"

They found a "lack of cost control ... in Houston, Kuwait, and Iraq." In a partial review of the RIO 2 contract, DCAA auditors challenged $45 million in costs as unreasonable or unsupported.

* Inadequate Cost Reporting: Halliburton "universally failed to provide adequate cost information," had "profound systemic problems," provided "substandard" cost reports that did "not meet minimum standards," and submitted reports that had been "vetted of any information that would allow tracking of details."

Halliburton produced "unacceptable unchecked cost reports."

* Schedule Delays: Halliburton's work under RIO 2 was continually plagued by delays.

Halliburton had a "50% late completion" rate for RIO 2 projects. Evaluations noted "untimely work" and "schedule slippage."

* Refusal to Cooperate: Evaluations described Halliburton as "obstructive" with oversight officials. Despite the billions in taxpayer funds Halliburton has been paid, the company's "leadership demonstrated minimal cooperative attitude resolving problems."

FROM
THE INTERNATIONAL FORECASTER, APRIL 2006 (#1) Vol. 10 No. 4-1

P. O. Box 510518, Punta Gorda, FL 33951-0518

An international financial, economic, political and social commentary.
Published and Edited by: Bob Chapman

E-mail Address: International_forecaster@yahoo.com
www.theinternationalforecaster.com