Halliburton Shrugs Off Bribe Probe

In the meantime, Cohan says, the constant barrage of headlines seems to have helped -- rather than hurt -- Halliburton's shares. He points out that the stock has tripled off its 2002 lows and has risen about 50% since the start of the Iraqi war alone.

Cohan suspects that Halliburton's business in Iraq has clearly helped. But he still sees the potential for backlash in the future.

"Stock prices are not just a function of earnings potential," he reminded. "Particularly in the short term, they are a function of perception -- which would be hurt if Cheney were no longer in the White House" and a "more thorough and aggressive investigation of Halliburton" resulted.