It's been easy for Cheney and his defenders to dismiss Paul's over-the-top, conspiracy-theory-like assertion. But on Fox News, the ex-veep, too, went too far. He maintained that he had no financial ties with Halliburton while he was George W. Bush's number-two and made a personal sacrifice by trading his CEO badge for a White House job. But that's not entirely accurate.
As Politifact.com noted a few years ago, when Cheney became vice president, he pocketed a $34 million payout from Halliburton. In fact, because he probably sold stock options at an opportune time, he profited enormously because the stock price was at a high:
It's not clear when Cheney sold his stock options, but it likely was within weeks of his being named to the ticket -- a period when Halliburton shares hit their 2000 peak, in the low-to-mid $50 range. By November 30, 2000, the stock had fallen to $33 a share. If he'd waited until then to sell, his payday would have been one-third lower, or roughly $14 million rather than $22 million.
Moreover, when Cheney was veep, he continued to receive deferred payments from Halliburton. In 2004, the New York Times reported, "Mr. Cheney’s financial disclosure statements from 2001, 2002 and 2003 show that since becoming vice president-elect, he has received $1,997,525 from the company: $1,451,398 in a bonus deferred from 1999, the rest in deferred salary." And at that time, Cheney still held some stock options in the company.
As vice president, Cheney repeatedly contended he had no continuing relationship with Halliburton. In 2003, he declared, "I've severed all my ties with the company, gotten rid of all my financial interest. I have no financial interest in Halliburton of any kind and haven't had, now, for over three years." But a report issued that year by the Congressional Research Service undermined Cheney's claim. It found that if a public official retained unexercised stock options and collected deferred salary—as Cheney did then—the official had "retained ties" to the company.
So when Cheney now says that he had nothing to do with Halliburton while he was vice-president, he is contradicted by the Congressional Research Service. Maybe he wasn't in contact with his old pals at the firm, but he continued to bank millions of dollars from the company as it obtained Iraq-related contracts from the US government.