Tuesday, March 25, 2003
WAR IS A RACKET
War is just a racket. A racket is best described, I
believe, as something that is not what it seems to the
majority of people. Only a small inside group knows
what it is about. It is conducted for the benefit of
the very few at the expense of the masses.
I believe in adequate defense at the coastline and
nothing else. If a nation comes over here to fight,
then we'll fight. The trouble with America is that
when the dollar only earns 6 percent over here, then
it gets restless and goes overseas to get 100 percent.
Then the flag follows the dollar and the soldiers
follow the flag.
I wouldn't go to war again as I have done to protect
some lousy investment of the bankers. There are only
two things we should fight for. One is the defense of
our homes and the other is the Bill of Rights. War for
any other reason is simply a racket.
There isn't a trick in the racketeering bag that the
military gang is blind to. It has its "finger men" to
point out enemies, its "muscle men" to destroy
enemies, its "brain men" to plan war preparations, and
a "Big Boss" Super-Nationalistic-Capitalism.
It may seem odd for me, a military man to adopt such a
comparison. Truthfulness compels me to. I spent
thirty- three years and four months in active military
service as a member of this country's most agile
military force, the Marine Corps. I served in all
commissioned ranks from Second Lieutenant to
Major-General. And during that period, I spent most of
my time being a high class muscle- man for Big
Business, for Wall Street and for the Bankers. In
short, I was a racketeer, a gangster for capitalism.
I suspected I was just part of a racket at the time.
Now I am sure of it. Like all the members of the
military profession, I never had a thought of my own
until I left the service. My mental faculties remained
in suspended animation while I obeyed the orders of
higher-ups. This is typical with everyone in the
military service.
I helped make Mexico, especially Tampico, safe for
American oil interests in 1914. I helped make Haiti
and Cuba a decent place for the National City Bank
boys to collect revenues in. I helped in the raping of
half a dozen Central American republics for the
benefits of Wall Street. The record of racketeering is
long. I helped purify Nicaragua for the international
banking house of Brown Brothers in 1909-1912 (where
have I heard that name before?). I brought light to
the Dominican Republic for American sugar interests in
1916. In China I helped to see to it that Standard Oil
went its way unmolested.
During those years, I had, as the boys in the back
room would say, a swell racket. Looking back on it, I
feel that I could have given Al Capone a few hints.
The best he could do was to operate his racket in
three districts. I operated on three continents.
-Excerpt from a speech on Interventionism delivered in
1933, by Major General Smedley Butler, USMC.
War Could Be Big Business for Halliburton
When it comes to making money from a war in Iraq, few
can match the firepower of the company once headed by
Vice President Dick Cheney.
((Link))
War Could Be Big Business for Halliburton
Sun March 23, 2003 12:04 PM ET
By Carolyn Koo
NEW YORK (Reuters) - When it comes to making money
from a war in Iraq, few can match the firepower of the
company once headed by Vice President Dick Cheney.
Houston-based Halliburton Co. HAL.N can build roads
and bridges and camps for American forces. It can
transport personnel and provide other logistics. It
can fight any fires Iraqi leader Saddam Hussein might
set. And after the war, assuming a U.S. victory, it
can help restore Iraq's infrastructure and oil
production.
While questions remain over how much the work will
boost the company's stock price, Halliburton's KBR
engineering and construction division "is basically
the 'corps of engineers' to the U.S. military," said
Jim Wicklund, an analyst at Banc of America
Securities. "It is expected that the occupying army's
infrastructure could in large part be supplied by
KBR."
At the same time, the company's oilfield services
business, which is second only to Schlumberger Ltd.
SLB.N , is likely to supply most of the heavy
equipment to fight fires that Iraqi forces could set
to oil wells and oil fields, as they did in Kuwait
during the 1991 Persian Gulf War.
And should the U.S. emerge victorious, Halliburton --
which develops oil fields and drills for oil all over
the world -- has the connections and businesses to
play a major role in rebuilding Iraq and ramping the
nation's oil production capacity back up to pre-1991
Persian Gulf War levels.
"They have the businesses. They have the government
relationship already well-established, and, as we all
know, Cheney was the CEO, so it makes logical sense,"
said Denis Walsh, an equity analyst who covers the
energy sector for State Street Research and
Management.
NO COMMENT ON CONTRACTS
A Halliburton spokeswoman declined to speculate on
"what may or may not happen with regards to Iraq."
She referred all queries to the U.S. Department of
Defense (DOD) and the U.S. Agency for International
Development, which both said that contracts for
fighting fires and rebuilding Iraq's infrastructure
have yet to be awarded. Neither agency would disclose
whether Halliburton had submitted any bids.
Other companies that could bid for firefighting
contracts include Boots & Coots International Well
Control Inc. WEL.A , Canada's Safety Boss Inc., RPC
Inc.'s RES.N Cudd Pressure Control and Superior Energy
Services Inc.'s SPN.N Wild Well Control Inc.
