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Is it being investigated for the time that Cheney was the at the helm, or for the last 4 years?
Yes, it does have an effect. Cheney has no control over how the company runs its business now.
If it is being investigated for the years that Cheney was running it, then yes, it would look bad. And I would agree with you.
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As far as I've heard, the investigations do cover the inacurate inflation of profits; alla Enron etc. that were submitted during Cheney's tenure. Again, as far as I've heard.