A Fisking
It's been a while since I've done one of these and in my mercy I've given DonViti a pass. The latest silliness comes from Kavips.
In a post entitled
Halliburton to IRS: “Return to Sender….Address Unknown….”
Without further ado, let's get started
Halliburton to IRS: “Return to Sender….Address Unknown….”
I thought I was bad with over categorization. We have "No Child Left Behind"! I can only assume this is somehow supposed to be humorous.
J.R. Ewing was a fictional character.
Our resources are in decline? They are? Really? Well, not according to that noted Bush Administration shill The New York Times.
Back to Kavips...
Well, no. That other Bush Administration Mouthpiece NPR notes: "Halliburton has announced that it will open a headquarters in Dubai and that the company's CEO and Chairman, David Lesar, will work from that office in the future. At the same time, the company says it will keep its legal incorporation in the U.S. and still be subject to U.S. law, regulation and taxation."
Translation: The CEO is tired of flying to the Middle East and sure as hell isn't going to live in Saudi Arabia. Dubai is the most Western friendly GCC country and their reserves are declining so it isn't about doing business with them.
I have no idea where he got his numbers but I got mine from their own website. To preclude any whining. It's a fair bet these numbers are the same as those filed with the SEC. To do otherwise would invite a slew of fraud suits.
To wit:
2006
North America $6,458 49.8%
Latin America $1,514 11.7%
Europe/Africa/CIS $2,798 21.6%
Middle East/Asia $2,185 16.9%
Total $12,955
As noted, the figures for domestic revenue was just about 50% for domestic and spread pretty evenly for the rest of the globe. Kavips confuses profit with other financial indicators. Revenue, for example, is akin to sales. It shows where your money is coming from but not a profitability picture as it does not account for Interest and Tax deductions. I think he's getting the figure of 60% from the Operating Income statement. For that, I have the following:
2006
North America $6,458 60.1%
Latin America $1,514 8.5%
Europe/Africa/CIS $2,798 16.4%
Middle East/Asia $2,185 15%
Total $3,383
Kavips is correct that their earnings last year were $2.3 billion. That does not mean one can conflate their earnings with revenue. The two are not synonymous and doing so gives a distorted picture of their revenue streams.
Nonsense. If this was really about oil. Bush would have lifted the sanctions and the price of crude would have plummeted. Halliburton et al would have had more contracts than they'd know what to do with. Iraq's oil infrastructure is and has been crumbling badly due to years of neglect.
Like the ones Bush took to make regime change in Iraq US policy even before he took office! Amazing!
Like that sneaky Congressional Resolution they somehow tricked Democrats into passing.
Iraq was in material breach of a dozen UN resolutions any of which constituted sufficient grounds for military force. That is undisputed. Saddam was a brutal dictator who filled mass graves with political opponents. That is likewise, undisputed and so on...
Our energy policy is dictated by one man? Really? That's amazing. I wonder how he keeps everything moving.
We'll never know because he never will be. They could investigate him but when he was exonerated they he wouldn't be their shibboleth any more. Additionally, nobody has ever been able to explain why he would take a nation to war via machinations of epic proportions apparently, to enrich a company that he's no longer involved with.
No. It. Does. Not. That is either a lie or an error of galactic proportions. I leave it to you to decide which.
If I read this correctly, he's saying that American taxpayers won't be able to reap the taxes from Halliburton. Demonstrably false.
Nonsense. The billions are for services rendered. This is not just a giant check for doing nothing.
Lastly, corporations do not and never will pay taxes. They simply collect them from consumers.
In a post entitled
Halliburton to IRS: “Return to Sender….Address Unknown….”
Without further ado, let's get started
Halliburton to IRS: “Return to Sender….Address Unknown….”
Wednesday, March 14th, 2007 in Trillion Dollar War, national defense, administration policy, Cliff Barnes, J. R. Ewing, Dick Cheney, Dubai, Iraq, Dallas, Bush, no child left behind, Houston
I thought I was bad with over categorization. We have "No Child Left Behind"! I can only assume this is somehow supposed to be humorous.
If I were in charge of an oil company, very few would think it unusual for me to move my headquarters to Houston or Dallas. After all, how could I be a player in oil, if I didn’t rub shoulders with Cliff Barnes and J. R. Ewing………………
J.R. Ewing was a fictional character.
So why should it be a surprise that Halliburton, an oil field servicing company, should announce it’s intention to move their headquarters to Dubai, in the United Arab Emirates? This move marks the high tide mark of American energy. America’s oil and natural gas resources are in decline.
Our resources are in decline? They are? Really? Well, not according to that noted Bush Administration shill The New York Times.
