Quick Take: The Buck Don't Stop at Cheney (HAL)

Quick Take: The Buck Don't Stop at Cheney

Corruption-gawkers, as well as politicos, should take a keen interest in this Wall Street Journal story (subscription required) that describes Vice President Dick Cheney's amazing testimony to the SEC about a hefty accounting violation that took place under his watch at Halliburton (NYSE: HAL ) .

The problem? Cost overruns in the late '90s. The shady Halliburton solution? Change accounting policies and book those expensive overruns as revenues. (Hey, we'll probably collect them someday, right? Why wait until we settle them?) The fallout? Halliburton paid $7.5 million to settle the charges with the SEC.

Now, Ex-CFO Gary Morris has told the SEC that he discussed these plans with Cheney. But when questioned by the SEC back in 2004, the Vice President -- otherwise famous for his micromanagement -- took the Sergeant Schultz defense: "I know nothing!" Worse yet, he shifted the blame to his lieutenant. In other words, I'm in charge, but not when the spit hits the fan. In that case, the buck stops down there, somewhere, with someone else. Truman must be shaking his head.

The Steve Jobs Betrayal
You may already know that in the final year of his life, Jobs revealed a stunning betrayal — and told his biographer, "I will spend my last dying breath... and every penny of Apple's $40 billion in the bank to right this wrong." What was it that made Jobs so irate — and why could it make a few in-the-know investors some major profits over the coming months and years?

Enter your email address below to find out what made Jobs so enraged!

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