Saturday, March 21, 2009
How to identify worthless, incompetent management
First you check to see what manner of legal trouble it has gotten the company involved in and then you stand in awe of the magnificently mendacious reason they give for said troubles. Halliburton is an excellent example.
In a recent Securities and Exchange Commission filing, former Halliburton unit KBR complained that it will be at a “competitive disadvantage” to win “large-scale” international contracts because it is being forced to comply with U.S. laws.They were not required to disgorge profits, perhaps because they were unable to generate any. They obviously never heard of the old saw, "Bad business is good business to lose".
Last month, KBR pleaded guilty to violating the Foreign Corrupt Practices Act (FCPA) and admitted that it paid $180 million in "consulting fees" to two agents for use in bribing Nigerian government officials to win a lucrative construction contract for the Bonny Island natural gas liquefaction plant while former Vice President Dick Cheney headed the corporation. KBR paid a $402 million fine as part of its plea deal.
Subscribe to Posts [Atom]
Post a Comment