Today, the Bush administration announced new sanctions against Iran and accused “the entire Revolutionary Guard Corps, a part of Iran’s military, of proliferating weapons of mass destruction.” Treasury Secretary Henry Paulson put it succinctly:

Iran also funnels hundreds of millions of dollars each year through the international financial system to terrorists…It is plain and simple: reputable institutions do not want to be bankers to this dangerous regime.

But ironically, Halliburton, the company headed by Vice President Dick Cheney between 1995 and 2000, along with General Electric and Conoco-Phillips, has acted in such a manner. CBS News reported in 2004 that Halliburton Products and Services exploited a loophole in American law and established offshore subsidiaries to do business with Iran. Since setting up shop in Iran during Cheney’s tenure, the company has sold “about $40 million a year worth of oil field services to the Iranian government,” earning “most of their revenues through their oil industry.”

In 2005, Halliburton “opened an unmarked office on the 10th floor of a Tehran office building” and is expected “to remain in Iran through 2009.”

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