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 For Immediate Release
Aug 8, 2002 Contact: Press Office
202-646-5188
CHENEY “TAKES FIFTH” ON HALLIBURTON QUESTIONS

Vice President Owes the American Public an Immediate Explanation


(Washington, DC) Judicial Watch, the public interest group that investigates and prosecutes government corruption and abuse, expressed disappointment at Vice President Cheney’s continuing refusal to answer questions from the press concerning his role as the chief executive in the bookkeeping practices of Halliburton Company. Vice President Cheney dodged questions concerning Halliburton yesterday during a speaking engagement before the Commonwealth Club of California in San Francisco, California.

Judicial Watch has brought a lawsuit on behalf of Halliburton shareholders against Vice President Dick Cheney, the directors of Halliburton, and the accounting firm of Arthur Andersen for alleged fraudulent accounting practices which resulted in the overvaluation of the company’s shares. The value of the company’s stock has dropped by more than half over the last two years. Additionally, Vice President Cheney has avoided reporters' questions since Halliburton announced that it was under investigation by the Securities and Exchange Commission (“SEC”) for accounting practices during the time Cheney ran the company.

Vice President Cheney said he had "great affection and respect for Halliburton," but declined to discuss whether its accounting practices would hold up under investigation. He referred interested persons to the Halliburton web site for additional information, and declined further comment on the grounds that newspaper editorial writers around the country would condemn him for attempting to exert “undue, improper influence” on the SEC. However, as a person directly involved in the Halliburton scandal, there is an expectation that Mr. Cheney must be accountable for his actions and answer questions. On the other hand, President Bush, who has already made public statements absolving Vice President Cheney from any wrongdoing, appears to be trying to influence the SEC and the courts in Judicial Watch’s lawsuit.

“Vice President Cheney owes a full explanation to the American people concerning the accounting practices he instituted while heading Halliburton. The value of the company’s shares have dropped like a stone and many investors have been seriously hurt. Retirements and pensions have been wiped-out. But, Mr. Cheney cashed-out his stock options for $35 million dollars. Unfortunately, in Washington, DC, many investigations end up going nowhere, or the results turn out to be a ‘whitewash.’ Ultimately, the Vice President will be deposed in our lawsuit, and the American public will get their answers under oath,” stated Judicial Watch Chairman and General Counsel Larry Klayman.

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