Global Crossings Declares Bankruptcy

Bloomberg Business Reports | Jan 28, 2001 | Bloomberg Busness Reports

[Dukie]

Bloomberg Business Report just announced that Global Crossings, a telecommunications company which established a world wide fiber optics cable network, has declared bankruptcy. Bloomberg further announced a sale of certain of Global Crossings assets to PRC headquarted Hutchinson Whampoa Corporation in conjunction with its bankruptcy declaration.

[Dukie]

41 was paid 80,0000 for a speech

Hey, now here's a good kicker: By accepting stock for speaking fees, one can convert ordinary income into capital gains which are taxed at lower rates. Works well assuming the stock value is rising or - even better perhaps with the benefit of inside information to suggest a nice up move.

Yetanother reason to scrap the income tax and the IRS.

[Wyatt's Torch]

Thanks for the heads up. Someone will be buying a fiber network for cheap. Only thing now is getting the traffic to fill it up. The bandwidth glut will not go away without a revolution in communcations equipment.

[Wyatt's Torch]

Well said. Add onto it the deflation issues and you have yourself a nice little economic mess.

[Randjuke]

I wonder if X41 GHWB still owns his stock in Global Crossing?

I was wondering the same thing - also how long it will take the press to mention this connection. Obviously X41 caused the improper downfall of this company, massive job losses and the loss of pension funds (sarcasm off)

[Dukie]

Thanks for that article on McAuliffe, jslade. For his next project, Tom Wole ( Bonfires of the Vanities, The Right Stuff, etc. ) ought to consider a tale of the incestuous and mutually corrupting influence of American politics and corporations brought about by such shenanigans.

[mapleleafrag]

very familiar with "projection"

my ex-hubbie was a wizard at it!

[PhilDragoo]

Why Don't We Talk Anymore? Monday, November 15, 1999

A front page article in the Saturday Santa Fe New Mexican reported the wife of Senator Jeff Bingaman (D-NM) received $2.5 million in fees as a lobbyist on behalf of the fiber-optic company, Global Crossing. The paper reported that Anne Bingaman's office released a statement in which she stated she, "never met or spoke at any member of Congress or congressional staff on behalf of Global Crossing."

Undersea cable investigation

The US government has launched an investigation into anti-competitive practices in the undersea cable business. The DoJ’s concerns focus on the way in which a consortium of large international telecoms companies led by AT&T sells voice and data transmission services over its undersea cable networks. Members of the consortium, including AT&T, Sprint, Level3Communications, MCI Worldcom and three of Japan’s biggest telecoms companies – NTT, Japan Telecom and KDD – received an 18-page civil investigative demand from the DoJ in late June.

Those close to the industry believe that the inquiry has also come as a response to complaints by Global Crossing, a telecoms company started two years ago, which also offers undersea cable services. Global Crossing is currently building a trans-Pacific undersea cable network, and complained earlier this year to the Federal Communications Commission (FCC) about price discrimination by the Japan US Cable Network, operator of a rival cable service. The complaint resulted in a six- month investigation, after which the FCC granted the Japan US Cable Network a licence for its US$1.2 billion undersea cable between the US and Japan in early July.

Phil Veveer of Wilkie Farr & Gallagher, regular counsel to the Japan US Cable Network, represented the company in the FCC licence application and is now taking a coordinating role for the consortium in this issue. Verveer is assisted by partners Theodore Whitehouse and Stephen Bell as well as associate Jennifer McCarthy. At AT&T, senior attorney Aryeh Friedman is leading an in-house team. MCI is also handling the investigation with a team led by attorneys Jamon Jarvis and Thomas O’Neil. At Sprint, in-house counsel Ken Nakamura, Leon Kestenbaum and James Hedland are handling the issue. At SBC, Steve Strickland is leading an in-house team responding to the inquiry. Qwest have retained Steven Smith at Morrison & Foerster while Viatel have retained Steven Sunshine at Shearman & Sterling. Joseph Krauss of Hogan & Hartson is advising NTT. Japan Telecom has retained Gary Kubek and Jeffrey Cunard at Debevoise & Plimpton in Washington, as well as Katsuyuki Yamaguchi at Nishimura & Partners in Tokyo. Both these firms regularly provide advice to Japan Telecom. Daniel Savrin of Bingham & Dana is advising Japan Telecom’s US subsidiary. KDD has retained Robert Aamoth of Kelley Drye & Warren LLP. Global Crossing has retained Anne Bingaman in Washington, DC.

[mgist]

I just heard on FOX that the head (name?) of the GAO invested $100,000 in Global Crossings and made 18 million. He recently donated $1,000,000 to the Clinton library.

