picked the companies that would be allowed to bid for the contracts (American firms only, thank you), and in some cases they awarded colossal sums with no bidding at all.

USAID, whose mission is to further "America’s foreign policy interests in expanding democracy and free markets while improving the lives of the citizens of the developing world," invited 21 firms to bid on eight contracts worth $1.7 billion. Many of the contract details have not been revealed to American taxpayers or the Iraqi people

Along with this entry in the llist: (emphasis added)
KELLOGG BROWN AND ROOT (KBR) (A HALLIBURTON SUBSIDIARY)

KBR is the engineering and construction wing of the Houston, Texas-based petroleum and gas service firm; Halliburton is publicly traded on NYSE (HAL).

Amount: Unlimited

For: Repair of Petroleum Infrastructure (putting out oil fires, contingency planning)

The contract to extinguish and repair the oil infrastructure of Iraq is the true gem of the reconstruction spoils. For starters it is a "cost plus" contract in which the government pays the total cost of work done, plus a profit. The Army Corps of Engineers predicts the total value will amount to $7 billion over two years with KBR taking 7% (about $490 million) as profit. The contract also gives KBR the right to produce and sell oil inside the country of Iraq. Remarkably, this was a closed-door handout granted to KBR without bidding.

Therein lies the beauty of having your man in the White House, after all VP DuraCell sure has incentives to keep the CheneyBurton stock prices up there, and the corporate profits flowing, back to him.
And then, of course, there is Dick Cheney's Halliburton, profiting in the millions from the oil in Iraq. Halliburton subsidiary, Brown & Root, is also in Iraq. Their stock in trade is the building of permanent military bases. Here is your permanent military presence in Iraq, and all for an incredible fee. Cheney still draws a one million dollar annual check from Halliburton, what they call a 'deferred retirement benefit.' In Boston, we call that a paycheck.
And they say they're not criminals.

posted by Jo Fish on 08.21.03 at 06:09 PM





Comments:

aw, c'mon Jo, whadday got against crony capitalism?

posted by: the mullet on 08.21.03 at 10:43 PM [permalink]



So every time an Iraqi insurgent blows up a pipeline, KBR makes a profit?

posted by: edub on 08.21.03 at 11:32 PM [permalink]



Is it time for Congress to consider an excess profits tax similar to one enacted near the end of WW II? Has W created a profit center with his Iraq War for private firms? Destroy the village and then rebuild it, like in Vietnam?

posted by: Shag from Brookline on 08.22.03 at 07:27 AM [permalink]



Don't forget you can't take it with you Dick, everybody I know left this world empty handed.If you don't get caught in this world you sure as hell will be caught in the next.
Tony

posted by: Tony Smee on 09.19.03 at 06:36 PM [permalink]



I guess you would rather them give the job to the French or Germans? Remember - Haliburton is an American company that employs americans who pay taxes and who might be unemployed if it weren't for those jobs and might be drawing unemployment which you and I have to pay them through higer taxes. And never mind the fact that Haliburton might be the best company for the job. We can't consider that at all, can we?

posted by: Dave Roach on 09.22.04 at 11:36 AM [permalink]






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