GLOBAL CROSSING PERKS A CLUE: A Gadfly Who Raised Some Early Questions

NY TIMES ^ | 2/11/02 | GERALDINE FABRIKANT

[d14truth]

So, we have a former 'Global Crossing' chairman who, in an earlier life, bought a 'cup of coffee' from President Clinton, and missed out on Global Crossing's collapse.

Is that about it?

[d14truth]

I expect O'Reilly and Drudge to be all over this later today. {;~)

[Alamo-Girl]

Thanks for the heads up!

[Liz]

So, we have a former 'Global Crossing' chairman who, in an earlier life, bought a
'cup of coffee' from President Clinton, and missed out on Global Crossing's collapse.
Is that about it?

Guess he saw the handwriting on the wall......or, rather, on the fiber optic.....LOL

[Liz]

Thanks for the heads up!

OK. Anytime........

[d14truth]

"Guess he saw the handwriting on the wall......or, rather, on the fiber optic....."

Think he 'translated the handwriting' for his 'koffee klatch' friends before leaving?

[Liz]

Think he 'translated the handwriting' for his 'koffee klatch' friends before leaving?

Not if he knew what was good for him......

[d14truth]

In accordance with the Free Republic policy of 'Equal Corruption Persecution Act(ECPA), here is the Enron 'cup of coffee' recipient--

Clinton provides 'coffee' for Enron Executive

[RonDog]

In early 2000, when Global Crossing was still flying high, Nell Minow posted a negative report about the company on her Corporate Library Web site.

It was the debut of the site (www.thecorporatelibrary.org), which evaluates corporate governance issues.

See also, from:
http://www.thecorporatelibrary.com/spotlight/specific/gx.html

EXCERPT, TCL 1999 COMPANY RESPONSE REPORT:

Introduction by Nell Minow, Shareholder Activist and Co-Founder of The Corporate Library

"...And none is worse than the contract of Robert Annunziata of Global Crossing, whose tenure as CEO ended on March 3, 2000, after just a year on the job. Mr. Annunziata created tremendous shareholder value. But the contract’s pay/performance link was weak. As the company's performance leveled off, Mr. Annunziata’s compensation did not diminish commensurately. According to Forbes, Global Crossing is “an Internet play with all the potential and risks that that entails.” The company needs a CEO whose contract is tied to those potentials and risks.

Instead, the contract included pay guarantees and perks that indicate a lack of oversight by the board.  Just for showing up, he got a $10 million signing bonus and two million stock options at $10 a share below market. He got our favorite oxymoron – the “guaranteed bonus” of not less than half a million dollars a year. The make and model of the Mercedes the company would buy for him and his wife is spelled out in the contract.  He got the use of the corporate jet for commuting until such time as he might find it appropriate to move. And to keep him from getting homesick, his family got first class airfare to come see him once a month. Including his mother." [view entire report...]

[Wil H]

Why would a company based in Los Angeles, need to be based in Bermuda, she wondered.

Oh come on, there are many companies incorporated in Bermuda just as there are corporations incorporated in Nevada, and before that, Delaware. Nothing sinister in avoiding tax if you don't have to pay it.

And it doesn't wash that a supposedly savvy corporate analyst wouldn't know that, therefore her "wondering aloud" is pure innuendo.

[CPT Clay]

any idea how we can find the names of the people on the board?

[Wil H]

It's a publicly traded company, try the annual report.

[connectthedots]

Where does Robert Rubin fit in on the Global Crossing case? It seems that he has his hands in a lot of corporations that have gone bankrupt or are in serious problems with the feds and the SEC. Then there was also his participation in the bailout of Mexico that greatly benefited his former employer while he was in the Clinton administration, BTW, how far back does Rubins relationship with the Clintons go?

[Dick Bachert]

GLOBAL CROSSING SHAREHOLDERS HEADING FOR THEIR LAST MEETING. If you examine the image carefully, you will note that TERRY McAULIFFE is missing. Terry was seen that day in the Zurich airport carrying two heavy canvas bags.