Reports earlier this month said that Halliburton won a
contract to oversee firefighting in Iraq's oilfields
but that has not been confirmed by either the company
or the DOD.
"It is our information that a contract framework has
already been signed," said Wicklund, who rates
Halliburton a "buy" and does not own any of its
shares.
This wouldn't be the first time Halliburton has played
an important role in a U.S. war. Years before Cheney's
stint at the helm, a predecessor company built the
Corpus Christi Naval Air Station and several warships
during World War II. It also helped build the Phan
Rang Air Base in Vietnam in 1965.
More recently, after the Persian Gulf War, Halliburton
helped put out oil well fires and repaired damaged
buildings in Kuwait. It also provided food, laundry,
transportation and other services to U.S. peacekeeping
forces in Bosnia, Croatia and Hungary during the
Balkans conflict in the 1990s.
Estimates of how much Halliburton and other companies
could reap from the infrastructure and restoration
work vary, but analyst Michael Urban of Deutsche Bank
said it could be as much as a total of $3 billion.
DON'T QUIT YOUR DAY JOB
How much Halliburton would get is difficult to gauge,
though any contracts it wins would certainly generate
revenue, cash flow and earnings.
The potential contracts come at a time when
Halliburton is contending with its liability for
asbestos-related personal injury lawsuits, though the
company made progress last December with a $4 billion
settlement deal.
"The stock price would reflect that they have had
investor concern over the ultimate (asbestos)
liability," said Pierre Conner, an analyst with
Hibernia Southcoast Capital who rates Halliburton a
"buy" and does not own any of its shares.
The contracts also may not do much for the company's
stock price, since the firefighting business is not a
recurring one and the profit margins of the
construction business are not typically high.
"While both would be positives to Halliburton, they
aren't in our opinion overriding reasons to buy the
stock," Wicklund said.
"I would think if you got any jump in the stock, it
would be short-lived and somewhat muted by history.
It's like winning a $3 lottery ticket. It beats not
winning, but you can't quit your day job."
Halliburton shares were up 54 cents or about 2.6
percent to $20.36 in afternoon trading on the New York
Stock Exchange on Wednesday. The stock is up 11.7
percent this year through Tuesday's close,
outperforming Schlumberger, which is down 6.2 percent,
as well as the Philadelphia Stock Exchange Oil Service
Index .OSX , which is down less than 1 percent, both
in same period.
War is just a racket. A racket is best described, I
believe, as something that is not what it seems to the
majority of people. Only a small inside group knows
what it is about. It is conducted for the benefit of
the very few at the expense of the masses.
I believe in adequate defense at the coastline and
nothing else. If a nation comes over here to fight,
then we'll fight. The trouble with America is that
when the dollar only earns 6 percent over here, then
it gets restless and goes overseas to get 100 percent.
Then the flag follows the dollar and the soldiers
follow the flag.
I wouldn't go to war again as I have done to protect
some lousy investment of the bankers. There are only
two things we should fight for. One is the defense of
our homes and the other is the Bill of Rights. War for
any other reason is simply a racket.
There isn't a trick in the racketeering bag that the
military gang is blind to. It has its "finger men" to
point out enemies, its "muscle men" to destroy
enemies, its "brain men" to plan war preparations, and
a "Big Boss" Super-Nationalistic-Capitalism.
It may seem odd for me, a military man to adopt such a
comparison. Truthfulness compels me to. I spent
thirty- three years and four months in active military
service as a member of this country's most agile
military force, the Marine Corps. I served in all
commissioned ranks from Second Lieutenant to
Major-General. And during that period, I spent most of
my time being a high class muscle- man for Big
Business, for Wall Street and for the Bankers. In
short, I was a racketeer, a gangster for capitalism.
I suspected I was just part of a racket at the time.
Now I am sure of it. Like all the members of the
military profession, I never had a thought of my own
until I left the service. My mental faculties remained
in suspended animation while I obeyed the orders of
higher-ups. This is typical with everyone in the
military service.
I helped make Mexico, especially Tampico, safe for
American oil interests in 1914. I helped make Haiti
and Cuba a decent place for the National City Bank
boys to collect revenues in. I helped in the raping of
half a dozen Central American republics for the
benefits of Wall Street. The record of racketeering is
long. I helped purify Nicaragua for the international
banking house of Brown Brothers in 1909-1912 (where
have I heard that name before?). I brought light to
the Dominican Republic for American sugar interests in
1916. In China I helped to see to it that Standard Oil
went its way unmolested.
During those years, I had, as the boys in the back
room would say, a swell racket. Looking back on it, I
feel that I could have given Al Capone a few hints.
The best he could do was to operate his racket in
three districts. I operated on three continents.
-Excerpt from a speech on Interventionism delivered in
1933, by Major General Smedley Butler, USMC.
