Heck with Enron. Look at this.
On Jan. 28, telecommunications giant Global Crossing became the fourth largest company in history to file for bankruptcy.
Through creative accounting, Global Crossing had duped investors into believing the company was earning significantly more than its costs.
The Bermuda-based company still owes creditors more than $12 billion.
Democratic National Committee Chairman Terrence McAuliffe's $100,000 investment in 1997, when Global Crossing founder and Chairman Gary Winnick was launching his telecom upstart.
McAuliffe, a onetime consultant to Winnick and close friend of then-President Bill Clinton, reaped perhaps as much as $18 million when he cashed out most of his holdings in '98 and '99.
McAuliffe set up golfing dates with the Prez for his pal Winnick, who pledged $1 million to Clinton's Presidential library.
Chinese interests are poised to take over a significant piece of America’s global telecommunications by year’s end. The Chinese-based shipping company, Hutchinson Whampoa, and its allied Singapore Technologies Telemedia are the only two companies that have signed a letter of intent to buy out the communications giant, Global Crossing.
Exactly. One big stinker left over from the Clintons. I don't know how they got Mr. Perle, who has a lot of influence in the Bush Administration and has done a lot of things right in his career, to take this on. It doesn't seem like the fee ($125K for openers, $600K if the deal went through; supposedly he resigned the account but this thing still seems to be alive...) would be high enough to afford him.
But it is interesting to see that he's still a registered Democrat: Warning -Democrat Underground Link (But Funny - A Democrat's Reaction To Perle's Party Affiliation)