Probe hits Halliburton shares

SHARES in Halliburton, the giant oil field service company with close ties to the Bush administration, tumbled on Wall Street today after it disclosed that it is the latest target of the Securities and Exchange Commission's accounting police.

Halliburton's accounting methods for booking revenue on construction jobs beginning in 1998 are under scrutiny by the SEC, the company said. Vice President Dick Cheney was chairman of the Dallas-based company during the period under investigation.

Halliburton said in a statement it believes it properly accounted for construction projects. The firm's shares slumped more than 7% to $17.95 in early trading.