War Could Be Big Business for Halliburton
When it comes to making money from a war in Iraq, few
can match the firepower of the company once headed by
Vice President Dick Cheney.
((Link))
War Could Be Big Business for Halliburton
Sun March 23, 2003 12:04 PM ET
By Carolyn Koo
NEW YORK (Reuters) - When it comes to making money
from a war in Iraq, few can match the firepower of the
company once headed by Vice President Dick Cheney.
Houston-based Halliburton Co. HAL.N can build roads
and bridges and camps for American forces. It can
transport personnel and provide other logistics. It
can fight any fires Iraqi leader Saddam Hussein might
set. And after the war, assuming a U.S. victory, it
can help restore Iraq's infrastructure and oil
production.
While questions remain over how much the work will
boost the company's stock price, Halliburton's KBR
engineering and construction division "is basically
the 'corps of engineers' to the U.S. military," said
Jim Wicklund, an analyst at Banc of America
Securities. "It is expected that the occupying army's
infrastructure could in large part be supplied by
KBR."
At the same time, the company's oilfield services
business, which is second only to Schlumberger Ltd.
SLB.N , is likely to supply most of the heavy
equipment to fight fires that Iraqi forces could set
to oil wells and oil fields, as they did in Kuwait
during the 1991 Persian Gulf War.
And should the U.S. emerge victorious, Halliburton --
which develops oil fields and drills for oil all over
the world -- has the connections and businesses to
play a major role in rebuilding Iraq and ramping the
nation's oil production capacity back up to pre-1991
Persian Gulf War levels.
"They have the businesses. They have the government
relationship already well-established, and, as we all
know, Cheney was the CEO, so it makes logical sense,"
said Denis Walsh, an equity analyst who covers the
energy sector for State Street Research and
Management.
NO COMMENT ON CONTRACTS
A Halliburton spokeswoman declined to speculate on
"what may or may not happen with regards to Iraq."
She referred all queries to the U.S. Department of
Defense (DOD) and the U.S. Agency for International
Development, which both said that contracts for
fighting fires and rebuilding Iraq's infrastructure
have yet to be awarded. Neither agency would disclose
whether Halliburton had submitted any bids.
Other companies that could bid for firefighting
contracts include Boots & Coots International Well
Control Inc. WEL.A , Canada's Safety Boss Inc., RPC
Inc.'s RES.N Cudd Pressure Control and Superior Energy
Services Inc.'s SPN.N Wild Well Control Inc.
Reports earlier this month said that Halliburton won a
contract to oversee firefighting in Iraq's oilfields
but that has not been confirmed by either the company
or the DOD.
"It is our information that a contract framework has
already been signed," said Wicklund, who rates
Halliburton a "buy" and does not own any of its
shares.
This wouldn't be the first time Halliburton has played
an important role in a U.S. war. Years before Cheney's
stint at the helm, a predecessor company built the
Corpus Christi Naval Air Station and several warships
during World War II. It also helped build the Phan
Rang Air Base in Vietnam in 1965.
More recently, after the Persian Gulf War, Halliburton
helped put out oil well fires and repaired damaged
buildings in Kuwait. It also provided food, laundry,
transportation and other services to U.S. peacekeeping
forces in Bosnia, Croatia and Hungary during the
Balkans conflict in the 1990s.
Estimates of how much Halliburton and other companies
could reap from the infrastructure and restoration
work vary, but analyst Michael Urban of Deutsche Bank
said it could be as much as a total of $3 billion.
DON'T QUIT YOUR DAY JOB
How much Halliburton would get is difficult to gauge,
though any contracts it wins would certainly generate
revenue, cash flow and earnings.
The potential contracts come at a time when
Halliburton is contending with its liability for
asbestos-related personal injury lawsuits, though the
company made progress last December with a $4 billion
settlement deal.
"The stock price would reflect that they have had
investor concern over the ultimate (asbestos)
liability," said Pierre Conner, an analyst with
Hibernia Southcoast Capital who rates Halliburton a
"buy" and does not own any of its shares.
The contracts also may not do much for the company's
stock price, since the firefighting business is not a
recurring one and the profit margins of the
construction business are not typically high.
"While both would be positives to Halliburton, they
aren't in our opinion overriding reasons to buy the
stock," Wicklund said.
"I would think if you got any jump in the stock, it
would be short-lived and somewhat muted by history.
It's like winning a $3 lottery ticket. It beats not
winning, but you can't quit your day job."
Halliburton shares were up 54 cents or about 2.6
percent to $20.36 in afternoon trading on the New York
Stock Exchange on Wednesday. The stock is up 11.7
percent this year through Tuesday's close,
outperforming Schlumberger, which is down 6.2 percent,
as well as the Philadelphia Stock Exchange Oil Service
Index .OSX , which is down less than 1 percent, both
in same period.
// posted by Linda Weissinger Lupowitz @ 8:02 PM 
