Posted on 01/31/2002 2:19:03 PM PST by SMEDLEYBUTLER
Edited on 09/03/2002 4:49:56 AM PDT by Jim Robinson. [history]
Politics: The telecom firm gave to both parties as it focused on its undersea cable.
WASHINGTON -- Financially troubled Global Crossing Ltd. catapulted from nowhere four years ago to become one of Washington's biggest political givers, although its lobbying focus was far narrower than most other corporate giants.
Barely a player in 1998, Global Crossing grew to No. 23 on the list of top donors to federal parties and candidates in the 1999-2000 election cycle, according to a study released Wednesday by the Center for Responsive Politics, a Washington watchdog group.
(Excerpt) Read more at latimes.com ...
However, the real story is not Enron, Global Crossing, Loral, Tyco and ?.
There is a very troubling shadow that is connected with each of these companies.
That shadow is Arthur Andersen. This is the story that we should be focusing on. The left wing senators and mediot maggots want us and the sheeple to focus on Enron. That is to distract us from Arthur Andersen and its role in these bankruptcies.
Then follow the money from these companies and into whose pockets did most of their money flow to! The DemonicRats of course.
Now for a quick history lesson in who enabled Arthur Andersen to have this power and shield AA. It was none other than Senator Dodd.
The real villian which cooked the books and lied to stock holders is Arthur Andersen. Thanks to DemonicRat Senator Dodd who receive outrageous amounts of money, Arthur Andersen was enabled to be able to lie, collect massive consulting fees and be freed from penalties when their clients/companies go belly up!
Dodd got a bill passed that even the Bent One vetoed, that enabled Arthur Andersen to do its vile deeds. It was on account of Dodd's tireless efforts that Arthur Andersen was able to act as both "independent auditor" and management consultant to Enron for $100 million a year. That role - so fraught with conflict of interest that it makes a joke of the concept of outside auditors protecting shareholders - has been identified as one of the major causes of the debacle.
In 1995, it was Dodd who rammed through legislation, overriding President Clinton's veto, to protect firms like Andersen from lawsuits in cases just like Enron.
The Dodd bill limited liability for lawyers and accountants for "aiding and abetting" corporate fraud by their clients, making them liable only for their "proportionate" share of the blame, rather than for the entire fraud.
So, if an accounting firm kept secret the true picture of a corporation's finances, it would only be liable for part of the total fraud on the investors. For shareholders, this law is awful - the fraudulent company has usually lost nearly all its value before the shareholder learns about it, so there's nothing left.
For the accounting firm, though, it's great - the shareholders can't pin the total losses on you. And from Andersen's point of view, it was really wonderful, because they were already facing thousands of lawsuits for their role in securities fraud. A grateful accounting industry showed its appreciation to Sen. Dodd by contributing $345,903 to his campaign between 1993 and 1997. Every major accounting firm pitched in - Deloitte & Touche, Ernst & Young, Coopers & Lybrand, Peat Marwick, Price Waterhouse. (Dodd has received more money from Arthur Andersen than any other Democrat - $54,843.)
From '93 to '97, Dodd also received $523,551 from the securities industry, which was thrilled with other provisions of the '95 law that limited liability from securities lawsuits, notably for firms that failed to live up to their predictions about future earnings. Consumer groups had opposed the legislation - For the full sickening story, go to (Dodd, the enabler of Arthur Andersen and corporate crooks)
Dodd, DemonicRat, who helps the big crooks and $crews the rest of America! This is the big story that the left wing super rich mediots who control the media are trying spike and avoid. This is why the Wh$re is in charge of the GAO is going after Dick Cheney. This Wh$re was a former partner of Arthur Andersen and was appointed by the Clintoon. We need to investigate the millions of our tax $'s that went to Arthur Anderson that were authorized by their wh$re in charge of the GAO!
Remember don't focus on Enron, Global Crossing and others. Focus on the real evil in these massive business failures, Arthur Andersen and their Wh$re in the Senate, Dodd! Then focus on the money trails from Anderson to Global Crossing. Most of their money went to the DemonicRats!
Keep focused on the real villian here, Arthur Andersen and the money from Andersen and these companies to whom it flowed.
"...Even the Los Angeles Times got around to mentioning McAuliffe in its story today, though in paragraph seven and only after the first President Bush is brought out as exhibit C in the Global Crossing list of connections. John McCain is number one in the Times, followed by Conrad Burns, both Republicans. Get the Times' drift? The Global Crossing pipeline ran to some in the GOP, of course, but you'll read the Jube Shiver and P.J. Huffstutter piece from top to bottom and not get any of the fun details that the Washington Times' Ralph Hallow presents. It turns out that Global Crossing gave the majority of its donations to Democrats, and that its total contributions in 2000 were greater than Enron's! Oh, by the way, Global Crossing founder Gary Winnick gave a million bucks to the Clinton Presidential Library..." - Hugh HewittSee also, from:
"...Global Crossing, headquartered in Beverly Hills, Calif., apparently began negotiating the contract during the Clinton administration. The company and its founder, Gary Winnick, have been major political donors — bigger than Enron — with a majority of those funds going to Democrats..."
Excerpt:
WASHINGTON -- Financially troubled Global Crossing Ltd. catapulted from nowhere four years ago to become one of Washington's biggest political givers, although its lobbying focus was far narrower than most other corporate giants.
Barely a player in 1998, Global Crossing grew to No. 23 on the list of top donors to federal parties and candidates in the 1999-2000 election cycle, according to a study released Wednesday by the Center for Responsive Politics, a Washington watchdog group.
The telecommunications company gave more than $2.8 million in soft money, political action committee money and individual contributions--84 times what it gave during the 1997-98 election cycle. "They just came out of nowhere and ... began flashing a lot of money all over town," said Holly Bailey, a researcher for the center.
If you are having trouble lisstening to Hugh over the Internet at KRLA in Los Angeles - as I have, recently - you might try the streaming audio link at KCBQ in San Diego - at least for the SECOND and THIRD hours of his show...
I think you want to communicate that The Times thinks its important to note that McCain/Burns got campaign cash, but their combined $62,000 is one-fortieth (1/40) the amount that Global Crossing sent into the Bingaman household.
Significant? .... you decide.
Mike
...does anyone recall GLOBAL CROSSING getting a communications contract with the China Army...?
http://gopportal.com/What's up with them?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.