Crossing: Another Model For Bush Administration Business Practices
pieces of the puzzle look strangely familiar: The Bush Dynasty, Andersen
Consulting, a chairman who profited while the company declined in value,
and lots of political contributions and connections.
January 28, 7:24 pm Eastern Time
Andersen fees from Global Crossing get critical eye
By Deepa Babington
YORK, Jan 28 (Reuters) - Andersen, the auditor for collapsed energy trading
giant Enron Corp., is now facing questions over its audit of another client
now languishing in bankruptcy.
communications company Global Crossing (NYSE:GX - news) on Monday said
it filed for Chapter 11 bankruptcy protection in a move that experts
said further compounded the woes of its embattled auditor Andersen....
Crossing paid George Bush in stock
Special to CNET News.com
March 19, 1999, 5:40 AM PT
Crossing, a provider of long distance phone services through an undersea
fiber-optic network, paid former U.S. President George Bush in stock
options now worth about $14.4 million for giving a speech to the company's
customers, according to reports....
ANALYSIS & COMMENTARY
Global Crossing Sinks, Gary Winnick Stays Dry
sold shares regularly as the business he ran deteriorated.
as Global Crossing has been for investors lately, Winnick, who serves
as company chairman, hasn't made out too badly. That's because he has
long been a prodigious seller of Global Crossing stock. In September,
2000, a spokesperson confirmed that Winnick had sold some $600 million
of Global Crossing stock since the company's initial public offering.
Winnick received the majority of his shares as result of his $15 million
founding investment in the company. And this past May, Pacific Capital
Group, an investment firm controlled by Winnick, generated an additional
$123 million in proceeds through a complicated financial arrangement
known as a collar....
Global Crossing may be an upstart in the wireless business, but its top
three executives are old hands when its comes to campaign contributions.
by Michael Scherer March 5, 2001
to its generous contributions, Global Crossing is well positioned to
take advantage of the shift. In addition to Cook, two other top executives
handed out large donations: founder and chairman Gary Winnick (No. 84,
$363,750) and former CEO Leo Hindery Jr. (No. 29, $591,902), who now
heads Global Crossing's Internet division. At the Republican National
Convention in August, the company spent $250,000 sponsoring fundraisers,
including a "Carnevale Italiano" that saluted Italian-American
The Wall Street Journal
Corporate Crime Wave?
By George Gilder
of these alleged crime lords are familiar. Gary Winnick was party to
a previous potlatch at Drexel Burnham, where he played a key role in
financing the communications infrastructure through MCI, Telecommunications
Inc., Turner broadcasting, and McCaw Cellular. Then he and his associates
were alleged to have ravaged savings and loans by inducing some of them
to buy those companies' high-yield securities before a government ban
briefly destroyed their value. Finally Mr. Winnick boldly launched the
world-wide fiber-optic networks of Global Crossing, with, it is implied,
the intention of bilking investors and crashing bandwidth prices in
what Fortune calls "perhaps the greatest executive ripoff in the
history of enterprise" but what is better described as the most
efficient global buildout in telecom
Cook's philanthropy has had a particular focus on education, youth and
minority programs. His national and international volunteer work includes
serving as a Trustee of the George Bush Presidential Library Foundation...
DIRECT LINK TO EUROPE PLANNED
Telecom said Thursday that it had signed contracts on direct Internet
access with British Telecom, Telecom Italia and other major European
companies. The deal allows Korea Telecom's Internet access service program,
Kornet, and its high-speed variety, Megapass, to connect to those of
European companies without going through the United States. The company
plans to expedite Internet connection between Europe and Korea.
Telecom has been paying a sizable sum of money to UUNet, Global Crossing
and other American companies to connect to European services. The company
can now save millions of won in fees by the direct access contract,
: Joong Ang Ilbo 2001.06.21
January 28, 8:09 pm Eastern Time
Global Crossing Files Bankruptcy
By Jessica Hall
(Reuters) - Global Crossing Ltd. (NYSE:GX - news) on Monday said it
filed for bankruptcy protection as two of its Asian business partners
agreed to pay $750 million to assume control of the high-speed communications
services company as it reorganizes in the fourth-largest insolvency
in U.S. history....
will get a combination of cash, debt and equity in the restructured
company. J.P. Morgan Chase & Co. (NYSE:JPM - news) and Citibank,
a unit of Citigroup Inc. (NYSE:C - news), are its senior secured creditors.
Thirteen of its 20 largest unsecured creditors include equipment makers
Lucent Technologies Inc. (NYSE:LU - news) and Alcatel , as well as telephone
services companies BellSouth Corp. (NYSE:BLS - news) and Verizon Communications
(NYSE:VZ - news), that are owed about $220 million, according to bankruptcy
Mr. Winnick is on the J.P. Morgan Chase National Advisory Board.
Average stockholders of both cos. are being duped big time!]
by BuzzFlash Reader Elayne