| Bush proposes "Cheney's Cronies' Revenge Act" in State Of The Union speech. |
| In his fifth State Of The Union speech on February 2, 2005, Bush said, "We must free small business from needless regulation and protect honest job-creators from junk lawsuits. Justice is distorted, and our econmomy is held back, by irresponsible class actions and frivoluos asbestos claims -- and I urge Congress to pass legal reforms this year." What corporation can you think of that faced huge claims for health related asbestos damages? It's Halliburton! Halliburton, as you may recall, is the company that Vice President Cheney ran before joining the Bush team, and from which he still draws a deferred salary. Concerns about the outcome of asbestos claims have limited the value of Halliburton stock. Halliburton: Asbestos chapter closed January 3, 2005 Houston - Halliburton's $4.17-billion settlement of thousands of asbestos claims has been finalised, the company announced on Monday. The Houston-based oil services conglomerate's construction and engineering subsidiary, KBR, and other subsidiaries that filed for bankruptcy protection in December 2003 as part of the settlement have emerged from Chapter 11. The reorganisation plan, which included a $2.775-billion cash payment with the rest in stock to settle 400 000 asbestos and 21 000 silica claims, received court approval in July last year and went into effect this past Friday, December 31. Halliburton said the company anticipates funding trusts to pay the claims by the end of this month. "The asbestos chapter in Halliburton's history is closed," said Dave Lesar, chairperson and chief executive of Halliburton. Halliburton inherited the claims when the company acquired Dresser Industries for $7.7-billion in 1998, during Vice President Dick Cheney's 1995-2000 tenure as CEO. Most of the asbestos claims were filed against a former Dresser subsidiary, Pittsburgh-based Harbison-Walker Refractories. Halliburton announced in September that KBR, formerly known as Kellogg, Brown & Root, may be sold or spun off if its stock performance fails to improve after the conclusion of the asbestos litigation. The unit's efforts to cut $80 million in costs include eliminating positions and re-examining project costs. Source: Business Report & Independent Online (Pty) Ltd. (www.busrep.co.za) |
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