Posted on 03/17/2002 8:22:10 PM PST by Bayou City
Filed at 9:35 p.m. ET
MADISON, N.J. (AP) -- Global Crossing Ltd. (news/quote)'s chief executive and chief financial officer will testify before the House of Representatives this week about how the company's bankruptcy has affected workers, investors, and financial markets.
Chief executive John Legere and CFO Dan Cohrs are scheduled to appear Thursday before the Committee on Financial Service's Subcommittee on Oversight and Investigations, the company said Sunday.
In letters to Legere and Cohrs, Rep. Sue Kelly, R-N.Y., said the hearing would ``examine the effects of the Global Crossing bankruptcy on investors, financial markets, and employees.''
Global Crossing filed the fourth-largest Chapter 11 bankruptcy reorganization case in history on Jan. 28. It listed $12.4 billion in debts.
Global Crossing, formally based in Bermuda but managed out of offices in Beverly Hills, Calif., spent $15 billion over five years building a 100,000-mile fiber-optic network. Its fortunes declined last year amid weak demand for bandwidth and investors' concerns about its debts.
Last month, Global Crossing offered its U.S. employees lump-sum payments to leave the company by March 8. At the time, the company employed about 800 people in the Rochester area -- about 16 percent of its U.S. work force.
Also Sunday, New York State Comptroller H. Carl McCall said his office planned to sue Global Crossing over losses suffered by New York state's $112 billion public pension fund.
McCall is sole trustee of the New York state public employees pension fund, which lost $63 million in Global Crossing's collapse.
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On the Net:
http://www.globalcrossing.com
With apologies to and much empathy for those who have lost so much in the Enron debacle, this is a MUCH BIGGER story than Enron.
The DEMS are in this up to their freakin' eyeballs and if the Chicoms get their hands on the most extensive fiber network on the planet, the results could be serious beyond our imagination.
So what Rat on this committee will work 24/7 to protect his fellow Rats involved in Double Crossing?
The influence of the Rats even in the house, where they don't control the committees makes any congressional investigation basically worthless.
The real work is being done behind closed doors by the FBI, SEC, and some very hard nosed non Rat lawyers in the Justice Department! I think those hard nosed lawyers will tie Double Crossing into the Arthur Andersen debacle. These same lawyers, basically drove a wood stake through the heart of the AA vampire of auditing last week.
As usual the left wing maggots who control the media will not let the truth be known on their fish wraps or tv channels. Any stories published or shown on tv will be dry cleaned to remove any Rat involvement, past, present and future in the bilking of American investors in Double Crossing!
Because the truth is not published does not make it less true.............
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