Cheney Prepared to Forfeit Stock Options
W A S H I N G T O N, Sept. 1 -- Republican vice-presidential nominee DickCheney said today he was “fully prepared to forfeit” oil-companystock options that he would otherwise continue to hold after takingoffice if he and George W. Bush win in November.
Cheney made the statement as he prepared to release hisfinancial disclosure forms and 10 years of income tax returns.
“In order to avoid even the appearance of a conflict ofinterest, I am fully prepared to forfeit any options that have notvested by the time I assume office,” said Cheney, who recentlystepped down as the head of Dallas-based Halliburton Co., theworld’s largest oil services company.
Cheney, who was chairman and chief executive of the company,left with more than $13.6 million worth of stock and options, someof which could not be sold yet. Options allow someone to buy acompany’s stock at a preset price.
Some have urged him not to retain the options becauseHalliburton’s stock price could be affected by actions taken by aBush-Cheney administration. Unlike stock, options could not beplaced in a blind trust, where the recipient has no control overhis or her investments.
“It’s a situation where national concerns are mixed withbusiness concerns,” Peter Eisner, managing director at the Centerfor Public Integrity, a government ethics advocacy group, said lastmonth.
Besides his Halliburton stock, Cheney also holds options grantedby Procter & Gamble, the giant consumer products company. They alsowould not take effect until after Inauguration Day.
Cheney said he would set up a blind trust if elected vicepresident.
Golden Parachute
He received a multimillion-dollar retirement package fromHalliburton, the company he ran for five years. He retained optionson more than a million shares he could buy at prices ranging from$21 to $54 each. But many of those options would take effect onlyafter the inauguration.
The tax returns of Cheney, a former congressman and defensesecretary, show what a difference the transition into the privatesector made.
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