His considerable portfolio reflects his identity as a Texas oilman and a friend to oil-rich Saudis.
The power of the market, and of the giant corporations that dominate it, is the overriding political fact of our time.
Let's not begrudge Dick Cheney his $36 million income last year.
Sure, it dwarfs the puny $744,682 reported by the President, but George
W. Bush represents old money, and he knows better than to be too showy,
particularly when you're running for office as a Joe Six-Pack kind of
guy. Better to roll over the income from inherited money into
Cheney didn't have time for such accounting niceties. Bush caught him
right in the middle of a tax year with that Vice President nod, and
remember, Cheney was only supposed to be advising Bush on the best choice
for Veep. How was Cheney to know he'd be forced to recommend himself as
the most qualified?
Still, just because he had become Vice President didn't mean he had to
take a vow of poverty. As Cheney told CBS News at the time, "I'd like not
to give away all of my assets to serve the public." And why should he,
since there's no law limiting the assets of federal office-holders or any
requirement that they give up their acquired wealth? Cheney had only to
look as far as Bush, who merely put his in a blind trust, no questions
Huge financial assets are now the norm for leaders of our
representative democracy, and it wasn't unexpected that the mostly
wealthy members of the Senate recently voted rich people like themselves
an enormous tax cut, albeit not as large as the one Bush wanted for
himself and his pals.
Cheney's assets are only at risk of taxation if he wants to leave a
huge amount to his heirs without paying additional taxes. Soon, even that
will no longer be a problem because Bush and Cheney are sensitive to the
unfairness of the estate tax to ordinary people like themselves, and they
want to eliminate it.
What was at issue during the campaign was not Cheney's assets or his
income but his future stock options in Halliburton Co. These being tied
to the rise and fall of Halliburton stock, presented a potential conflict
of interest because, as Vice President, it was conceivable that he could
influence stock prices. Under considerable pressure, Cheney decided to
donate those stock options to charity, but he was left with a bit more
than a hair-shirt.
Even after taxes, Cheney cleared more than $20 million in 2000. If the
Bush tax cut had been in effect last year, Cheney would've saved another
couple of million, to which he obviously feels entitled.
Don't forget, Cheney was playing catch-up after years in the public
sector, first as a congressman and then as Defense secretary. As it
turned out, he only had about five years in the private sector to cash in
his chips, and he didn't really know much about the energy business. When
he hired on to serve as the CEO of an oil services firm, he knew he would
have to justify the big bucks he was getting paid.
Fortunately for him and Halliburton, it all worked out in the end.
For the Texas-based Halliburton, there initially was some concern.
Only two years ago, with the company's stock floundering, the board of
directors chastised Cheney for the company's poor performance. But then
came the presidential election, and those same directors must have
figured they had died and gone to heaven after Cheney got the Veep nod.
That's when the board of directors turned around and rewarded him with an
incredibly lucrative severance package providing the bulk of his reported
$36 million income in 2000.
Can you blame them? Most of Cheney's working hours last year were
devoted to seizing the White House for the most avidly pro-Big Oil
presidency in US history, and servicing Big Oil is what Halliburton Co.
is all about. That and construction projects around the world that an
anti-environmental Administration now seems all too eager to facilitate.
Quite an impressive record for an executive who was just learning the
business. They knew the guy would be good; after all, as a congressman he
had one of most pro-industry voting records. And it was Defense Secretary
Cheney who had made the decision to privatize logistical support
facilities for the military, which gave Halliburton's subsidiary, Brown &
Root, huge construction contracts for the US military at bases
throughout the world.
Of course, as the former Defense secretary who'd saved Kuwait, where
Halliburton has huge contracts, Cheney was already known to be an
effective player. But how could Halliburton have known Cheney would be
this good? Not only did he help elect another Texas oil guy as President,
but if you look at the short record of the Bush-Cheney Administration,
when it comes to opening the environment for energy exploration, even
that most pristine area in Alaska, these guys know no limits.
