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Dick Cheney's owners forbidden from approving his paycheck. Halliburton continues to pay the vice president of the United States of America an annual six-figure "deferred compensation" but the company's shareholders have no say in the exit packages of its executives, according to a new vote reported in the subscription-requiring Wall Street Journal:

A proposal on termination benefits for senior executives was defeated Wednesday by Halliburton (HAL) shareholders but gathered a large number of votes.

The proposal urged the board of directors to seek shareholder approval of any future severance agreements that would pay senior executives more than twice the sum of their base salary plus bonus.

The motion was defeated when 61% of shareholders present voted against it, but 36% of shareholders voted for the proposal. The others abstained.

Halliburton's board of directors had opposed the measure. "If this proposal was adopted, it would have undermined Halliburton's ability to attract and retain highly qualified senior executives*," Wendy Hall, Halliburton's public relations manager, said in a statement.

*By "highly qualified senior executives," I think Wendy meant war-crazed, bunker-bound, cardiac-challenged crony capitalists.

{ 8:40 AM }

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