[size=+2]Aides Back Cheney on Lack of Halliburton Ties[/size]
[size=-1]By Mike Allen and Dana Milbank
Washington Post Staff Writers
Wednesday, September 17, 2003; Page A16 [/size]
Aides to Vice President Cheney yesterday defended his assertion this weekend that he has no financial ties to the Halliburton Co., even though he still receives deferred compensation from the Texas-based energy conglomerate.
Cheney was chairman and chief executive of Halliburton until he joined George W. Bush's ticket. The firm has won Iraqi reconstruction contracts worth more than $1.7 billion and stands to make hundreds of millions of dollars more under a no-bid contract awarded by the U.S. Army Corps of Engineers.
Cheney, appearing Sunday on NBC's "Meet the Press," said he has "severed all my ties with the company, gotten rid of all my financial interests. I have no financial interest in Halliburton of any kind and haven't had now for over three years."
Democrats took issue with that characterization yesterday, pointing to the deferred compensation Cheney receives from the company. Cheney's office said he received $147,579 in 2001 and $162,393 in 2002, under an arrangement he made in 1998 and cannot revoke. Democrats also pointed out that Cheney retains unexercised Halliburton stock options. Cheney announced in 2001 that he had signed an agreement to donate the after-tax proceeds to three charities.
Senate Minority Leader Thomas A. Daschle (D-S.D.) said Cheney "needs to explain how he reconciles the claim that he has 'no financial interest in Halliburton of any kind' with the hundreds of thousands of dollars in deferred salary payments he receives from Halliburton."
Cheney's communications director, Catherine Martin, said the payments are "not a tie" to Halliburton. She said Cheney took out a $15,000 insurance policy so that he would receive the deferred payments over five years regardless of whether Halliburton remains in business." It's money he already earned," she said. "It's not dependent on what happens to Halliburton."
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