Tuesday, September 9, 2008
Is Albert Jack Stanley The Right Tool To Prosecute Corruption In The Energy Industry? ~by Legal Pub
Waiting for my gas pump to shut off, a senior citizen at the pump next to me exclaimed, "These prices are criminal!" Compelled to field an explanation, I began by suggesting that one way to hit back is with more fuel efficient vehicles and alternative energy sources. He wasn't buying it. (No way his 1988 Cadillac with 3,500 miles was going to be traded in on a Prius.) Attempting another route, I agreed that higher gas prices may indeed be criminal. As the elderly gentleman pulled away from the pump with a look of understanding, I could not help but notice his bumper sticker said F.B.I. (Farm Bureau Insurance). With a huge jump in logic, another possible solution burst into my head. Perhaps another way to get at the root of the problem may be to get the other "FBI" on the trail of major players behind energy transactions that consumers are forced to accept. With a little research, it appears that the Justice Department and the FBI may be a step ahead of the senior citizen and myself.
Albert "Jack" Stanley has a reputation for winning billion-dollar contracts in Third World countries. This KBR (Halliburton subsidiary) executive knew how to get a deal closed in places like Egypt and Yemen. But last weak, he plead guilty of bribes, kickbacks and high-level corruption to secure deals in Nigeria. Now the investigation has caught fire and threatens to expose even more scandal in the oil industry. Who knows what the end result will be; however, there are potential implications for many corporations and governments. It is suspected that as many as 80 indictments of U.S. corporate executives accused of bribing foreign officials may follow. $182 million in bribes were allegedly paid by Halliburton and its partners from engineering companies located in France, Italy and Japan. Prosecution will not likely be in a friendly forum as the United Kingdom apparently has jurisdiction because Stanley maintained a home in the U.K. and conducted business there.
Involvement of the FBI has apparently generated a great deal of fear. The tactics of the gentlemen from the Justice Department and the Securities and Exchange Commission apparently are pale in comparison. It makes sense, since the FBI is more familiar with dealing with organized crime and the thugs who orchestrate the criminal activity. Will the gas prices come back down? For several days the prices have fallen some. One can not say the long range effects of the investigation; however, now when an elderly consumer looks at the pump prices and says, "this is criminal," he may be right!
If you want sex, drugs and gifts involving an oil probe investigation, read this:
Update 4-8-09: This seems like a story with a bottomless pit. A guilty plea was apparently entered by Albert "Jack" Stanley, the former chairman and CEO of KBR. He allegedly admitted to violating the Foreign Corrupt Practices Act by helping arrange and hide more than $182 million in illegal payments to Nigerian government officials. The companies involved are powerhouses, and the cast of characters is intimidating. Whether it will lead to any other convictions or companies getting in trouble is any one's guess at this time.