Indeed, they must be guffawing down in Texas to have two good old boys
running the White House without a scintilla of shame. It's been oil money
Time to ease up on George W. So what that he tore up the Kyoto
agreement, which had been painstakingly hammered out among 100 nations in
an attempt to control global warming. Bush doesn't know any better, and
why should he, since he never seemed to think that there was a world out
there worth visiting, let alone saving.
Here's a guy born with credit cards in his cradle, enough to take him
anywhere in the world, first class, who nevertheless pointedly refused to
go. Even kids without any money manage to scrape up a few bucks and go
see the world, but not young George, who satiated his curiosity about
foreign lands with a few beer busts down in Mexico.
Heck, this fellow is so partial to sleeping in his own bed that during
the campaign his handlers had to cajole him into making appearances
outside of Texas. A state that is, the then-governor would tell his
out-of-state audiences, the most perfect place in the world. His bold
plan for the nation is to make it "a greater Texas."
What makes Texas perfect for Bush is that they have gas and oil
profits there, which paid for Bush's run for governor and the presidency
and made his Vice President and other key players in his Administration
very, very rich. Nothing can be allowed to cut into those profit margins,
especially those environmental extremists who are always talking about
clean air and harmful emissions.
Sure Bush is for clean air--as long as it doesn't hurt oil company
profits. Why, when the black smoke in his hometown of Odessa got so nasty
that you had to turn on your headlights in the daytime, Gov. Bush went so
far as to politely ask the big oil companies to come up with a plan to
regulate themselves. They're still working on it.
What he would not buy, as he made clear in the presidential campaign,
is that there is some sort of "greenhouse gas" effect already at work
changing the world's climate in ways that all those alarmists say will
prove disastrous. Yes, it's true that as part of his successful campaign
strategy of conning the center and not frightening the Naderites, he did
pledge to enforce limits on carbon dioxide emissions. So he lied. Big
deal. At least it wasn't about something important, like sex.
Greenhouse gases are not important to Bush because all you have is a
bunch of scientific geeks with all their studies, such as the recent one
by the United Nations' Intergovernmental Panel on Climate Change, which
concluded that such emissions have "contributed substantially" to global
warming. But our President still is not convinced, and that's all that
matters now, thanks to a weird and dubious election.
Anyway, no matter what those scientific studies show, Bush is not
about to let other countries tell us--the United States of America!--what
to do. So what that our 5 percent of the world's population accounts for 25 percent of
its greenhouse gases--on a per capita basis twice that of Western Europe.
Evidently the toxic Texan wants us to be No. 1 in everything, including
Bush is impervious to the argument of other industrialized nations,
which recognize that, being the source of most of the damage, they must
take the lead in repairing it while also setting an example for more
impoverished nations. The response to Bush's position from our
traditional allies has been withering, as typified by France's
environment minister, who termed Bush's actions "completely provocative
and irresponsible." The heck with them if they can't take a joke.
Bush's typically fractured response to the torrent of foreign
criticism was breathtakingly insular: "We will not do anything that harms
our economy. Because first things first are the people who live in
America." Bush must believe that some sort of divine intervention will
preserve the United States as the ice cap melts and the seas rise.
Perhaps this is where the corporate greed faction of the GOP finds common
ground with the party's religious right.
It's sad that party moderates, led by Environmental Protection Agency
chief Christie Whitman and Secretary of State Colin Powell, have not been
able to bring Bush the younger up to speed on this issue. And a pity that
Bush doesn't even listen to William K. Reilly, the EPA administrator
during the first Bush presidency, who urged George W. to at least abide
by the 1992 international convention to combat global warming, which his
But Bush the younger is so steeped in the ideology of Big Oil that he
obviously cannot think clearly about environmental issues. The mind,
particularly of a president, is a terrible thing to waste. But when it
comes to saving the environment, George Bush does seem uneducable.
Research support was provided by the Investigative Fund of The Nation Institute. Follow-ups:
"Amplification," June 19, 2000 and letters exchanges: "Lead--Balloons and Bouquets," May 15, and "Lead-Letter Office," July 3, 2000.
8,5000 Years of LEAD...
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