The Two Gulfs ...
With Saturday's big anti-war rally and Hurricane Rita in the news, we see a remarkable juxtaposition ... a choice, really. Do we promote democracy by killing people in Iraq, or is it better to promote democracy by helping those who most need our help? Join Michael Benner for Friday Inner Vision on KPFK as he discusses our options in "The Two Gulfs." That's Inner Vision, Friday afternoon at 1:00 PM on KPFK, 90.7-FM in Southern California, 98.7-FM in Santa Barbara County, and streaming for the world at KPFK-dot-org.
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posted by Michael Benner @ 11:59 AM
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Halliburton CEO's stock rises by $78 million since Iraq invasion
15 Sept. 2005
WASHINGTON, Sept. 15 (HalliburtonWatch.org) -- War and skyrocketing oil prices have been good to Halliburton's CEO David Lesar, whose stock in the company increased by an estimated $78 million since the U.S. invaded Iraq in 2003, a HalliburtonWatch analysis reveals.
In March 2003, the first month of the Iraq invasion, corporate disclosure records show Lesar owned 1.476 million common shares and share options in Halliburton worth $30 million. At the end of stock trading yesterday, those shares were worth $93 million, for a $63 million gain. Subsequent to the Iraq invasion, Lesar boosted his total holdings in the company from $93 million to $108 million by acquiring a net 243,000 additional shares, thereby increasing his stock holdings by $78 million since March 2003.
Halliburton's stock price tripled since the Iraq invasion from $20 to $63.
Lesar owns an additional 644,575 shares of "restricted stock," or stock that may be sold only if he satisfies certain goals and requirements of the corporation. If Lesar is authorized by Halliburton to sell those shares, they would be worth an additional $40.8 million as of yesterday's closing stock price.
In the last 24 months, Lesar sold $18.8 million worth of Halliburton stock, with $16.3 million sold this year alone.
On September 1, three days after Hurricane Katrina hit New Orleans, he sold stock pursuant to his stock option plan, earning a one-day profit of $720,100. One week later, on September 8, he similarly earned a one-day profit of $782,000 by selling stock.
Hitting a gusher: Crisis nets Halliburton CEO $60M
The chairman and CEO of Halliburton Inc. has made an estimated $60 million in four months due to the fuel crisis, a Herald review reveals. David Lesar, who runs the Houston-based contractor, has made $15.9 million in gains on his shares and options, or $5.3 million a week, just since Katrina made landfall.
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