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Attention turning to Global Crossing
Chicago Tribune ^ | 2/17/02 | Jube Shiver Jr. and Karen Kaplan

Posted on 02/17/2002 6:58:31 AM PST by Tumbleweed_Connection

Edited on 09/03/2002 4:49:59 AM PDT by Jim Robinson. [history]

WASHINGTON -- Interest is building on Capitol Hill for an investigation of the business and accounting practices that steered telecommunications pioneer Global Crossing Ltd. into bankruptcy court, stranding workers and investors with worthless stock while company executives reaped huge financial rewards.

Since Global Crossing filed for bankruptcy three weeks ago, shareholders have accused the company of using questionable accounting techniques to overstate revenue, workers complained that they were barred from selling stock in their 401(k)s as share prices continued to fall, and former employees have fretted about the sudden cessation of their severance pay.


(Excerpt) Read more at chicagotribune.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: globalcrossing
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If Bush were to veto CFR, how would Global Crossing have any place to hide?
1 posted on 02/17/2002 6:58:31 AM PST by Tumbleweed_Connection
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To: *GlobalCrossing
Bump List
2 posted on 02/17/2002 8:47:29 AM PST by Free the USA
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To: Tumbleweed_Connection
Global (Double) Crossing - Ever so slowly coming to a 'boil'.
3 posted on 02/17/2002 1:18:01 PM PST by d14truth
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To: d14truth
If Enron fizzles, Global Crossing picks-up steam.
4 posted on 02/17/2002 1:29:08 PM PST by Tumbleweed_Connection
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To: Free the USA;Tumbleweed_Connection;Grampa Dave;Liz
Global (Double) Crossing 'thread' bank

Your one stop reference guide to GX, the crooks, and what they took.

5 posted on 02/17/2002 1:37:43 PM PST by d14truth
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To: Tumbleweed_Connection
Then what Terry McAuliffe got from Global Crossing was just PEANUTS. Dang, that guy works cheap. Where are confiscatory taxes when you need 'em?

Oh, those tax rates only apply if you are a Republican. There is a secret clause in the tax code that allows Democrat operatives to escape all taxation.

6 posted on 02/17/2002 2:32:57 PM PST by alloysteel
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To: alloysteel
How did he pay less?
7 posted on 02/17/2002 2:41:48 PM PST by Tumbleweed_Connection
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To: Tumbleweed_Connection
I would like to see Terry McAuliffe's tax returns, then we would know where it comes from, and where it goes. But the betting would be strong that almost the entire amount is put into various schemes to avoid taxation (legal, I'm sure, but questionable). Nothing that would support a capitalistic endeavour.
8 posted on 02/17/2002 2:55:43 PM PST by alloysteel
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To: Tumbleweed_Connection
The media will never let this story go any where because of the Terry McAuliffe and possible Clinton involvement. The only reason ENRON took off was due to Waxman's accusation of White House involvement. IMHO
9 posted on 02/17/2002 3:08:02 PM PST by duckman
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To: alloysteel
What one must understand is that this guy is working both sides of the fence as a business person and DNC.
10 posted on 02/17/2002 3:14:15 PM PST by Tumbleweed_Connection
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To: duckman
What if CFR is shot down?
11 posted on 02/17/2002 3:15:13 PM PST by Tumbleweed_Connection
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To: Tumbleweed_Connection
A little more about Bill Clinton's classmate and friend at Georgetown, and the husband of former 1st Lady Hillary Clinton's second Chief of Staff(Melanne Verveer)--

"Philip Verveer '69 "I look upon the Annual Fund as an important opportunity to express gratitude to the Law School in a tangible way—gratitude to those who have seen the extraordinary quality of education that the Law School produces and gratitude to earlier alumni whose generosity helped to fund it."

Philip Verveer is a partner in the Washington, D.C. office of Willkie Farr & Gallagher. He specializes in communications and antitrust law. Prior to joining Willie Farr, he spent twelve years in government service, including four years as the Justice Department's lead counsel in the investigation and prosecution that led to the breakup of the Bell System, and three years as chief of the Federal Communications Commission's Cable Television, Broadcast, and Common Carrier Bureaus. He recently completed a term on the Visiting Committee."

12 posted on 02/17/2002 3:19:43 PM PST by d14truth
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To: Tumbleweed_Connection
It's not just Global Crossing that needs scrutiny, but the whole telecom industry. DemocRATs will take it in the shorts if the whole industry is investigated.

Stay tuned.

13 posted on 02/17/2002 3:22:44 PM PST by jackbill
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To: d14truth
Didn't you already copy this to me?
14 posted on 02/17/2002 3:23:58 PM PST by Tumbleweed_Connection
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To: jackbill
Why the entire industry?
15 posted on 02/17/2002 3:24:37 PM PST by Tumbleweed_Connection
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To: Tumbleweed_Connection
Were Ron Brown's Trade Missions for Sale?

"In another, Philip Verveer, a politically savvy Washington attorney, recommends a place on a 1994 mission to India for William Ginsberg, CEO of Cellular Communications International, based in New York City. "Ginsberg was an early financial supporter of the Clinton/Gore campaign," Verveer writes."

16 posted on 02/17/2002 3:27:17 PM PST by d14truth
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To: d14truth
Thanks.....good stuff.....
17 posted on 02/18/2002 2:45:48 AM PST by Liz
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To: Tumbleweed_Connection
If Bush were to veto CFR, how would Global Crossing have any place to hide?

They'll put on a whitewash investigation of some sort. They're planning the coverup now.

Some of it will get out (indeed already has) despite their best efforts. Wonder who they're going to sacrifice this time...

18 posted on 02/18/2002 3:43:50 AM PST by Lion's Cub
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To: Tumbleweed_Connection; d14truth
Thanks for this thread and the ping!

These demonicRat clowns know that the FBI and SEC is investigating GX as it goes down. They had best appear to be looking into GX before the data on it starts to come out.

I'm still predicting that GX and other Arthur Anderson abortions will result in the early retirement of many DemonicRat congressionalits. As the data comes about their involvement, they will go on tv to announce a tearful early retirement to spend more time with their families. Of course the families they should be spending time with is the mob members in prison!

GW's announcement of the investigation of GX by the FBI and the SEC had to send chills up the backs of the demonicRats and cause many to involuntarily void when they heard about a real criminal investigation. Not like the 5 ring Enron circuses they have going on in congress.

19 posted on 02/18/2002 6:25:51 AM PST by Grampa Dave
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To: Lion's Cub
McAuliffe is looking at property outside of the states.
20 posted on 02/18/2002 6:46:44 AM PST by Tumbleweed_Connection
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