Posted on 03/18/2002 6:12:58 AM PST by Tumbleweed_Connection
New York State Comptroller Carl McCall announced yesterday that he intends to file suit against telecommunications giant Global Crossing after the state's $63 million pension fund investment in the company went down the drain when it declared bankruptcy in January.
"We've got to make sure that any of these companies that defraud us, that these companies repay us," said McCall, whose running for the state's Democratic gubernatorial nomination, at an upstate political reception.
As state comptroller, McCall is the sole trustee of New York's public employees pension fund, reported the New York Post.
Global Crossing's collapse proved a major embarrassment for the national Democratic Party when it was revealed that party chairman Terry McAuliffe had turned an $18 million profit on a mere $100,000 investment in the company.
Adding to the political fallout, Global Crossing CEO Gary Winnick was a golf partner of ex-President Clinton who pledged to make a $1 million donation to the Clinton Library Foundation in Little Rock, Ark.
Winnick was so enamored of his powerful political ties that he had his own office designed as an exact replica of the Oval Office.
The Clinton administration also awarded a the soon-to-be bankrupt company a $400 million defense contract, which was canceled by the Bush Pentagon last year.
Though Congress has hinted it may hold hearings into the company's collapse, only McCall and the Washington, D.C.-based public interest law firm Judicial Watch have announced plans to take legal action in the wake of reports that Global Crossing may have engaged in fraudulent conduct.
McCall has also filed suit against Enron, the energy trading company that declared bankruptcy last December amid similar charges of mismanagement, in hopes of recouping New York's $58 million investment in the firm.
Has the NY Slimes published these specifics yet about the past CEO of Double Crossing.
Looks like the voters of NY who voted for the Hildebeast and the Clintoon in 1992 and 1996, enabled the loss of $63 million from the NY pension fund. Maybe some pension fund people could sue the Clintoon, the Hildebeast and McAuliffe to recover some of the pension funds losses. If not they can move into the Clintoon Presidential LIEbrary to live!
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