This individual was appointed by Bill Clinton and was previosly a top executive in Aurthur Andersen. The GAO is now trying to sue Cheney for information regarding energy meetings, and if I remember correctly, is the same group who prevented funds from being distributed to Bush after November elections.

[strela]

No tears shed for their demise here. Global Crossing's Internet arm was a notorious spam sewer. They supported spammers, sold accounts to spammers, protected spammers, and encouraged spammers to pollute the rest of the Internet.

Good riddance.

[PhilDragoo]

NOVEMBER 12, 21:40 EST

Bermuda Co. Pays $2.5M to Lobby

By MATT KELLEY
Associated Press Writer

WASHINGTON (AP) -- A Bermuda-based company paid the former head of the Justice Department's antitrust division more than $2.5 million during the first half of the year to lobby federal officials on a trans-Pacific communications cable, records show.

Anne Bingaman contacted the Federal Communications Commission, the White House Council of Economic Advisors and other federal officials on behalf of Global Crossing, Ltd., according to a lobbyist disclosure report filed with Congress.

Mrs. Bingaman is the wife of Sen. Jeff Bingaman, D-N.M.

Global Crossing hired Mrs. Bingaman as its head lawyer in efforts to get an FCC license for a $1.28 billion project

[...]

Mrs. Bingaman also had worked for the victor in the bidding war for U S West, Qwest Communications. Mrs. Bingaman was a top executive at Qwest after she left the Justice Department in 1996 until mid-1998. She was hired by Global Crossing shortly afterward.

[...]

Trie on Bingaman Commission

Senator Jeff Bingaman (D-NM) allowed Clinton to place Charlie Yah-Lin Trie on the Bingaman Commission. Trie donated over $400K to Clinton (March 21, 1996) then delivered a high-priority letter to Mark Middleton who faxed it to Maureen Lewis with the note "As you know, Charlie is a personal friend of the President. . . ." The letter was a threat to Clinton to drop support of Taiwan or lose his Asian benefactors. Clinton's reply April 23 was a "Dear Charlie" letter assuring that the presence in the Taiwan Strait of the Independence and the Nimitz "was not intended as a threat to the PRC." Clinton finessed his betrayal of Taiwan with his delivery of the Three Nos in Tiananmen Square July 1998.

Obviously the senator from New Mexico and his wife (the former Justice anti-trust anti-Microsoft jihadette) have been valuable assets to Clinton and the PRC.

[Ragtime Cowgirl]

Do you know how many ways this money can be hidden from the FEC and the press? The Democrats know.

---

We are having a good time -- today we had lunch with the NDI people at the Dorothy Chandler Pavilion. Madeleine Albright introduced the President, who was the main speaker. Dianne Feinstein was one of the guests, along with Jesse Jackson, Secty of Agriculture Glickman, Mayor of LA Riordan -- believe it or not, some people actually saw Monica Lewinsky there. I only learned that later, since I did not see her myself. We had to go through a police cordon to get into our hotel garage -- downtown LA is pretty sealed off, since the convention started about an hour ago. Michael and I have "honored guest" passes today -- floor passes are hard to get the first day, especially since the President will be speaking tonight and everybody wants to be there for him. We came up to the room for a short rest before proceeding to the convention by taxi. No parking, of course. The President spoke magnificently at lunch, giving a kind of farewell convocation. He took on issues such as AIDS, the dangers of miniaturized arms in this era of miniaturized computers, and spoke of this past decade as the decade of democracy. His hopes for the future included that the next century be the century of democracy. The lunch was sponsored by Global Crossings.
Diary of a Delegate, LA 2000 Dem. Convention.

The campaign donations are only corrupting if the pol is corrupt. The attacks by the Dems./press are especially low because they are sneaky, thieving, liars who never turn the press cams on their own bought and paid for, corrupted party leaders.

[Dukie]

I read what you post in 67 and 70 above and I begin to wonder if the next revolution will follow, not the model of our own history but rather that of late 18th century France.

[mountaineer]

This is good stuff, the sort of thing Quinn loves to talk about (especially the ChiCom angle). Someone ought to send it to him.

[Dukie]

Faith and begoragh, where are you hiding ?

[Dukie]

Alright, my dear hoopi, I'll flag him.

Regards to you !

[mountaineer]

You da man! (I'd do it, but I have to log off now and get to work).

[Dog]

Over here!

[Howlin]

Did you see this?

[Dog]

Notice who just bought them Howlin....a name from the past..

[Dog]

Now watch the them of UBS-Warburg to surface in this one also..