Free Republic

Former Virginia Gov. Terry McAuliffe (D) announced Wednesday he will jump into the race for his old job, shaking up an already crowded primary field. McAuliffe, who served as Virginia’s chief executive from 2014-2018, officially launched his campaign in the state capital of Richmond, sending out an email to supporters ahead of an event in the state capital of Richmond in which he was expected to make the announcement. Virginia is the only state in the country that bars governors from serving consecutive terms, and a McAuliffe victory would make him just the second Virginian since the Civil War to...

<p>As lawmakers prepare to grill Global Crossing and Qwest Communications execs next week, a handful of damaging e-mails seems to prove they used sham trades to boost profits. "I wish this company would just come clean with the Street regarding our guidance. This swap crap is going to kill us in the long run and I'm personally very fed up," wrote Global Crossing senior finance executive Joey Wong to colleagues last fall.</p>

<p>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.</p>

LOS ANGELES (Reuters) - Gary Winnick, the founder of bankrupt telecommunications company Global Crossing Ltd., said on Monday he would step down as chairman, 11 months after the company buckled under a mountain of debt. Winnick, who has been under investigation for massive sales of the company's stock while the telecommunications industry was imploding, said his resignation as chairman would be effective on Tuesday. He added that he regretted the large financial losses incurred by others. "I deeply regret that so many good people involved with Global Crossing also suffered significant financial loss," he said in a letter to the...

Filed at 5:52 p.m. ET WASHINGTON (AP) -- Two of the largest corporate collapses have at least one thing in common: company chairmen who took their creations to great heights, reaped millions from stock sales -- and said they knew nothing of problems until it was too late. Kenneth Lay's defense after Enron Corp.'s spectacular downfall was that he was largely uninformed of how the energy-trading company's finances worked. In congressional testimony this week, Global Crossing Ltd. Chairman Gary Winnick could not remember receiving a single warning about potential problems at his fiber-optic company, although senior executives were sounding alarms...

<p>October 4, 2002 -- GARY Winnick. You know the name. Owns that $125 million house in California, even though his company and its employees were just decimated financially. For nine months, Winnick, chairman of Global Crossing, has been in the cross hairs. Tuesday he faced a congressional hearing. Everyone said, "Take the Fifth." He didn't take their advice. What he did take was the heat. And why'd he risk self-incrimination?</p>