Cheney takes fall for Soros?

I'm questioning the timing of two recent events:

  • 1. George Soros buys Halliburton:
    According to papers filed with the SEC, in the fourth quarter of 2006 Soros purchased nearly 2 million shares of ... hold your breath ... Halliburton. The Halliburton shares reportedly went for an average purchase price of $31.30 a share. That puts Soros' total investment in Halliburton at around $62.6 million, or about 2 percent of his total portfolio.
    (Via Judith Weiss.)
  • 2. Halliburton moves to Dubai:
    Halliburton Co., currently the largest military contractor in Iraq with billions of dollars in Pentagon contracts, announced Sunday that it was planning to move its CEO and corporate headquarters from Houston to Dubai, the United Arab Emirates.

    The move could eventually save the firm a fortune in U.S. taxes, but it is raising serious questions about its priorities and prompting at least one possible congressional hearing.

  • Much of the fuss over Halliburton's latest move involves Dick Cheney. But according to Wikipedia, while it is true that Cheney once was the company's CEO, his holdings now consist of "unexercised stock options at Halliburton, which have been valued at nearly $8 million."

    In other words, Soros's interest is nearly eight times Cheney's.

    So if we assume that Halliburton is being evil by moving to a sexist, anti-Semitic, and anti-gay country, can anyone tell me why Cheney is more guilty than Soros?

    posted by Eric on 03.12.07 at 03:20 PM





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    Comments

    Because Soros is Jewish, and who ever heard of a Jewish anti-semite?

    ....Oh.

    Jon Thompson   ·  March 12, 2007 07:14 PM

    Do you suppose Soros helped manufacture the anti-Haliburton meme in order to drive the price down?

    Then he picks up a chunk and the campaign dies out except for a few "crazy" die hards.

    Instant profit.

    He has mastered "legal" stock manipulation. Do it indirectly.

    M. Simon   ·  March 12, 2007 07:31 PM

    Soros bought 2 million shares of Halliburton (HAL). Halliburton has 999 million shares outstanding. Soros' investment is 1/5 of 1% of Halliburton's total shares, far too little to get him a seat or even a voice at the corporate table or to have any influence with management. Soros bought this stock because he hopes to make money on his investment; not to change, control, or run Halliburton. To be sure, it is an ironic purchase for Soros.

    Chocolatier   ·  March 12, 2007 07:50 PM

    The Haliburton proposed move is baffling. First, given the ruction over the Dubai ports deal, why would they even consider such a move?
    Second, with all the bad press they've received, what makes them think this won't blow up into a public relations nightmare?

    I guess the point could be made that this war in Iraq is really a contractor's event. Given the fact that we're hiring so many civilian contractors, that so much money is being poured down the rathole of Haliburton, maybe they're positioning themselves outside the reach of investigators come the probable election of a Democrat president next year.

    Whatever the real reason, I'm not buying their explanation of tax savings.

    Frank   ·  March 12, 2007 10:11 PM

    You're suspicious of a company's priorities when it moves offshore. Hey it's called profits. The priority of all companies is to make a profit. Hello

    it's me   ·  March 12, 2007 11:27 PM

    Well, my initial reaction was to suspect profit as a motive, but my suspicions were distracted by the invocation of Cheney as the culprit.

    Typical analysis here:

    http://www.atlanticfreepress.com/content/view/1167/81/


    Naturally I wondered what was going on.

    I still suspect the company considers making money to be a higher priority than acting as an evil Cheney stooge.

    But millions apparently think otherwise!

    Eric Scheie   ·  March 13, 2007 08:12 AM

    Chocolatier: Right, but people (of the clueless sort) commonly assert that Cheney is somehow horribly compromised by a far lower level of investment in Halliburton, which he also has no ability to control, change, or run, without time travel.

    Thus the comparison.

    (Re. the move itself, given that a lot of their business is in the Middle East, the way they're still incorporated in Delaware, they're not closing their Houston office and the timezone difference between their US HQ and that middle east area of operations, all make this look like a logical business move rather than anything nefarious, or even a (US) tax dodge.

    The usual suspects have already pronounced it vile and awful, of course. And as usual, they're wrong.)

    Sigivald   ·  March 13, 2007 03:33 PM

    That this stock purchase comes from a man whose ideology excoriates hypocrisy as a mortal sin second only to racism is the greatest irony of all.

    S Wisnieski   ·  March 13, 2007 07:05 PM

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