The Drexel Connection at Global Crossing (How the firm's alumni helped launch the telecom startup )

BusinessWeek ^ | MARCH 11, 2002 | By Christopher Palmeri in Los Angeles, with Mark Clifford in Hong Kong and Mike McNamee in Wash.

[jern]

A swanky office in Beverly Hills, brash investment bankers scoring hundred-million-dollar paydays, a spectacular collapse ending in federal investigations. The belly flop of Global Crossing Ltd. seems remarkably similar to the saga of Drexel Burnham Lambert Inc., the investment bank that imploded a dozen years ago. In fact, it may be more than coincidence. At least five key players in the startup of Global Crossing were prominent executives at Drexel.

[Bayou City]

Thanks for the ping! Stay tuned...

[flamefront]

bump (no, many are just stunned by the depth of all this)

[Bayou City]

Does anyone know where Terry is lately? I haven't heard a peep out of him.

[terilyn]

I haven't seen or heard a peep out of him in a couple of weeks. He must be back at DNC headquarters churning out all of those brilliant dem talking points that we've been hearing lately!

Either that or he's sipping pina coladas on a beach somewhere where nobody will ever find him. Counting his profits from Global Crossing...

[Bayou City]

Remember this post from a few weeks ago... How CIBC keeps money from the taxman - Offshore accounting

[Bayou City]

Another CIBC post CIBC reveals Global Crossing exposure

[anymouse]

Global Crossing ping.

[Liz]

.......the mind boggles at the crimes these people might get away with.......

[Liz]

FROM THE LINK: Despite the hit in loan losses, CIBC has done extraordinarily well on GC given its initial investment of just $30-million (U.S.). Mr. McLeod said that during the past three years, the bank has "realized more than $2-billion (Canadian) in revenues" from its association with the company, excluding investment banking fees.

CIBC will also profit some $350 mill after closing out hedged futures contracts.

[gunnedah]

Too many politicians involved for Congress to mess with!And the Demcritics talk against big corporations and hold their slimey hands out.This is repulsive on both sides of the isle.The average American is bilked by taxes and the rest is stolen!

[Grampa Dave]

Thanks for this article.

The absence of the demonicRats in investigating Double Crossing speaks volumes re their involvement in Double Crossing, Drexel, the CIBC, the ChiCom front organizations, Arthur Anderson and only God knows what else.

[Grampa Dave]

I posted these remarks on a reply above. They answer your specific question:

The absence of the demonicRats in investigating Double Crossing speaks volumes re their involvement in Double Crossing, Drexel, the CIBC, the ChiCom front organizations, Arthur Andersen, and only God knows what else.

[WIMom]

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[prognostigaator]

bump

[independentmind]

Here's two more Drexel connections this article doesn't mention.

1) Norman Brownstein, a director for AGX, was one of the attorneys for Drexel, and is closely connected to Milken. He was also involved in a number of S&L scandals.

2) I believe I read that Blackstone Group was working on a restructuring for GX. Blackstone Group is run by Leon Black, who--you guessed it--also worked for Drexel.

[rdavis84]

From ---- http://www.corpwatch.org/news/PND.jsp?articleid=1772

"During a breakfast with the company's co-chairmen, Lodwrick Cook (an old Bush chum and former head of Atlantic Richfield Co.) and Gary Winnick, Bush agreed to take his compensation in Global Crossing stock.

---

Lodwrick Cook (with Carole D.) March 5, 2001 Party lines don't hamper Lodwrick Cook. As chairman of the Atlantic Richfield Company, Cook was one of the most generous supporters of the first President Bush, giving more than $860,000 to Republicans through his energy company. At the time, Cook was pushing for expanded drilling in Alaska and new clean air rules that would boost sales of reformulated gasoline -- both policies supported by Bush. In 1992, Cook hosted a gala luncheon at the Republican National Convention that raised $4 million. <<<<snip>>>>> "Staying true to form, Cook supported the younger George Bush this year. But with his company, he made sure Democratic politicians were covered as well. Global Crossing Development, a subsidiary, gave at least $475,000 to the Democratic Party.

	Lodwrick Cook Co-Chairman Global Crossing Ltd.
Co-Chairman Asia Global Crossing Ltd. Chairman Global Marine Systems Vice-Chairman and Managing Director Pacific Capital Group Pacific Capital Group, Inc. Lodwrick (Lod) Cook became co-chairman of Global Crossing Ltd. in 1998 and chairman, Global Marine Systems, a wholly owned subsidiary of Global Crossing, in 1999. In April 2000 he became Co-Chairman of Asia Global Crossing Ltd. Through its Global Marine Systems subsidiary, which Mr. Cook chairs, Global Crossing owns the largest fleet of cable laying and maintenance vessels in the world and currently services more than a third of the world's undersea cable miles. Mr. Cook also serves as vice-chairman and managing director of Pacific Capital Group, which he joined in September 1997. Pacific Capital played a principal role in the founding of Global Crossing and continues to invest in the real estate, financial services, media, health care, and telecommunication industries. Prior to joining Pacific Capital Group and Global Crossing, Mr. Cook had a 39-year distinguished career at Atlantic Richfield Company (ARCO), the 7th largest U.S. oil company. He began in 1956 as an engineer trainee and went on to hold management positions in labor relations, refining, marketing, planning, supply and transportation and was elected vice president in 1970. He became president and chief Executive Officer of ARCO in October 1985 and during this time served as chairman of the Owners' Committee of the Trans Alaska Pipeline System. He became chairman and CEO in January 1986 and upon retirement in June 1995, became Chairman Emeritus.

[Registered]

bump.

[rdavis84]

Re: #36 ---

"Gary Winnick --------- Founder and Chairman, Global Crossing, Ltd., and Founder, Chairman and Chief Executive officer, Pacific Capital Group "

[d14truth]

Thanks for adding to the already overwhelming evidence of corruption and RICO type charges that should be brought against this bunch of 'wealthy/greedy' manipulators of the law. The money that this group has manipulated, by whatever means, away from the children, the poor, and the working middle class should be a testimony to their greed, and a witness against their 'words' of good deeds.

The voices of freedom, once stilled, may wait generations, before being heard from again. Arising from the next Dark Ages of 'tribal dispute', One greater than us all may be recognized as Lord of the land once again, and His peace will once again come to THAT nation, IMHO.

[d14truth]

All you need or want to know in the 'link' in reply #4.