By Maxine Shapiro, KERA 90.1 business commentator
Dallas, TX – Sometimes when I read the news, I feel so helpless and frustrated I want to scream. Other times, I see a real shift in attitudes and feel maybe, just maybe, someone is listening. I'm Maxine Shapiro with KERA Marketplace Midday.
For example, let's take the case of Halliburton. This is the part where I want to scream. Every month, the Army Corps of Engineers announces another deal with Dick Cheney's old company. One of the more recent deals to restore Iraqi oil production is worth nearly $950 million - $200 million above last month's projection. And Army spokesmen say when you put all these deals together, it's costing U.S. taxpayers an estimated $2 billion. That figure is expected to rise.
None of this was based on a competitive bid, by the way. The contracts were just handed to them. And in the "how-much-more-absurd-can-you-get?" category, one of the more expensive items is - and I've got to quote the Dow Jones Newswire on this because you might not believe me - "importing fuel to the oil-rich country, at a cost of as much as $6 million a day." Cheney told NBC's "Meet The Press" yesterday, "I have no financial interest in Halliburton of any kind and haven't had now for over three years." So?!
Okay, on to the part where an outcry is actually resulting in some sort of possible action. A few weeks ago, the New York Stock Exchange decided to break a 200-year precedent and reveal the earnings of Chairman Dick Grasso. It was said to be a $140 million compensation package, plus a million here and there for annual pay. Well, last week the total retirement package - which was never entirely disclosed to the full board or the public - came in at a whopping $187.5 million. The furor got so loud Grasso gave up $48 million. And now there's a little petition circulating on the Exchange floor; maybe Grasso ought to step down. This really doesn't help investor confidence. For KERA Marketplace Midday, I'm Maxine Shapiro.
Marketplace Midday Reports air on KERA 90.1 Monday - Friday at 1:04 p.m.
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