'Praising' Weatherford: Not as Bad as It Used to Be
NEW YORK (TheStreet) -- The headline of this article were the exact words of TheStreet's Jim Cramer as he described Weatherford International
Not only has Weatherford been inundated with tax problems over the past several years, but the company has been accused of illegal dealings and corruption with countries such as Iraq under U.S. sanctions. Although there is now word that the company has reached a settlement with the U.S. government worth an estimated $253 million, it remains to be seen what the final outcome will be.
Now, I do need to point out that these sanctions date as far back as 2003. And to be perfectly fair, it's worth noting that Weatherford has cooperated fully with the government to bring closure to these matters. That we are still discussing them today speaks to the slow-moving process of our justice department. Fairly or unfairly, that's the bed Weatherford has made.
With better-than-expected results coming out from Schlumberger
Unlike, say, Baker Hughes