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Tuesday, February 21, 2006

Dubai Halliburton Iran connection

Is it just me, or does it look like the president is so willing to give away this country?

In August of 2004, 60 Minutes did a report on American companies doing business in and with so-called rogue states. This was part of an investigation into so many American 401(k) pension plans being invested in these companies. The companies covered in the report are Halliburton, GE and Conoco-Phillips.

American companies are forbidden from doing business with rogue states. However, the companies in question have found a loophole whereby they can create an offshore subsidiary, and, as long as it's run by non-Americans, said subsidiary can conduct business with said rogue states.

Halliburton has done just that by setting up a subsidiary in the Cayman Islands. So far, so good. Eh?

But, when 60 Minutes went to the office in the Caymans, they were told the office was in name only, that there were no employees, and all inquiries should be directed to Halliburton in Houston, Texas. Not surprisingly, Houston wouldn't talk about it with 60 Minutes.

Back to the pensions for a moment. These are government and private pension funds that total in the trillions of dollars.

One pension administrator, the comptroller of New York City, decided to conduct his own investigation. In reply to his inquiry, "Halliburton says its Cayman Island subsidiary is actually run out of Dubai." Let me repeat that. "Halliburton says its Cayman Island subsidiary is actually run out of Dubai."

What rogue state is Halliburton doing business with out of Dubai and to what extent? Ah, well that would be Iran to the tune of "about $40 million a year worth of oil field services to the Iranian Government."

Halliburton declined 60 Minutes' request for an interview, but in an e-mail, the company indicated it has no intention of leaving Iran -- or addressing the questions we raised about the independence of its subsidiary.

Back to today. The president is firing back at critics of his plan to allow a Dubai government company to conduct port operations in the United States and on behalf of the United States. In fact, he has threatened to veto any congressional action that would ban the operation from happening. And, he has even gone so far as to send his people out to convince us that this is a good idea.

We can start asking ourselves whether or not the president is really putting corporate interests ahead of his own citizens' interests.

Because, he just may be.

Posted by Marie at February 21, 2006 6:09 PM

Comments

It's pretty common knowledge that the company is flagged in the Cayman with bank accounts there---however, the corp. headquarters office is in Dubai. Been that way since day one.

I'm not chastising or anything--just surprised that the comptroller of New York would have any trouble finding that out --(not to mention why it would be in his lane of fire to start with).

their actual address, as much as they try keeping this hidden..is:

Al Moosa Tower 1
Sheik Zayed Rd
PO Box 120727
Dubai, UAE

with offices starting in the 1000 range.

How do I know?--hehe, I was really bored a long time ago and put the god of google to the test. lots of complaints from their employees are online about having a byzantine medical system.

Posted by: --TBAS at March 12, 2006 2:37 PM