More on the Haliburton Move

Raw Story is reporting that "Sen. Frank Lautenberg (D-NJ) is calling on the U.S. Treasury to ensure that a controversial Houston-based multinational corporation, Halliburton, is not benefiting financially from the move of its headquarters to the United Arab Emirates".

Here's my comment from my post from March 11, 2006:

So is it that Haliburton is abandoning the Bush admin for greener pastures or is there a grander scheme? It's closer to Iraq and Iran. And I believe that Haliburton is already in Iran. I need time to dissect this move but it doesn't feel right.

Iran!

The Raw Story article goes on to say:

In response to the announcement that Halliburton's CEO is moving the company's headquarters to Dubai, United Arab Emirates, U.S. Senator Frank R. Lautenberg (D-NJ) called on the Treasury Department to make sure Halliburton's move is not part of a larger effort to increase Halliburton's business with Iran by evading current U.S. sanctions laws prohibiting any U.S. company from doing business with terrorist states.

Also the no bid contracts that Haliburton received from our government is an issue in this as well as Congress's investigation of over charges to our government.

Read the rest of the Raw Story article that also shows the letter that Sen. Laughtenburg wrote to the US Treasury Dept.

More to come, I am sure!

Waxman looking into Haliburton Move

More on the Haliburton move to Dubai from the Time-blog
When I said earlier it doesn't sound right, I guess I wasn't the only one. There's also more of this story at the Financial Times

Is this about tax breaks? Getting beyond the reach of congressional subpoenas? And what about all that sensitive information that Halliburton has had access to? At a minimum, reincorporating in Dubai would mean that Halliburton will be paying less taxes to the U.S. Treasury, even as it collects billions from government contracts.

The last paragraph of the FT story begins to answer the questions about Halliburton's, uh, interestingly timed decision to move its corporate headquarters:

Dubai has long positioned itself as a regional business hub, with a laisser faire attitude to business regulations. The government has launched several free zones allowing foreign firms to circumvent laws barring foreigners owning businesses.

Karen Tumulty from Time-blog also has this UPDATE: Henry Waxman is likely to hold a hearing on this, an aide tells me.

I am sure there will be more to this story.

Haliburton HQ's is leaving Texas and setting up shop in Dubai

Haliburton is following the money. This is ominous for the US. Evidently, even Haliburton believes we are losing power in the world. Oh, they will keep their office in Houston but it will now become a regional office.

From the AP:

Halliburton will move HQ to Dubai
By JIM KRANE, Associated Press Writer
44 minutes ago

Oil services giant Halliburton Co. will soon shift its corporate headquarters from Houston to the Mideast financial powerhouse of Dubai, chief executive Dave Lesar announced Sunday.

"Halliburton is opening its corporate headquarters in Dubai while maintaining a corporate office in Houston," spokeswoman Cathy Mann said in an e-mail to The Associated Press. "The chairman, president and CEO will office from and be based in Dubai to run the company from the UAE."

Lesar, speaking at an energy conference in nearby Bahrain, said he will relocate to Dubai from Texas to oversee Halliburton's intensified focus on business in the Mideast and energy-hungry Asia, home to some of the world's most important oil and gas markets.

"As the CEO, I'm responsible for the global business of Halliburton in both hemispheres and I will continue to spend quite a bit of time in an airplane as I remain attentive to our customers, shareholders and employees around the world," Lesar said. "Yes, I will spend the majority of my time in Dubai."

Lesar's announcement appears to signal one of the highest-profile moves by a U.S. corporate leader to Dubai, an Arab boomtown where free-market capitalism has been paired with some of the world's most liberal tax, investment and residency laws.

"The eastern hemisphere is a market that is more heavily weighted toward oil exploration and production opportunities and growing our business here will bring more balance to Halliburton's overall portfolio," Lesar said.

So is it that Haliburton is abandoning the Bush admin for greener pastures or is there a grander scheme? It's closer to Iraq and Iran. And I believe that Haliburton is already in Iran. I need time to disect this move but it doesn't feel right.