Thursday, October 13, 2005

This Just In.... Dick Cheney's Pretty Well Off!

Cheney's Halliburton stock options rose 3,281% last year, senator finds


An analysis released by a Democratic senator found that Vice President Dick Cheney's Halliburton stock options have risen 3,281 percent in the last year, RAW STORY can reveal.

Sen. Frank Lautenberg (D-NJ) asserts that Cheney's options -- worth $241,498 a year ago -- are now valued at more than $8 million.

The above graph released by Sen. Frank Lautenberg (D-NJ) charts the value of the Vice President's holdings in Halliburton in the past year.

Only one problem with this story. It isn't true. How many times do leftists need to be told something that happened back in 2001? This guy is a fucking SENATOR and can't get basic, well established facts right.


Cheney and his wife Lynne have assigned any future profits from their stock options in Halliburton and several other companies to charity. And we're not just taking the Cheney's word for this -- we asked for a copy of the legal agreement they signed, which we post here publicly for the first time.

The "Gift Trust Agreement" the Cheney's signed two days before he took office turns over power of attorney to a trust administrator to sell the options at some future time and to give the after-tax profits to three charities. The agreement specifies that 40% will go to the University of Wyoming (Cheney's home state), 40% will go to George Washington University's medical faculty to be used for tax-exempt charitable purposes, and 20% will go to Capital Partners for Education , a charity that provides financial aid for low-income students in Washington, DC to attend private and religious schools.

The agreement states that it is "irrevocable and may not be terminated, waived or amended," so the Cheney's can't take back their options later.

The options owned by the Cheney's have been valued at nearly $8 million, his attorney says. Such valuations are rough estimates only -- the actual value will depend on what happens to stock prices in the future, which of course can't be known beforehand. But it is clear that giving up rights to the future profits constitutes a significant financial sacrifice, and a sizeable donation to the chosen charities.

This isn't a secret. It isn't something that just happened. The Cheneys made this REMARKABLY generous contribution to charities almost five years ago. Yet we continue to hear this idiotic tripe.

I just reread what I had written. I was making the assumption that Senator Lautenberg is ignorant. I'm almost sure he isn't. He knows how dishonest this nonsense is.

Update and possible admission of further idiocy by author.... I haven't been able to source this to Lautenberg through any other reporting other than this particular moonbat publication. As they say, developing.

Linked at this weeks Carnival of the Clueless.