[Petronski]

Paging mainstream media. Mainstream media, please pick up the red phone...

[Petronski]

But then to get out of his jam it appears that Global Crossing got really desperate. Enron-like, the company concocted fake revenues to appease the Street. Global Crossing swapped parts of its network capacity with other carriers like Qwest and EPIK Communications.

Desperation breeds criminality.

[Liz]

bump and ping

[Liz]

.....to get out of his jam it appears that GX got really desperate. Enron-like, the company concocted fake revenues to appease the Street. GX swapped parts of its network capacity with other carriers like Qwest and EPIK Communications. Each reported revenue immediately and wrote off the new expenses over 25 years. These transactions were cashless, with no economic value. Their accountants would never agree to that, would they? Arthur Andersen gave its blessing. Did Mr. Winnick order this, or was it his revolving door CEOs? Who knows, who cares? He ran the company and he's going down with the ship to where his cables lie on the ocean floor........

Aha. The criminal pump and dump stock scheme anointed by acct's Andersen even.
Except it looks like Winnick was pumped, and now he's gonna get dumped. LOL

[eureka!]

"Paging mainstream media. Mainstream media, please pick up the red phone"

My thoughts too. But for the WSJ and few others, GX would just be a bankruptcy. The Clymers in the lamestream presstitution racket, however, don't care because it does not tarnish W or pubbies. To the contrary, it is the Rats and they are on the same side...

[spald]

. . . "Figuring he'd need them down the line, Mr. Winnick enticed union leaders and heavyweights in the Democratic Party, most notably Terry McAuliffe, now chairman of the Democratic National Committee, to invest early and often."

Very nicely constructed sentence.

[spald]

ping