"Within the last decade, technology advances have made it possible to unlock more oil from old fields, and, at the same time, higher oil prices have made it economical for companies to go after reserves that are harder to reach. With plenty of oil still left in familiar locations, forecasts that the world’s reserves are drying out have given way to predictions that more oil can be found than ever before."
Back to Kavips...
We are expected to believe they are moving there for the weather. Due to the clouds surrounding this company, because it’s former owner is our country’s Vice President, one would be remiss not to wonder if this was a covert attempt to cover up wrong doing, just in case some future political climate change were to rain down corporate subpoenas.
Well, no. That other Bush Administration Mouthpiece NPR notes: "Halliburton has announced that it will open a headquarters in Dubai and that the company's CEO and Chairman, David Lesar, will work from that office in the future. At the same time, the company says it will keep its legal incorporation in the U.S. and still be subject to U.S. law, regulation and taxation."
Translation: The CEO is tired of flying to the Middle East and sure as hell isn't going to live in Saudi Arabia. Dubai is the most Western friendly GCC country and their reserves are declining so it isn't about doing business with them.
The US government has paid Halliburton over 25 Billion $ in government contracts. Halliburton earned over 2.3 billion last year in profits. 60% of that came from, operations in the US: servicing domestic oil fields. That conversely means that up to 40% was earned overseas, mostly from Iraq. Roughly over $920,000,000 in profit was earned just last year from services rendered in and around Iraq.
I have no idea where he got his numbers but I got mine from their own website. To preclude any whining. It's a fair bet these numbers are the same as those filed with the SEC. To do otherwise would invite a slew of fraud suits.
To wit:
2006
North America $6,458 49.8%
Latin America $1,514 11.7%
Europe/Africa/CIS $2,798 21.6%
Middle East/Asia $2,185 16.9%
Total $12,955
As noted, the figures for domestic revenue was just about 50% for domestic and spread pretty evenly for the rest of the globe. Kavips confuses profit with other financial indicators. Revenue, for example, is akin to sales. It shows where your money is coming from but not a profitability picture as it does not account for Interest and Tax deductions. I think he's getting the figure of 60% from the Operating Income statement. For that, I have the following:
2006
North America $6,458 60.1%
Latin America $1,514 8.5%
Europe/Africa/CIS $2,798 16.4%
Middle East/Asia $2,185 15%
Total $3,383
Kavips is correct that their earnings last year were $2.3 billion. That does not mean one can conflate their earnings with revenue. The two are not synonymous and doing so gives a distorted picture of their revenue streams.
Remember, no American company would ever be allowed to get close enough to even sniff Iraqi oil, had we not chosen to go to war…….
Nonsense. If this was really about oil. Bush would have lifted the sanctions and the price of crude would have plummeted. Halliburton et al would have had more contracts than they'd know what to do with. Iraq's oil infrastructure is and has been crumbling badly due to years of neglect.
So when one hears of the shadowy steps that this administration took to justify its military action in Iraq,…
Like the ones Bush took to make regime change in Iraq US policy even before he took office! Amazing!
and if one faintly remembers how they went to war, despite all public arguments to the contrary, ….
Like that sneaky Congressional Resolution they somehow tricked Democrats into passing.
and finally, if one remembers that not one of the reasons for which we invaded, turned out to be correct, ……………
Iraq was in material breach of a dozen UN resolutions any of which constituted sufficient grounds for military force. That is undisputed. Saddam was a brutal dictator who filled mass graves with political opponents. That is likewise, undisputed and so on...
..then one has to ponder, how the sole creator of this nation’s energy policy[!],
Our energy policy is dictated by one man? Really? That's amazing. I wonder how he keeps everything moving.
wound up turning out to be the war’s strongest advocate, and………. who’s company in just in one year has profited just under one BILLION$ from our actions, ………………One has to wonder how this person will look when his action is investigated by a Democratic House and future Democratic Senate.
We'll never know because he never will be. They could investigate him but when he was exonerated they he wouldn't be their shibboleth any more. Additionally, nobody has ever been able to explain why he would take a nation to war via machinations of epic proportions apparently, to enrich a company that he's no longer involved with.
Moving this company to Dubai, offers protection from legal liability. It preserves records where the Federal Government cannot touch them.
No. It. Does. Not. That is either a lie or an error of galactic proportions. I leave it to you to decide which.
It also keeps American hands out of the lucrative oil field cookie jar.
If I read this correctly, he's saying that American taxpayers won't be able to reap the taxes from Halliburton. Demonstrably false.
For having sunk 25 BILLION $ into Halliburton’s pockets, it would be quite un-Republican to pay a tiny fraction of that back in the form of taxes………………………………
Nonsense. The billions are for services rendered. This is not just a giant check for doing nothing.
Lastly, corporations do not and never will pay taxes. They simply collect them from consumers.
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