Halliburton was founded by, Erle Halliburton, Tennessee in 1919. who went to the Oklahoma oils promoted and sold the process of cementing the linings of oil shafts with cement, to prevent water contamination and prevent cave-ins(1 ).
Halliburton sidestepped U.S. sanctions and did business with Iran. There is questionable account and reporting issues with the SEC. which Halliburton settled and agreed to pay a 7.5 million penalty. A federal Judge blocked their attempt to cut off health benefits of 4,000 employees. It also had a asbestos-liability problem that cost the company 5.1 billion. Finally there is there work in Iraq that was called Logistics Civil Augmentation Program (LOGCAP) that has cost the US taxpayer more than an estimated $8.5 billion (2 ).
Halliburton has had Iran dealings a Halliburton vice president said "We have followed U.S. law," and said "We will continue to follow U.S. law." Halliburton finished it's Iran work in 2005. Federal law prohibits US companies from doing business in countries like Iran (3 ).
But it seems there a loophole US it allows foreign subsidiaries of American companies do business with these countries as along they are completely independent from the American company. Halliburton allegedly had a subsidiary in Dubai that handled all the oil work for Iranian customers.William C. Thompson Jr., New York City comptroller who operates several city pension funds that invest in Halliburton said "Unfortunately, it's become clear over a period of years that while things may be legal, it doesn't mean that they are ethical," (4 ).
Corruption was alleged, when a Consortium that included Halliburton during the construction of a natural gas pipeline a French Judge Renaud Van Ruymbeke is investigating who may have benefited from 200 million in alleged hand outs from 1990 to 2002. The companies in the consortium the subsidiary of Halliburton Brown and Root, France's Technip, Italy's Snamprogetti and Japan's JGC. In May of 2003 Halliburton disclosed in a federal filing that Halliburton had paid 2.4 million in bribes to a Nigerian tax official to get favorable tax treatment (5 ).