Hill probers mum on work taken from Global Crossing

Washington Times ^ | 1/31/02 | Ralph Z. Hallow

[kattracks]

Congressional investigators refused to comment yesterday on why the Pentagon yanked a $400 million contract from Global Crossing, a telecommunications firm that declared bankruptcy this week, stranding its shareholders and employees in much the way the Enron collapse did.

The Defense Department canceled the contract in August, a month after it was awarded, after losing bidders filed protests.

[ikka]

Congressional investigators refused to comment yesterday on why the Pentagon yanked a $400 million contract from Global Crossing, a telecommunications firm that declared bankruptcy this week, stranding its shareholders and employees in much the way the Enron collapse did.

Possibly the Hutchinson Whampoa connection? Fiber is tough to listen in on, unless you stick in the wiretap devices when it is installed.

[DrKnow]

How do you make $18,000,000 from a $100,000 stock investment?

Use this simple formula:
      np = v
where
      n = number of shares purchsed
      p = price per share
      v = investment value

DNC Terry invested $100,000 so
      np = $100,000

The stock split in ’99 so DNC Terry’s shares doubled (2n). He sold his stock before it reached its peak price of $64. Let’s be generous, and assume DNC Terry sold at the peak price:
      2n x $64 = $18,000,000
or
      128n = $18,000,000
so
      n = 140,625 shares
and since
      np = $100,000
we calculate
      p = .711111111

In English, DNC Terry bought 140,625 shares at .71 cents per share for a stock that was offered to the public at $8 per share. This means DNC Terry had a profit of over a million dollars when the stock opened. But according to DNC Terry, he bought and sold stock just like everybody else does.

[Madstrider]

Like Enron, where audits by the Arthur Andersen firm failed to detect the company's perilous financial condition, misleading accounting methods also played a role in Global Crossing's downfall

President Clinton's pick for the GAO boss was a Big wheel at Arthur Andersen and people wonder what happened to the budget surplus!