Posted on 01/30/2002 10:27:24 AM PST by Liz
Richard Reeves, the nationally syndicated newspaper columnist, remembers his introduction to Gary Winnick at "one of the most disgusting events I've endured in many years of watching the way the world works." The scene was a luncheon last August for the National Democratic Institute attended by President Bill Clinton, Secretary of State Madeleine Albright, and a host of foreign dignitaries and big-time political donors.
As one of those donors, Winnick had paid for the lunch, and thus had been allotted time to address the gathering. "This egomaniac who could afford the tab got up and rambled on about how rich and daring he was and how great his kids were," writes Reeves. When Albright got up to speak, Winnick adorned her with a baseball cap bearing the corporate logo of his telecommunications company, Global Crossing. "It made you cringe to be a citizen of the world's greatest democracy," Reeves reports. "But that's the way it is these days."
Albright and Clinton had at least 133,000 reasons to grin their way through Winnick's performance: that's how many of his own dollars the corporate heavyweight gave to Democrats during the last election cycle. The donations were part of at least $1,265,268 that Global Crossing and its affiliates and executives gave the party. Republicans received almost as much from the company, including $185,000 from Winnick. Global Crossing has made no secret of its desire for returns on that investment beyond self-congratulatory luncheons.
Winnick founded Global Crossing in 1997, and has since raised over $20 billion in capital. The company plans to lay 100,000 miles of fiber-optic cable to 27 countries and 200 cities by the middle of this year. Last August, Forbes estimated Winnick's value at $3.2 billion. But that was when the company's stock was hovering around $32 a share. By February, it had plunged to barely $15.
A former employee of junk-bond king Michael Milken, Winnick also controls Pacific Capital Group, an investment firm that helped launch Global Crossing. In February, Pacific Capital agreed to acquire part of Loews Cinema as part of a bankruptcy restructuring. The group also has investments in a number of telecommunications and finance companies, including Nextwave Telecom, WorldPort Communications, Value America, and Aegis Consumer Funding Group.
Winnick harbors political interests beyond Washington. He has pledged $40 million of his wealth to build the Winnick Institution Jerusalem, which will focus on global issues of peace and tolerance. He also funds other pro-Israel programs, including one that sponsors Jewish-American students who wish to visit the country for the first time.
In 1997, Winnick hired Terry McAuliffe, Clinton's chief fundraiser, as a consultant. According to the New York Times, the $100,000 he paid McAuliffe turned into an $18 million windfall as McAuliffe's contacts helped Global Crossing's stock climb. In 1999, McAullife set up a golf gave between Clinton and Winnick, which ended with Winnick pledging $1 million for Clinton's presidential library.
"This is capitalism. You invest in stock, it goes up, it goes down. You know, if you don't like capitalism, you don't like making money with stock, move to Cuba or China."
at McAuliffe: My Stock Killing Critics Should 'Move to Cuba', January 30, 2002 --- a statement which is not a good career move when trying to "lead" a progressive movement of the socialists by the socialists for the socialists in the name of the people.
Also speaking of wealth, if it please Mr. Borenstein's Court of Public Opinion, here is the data from the first of 16 pages of The Mother Jones 400: Top 400 campaign donors of 2000, posted to FR by vannrox on January 22, 2002.
In terms of total contributions, the top five (ie. "wealthiest" according to the "liberal media") contributors all gave to the Democrat Party.
No kidding, guys, this you gotta read.
Party of the people, my Aunt Martha.....
Reeves said it for all of us.
Caught it, as well. My thoughts exactly.
The Democrats are the party for the working man, the Republicans care only for the rich. The Democrats are the party for the working man, the Republicans care only for the rich......but I still don't believe it......now what?
Noted. Proceed.
You'd understand it all if you were a multimillionaire who had donated to the DNC, then it all would become clear to you.
Hrrmph. I doubt either is telling the truth.
As one of (Dem) donors, Winnick had paid for the lunch, and thus had been allotted time to address the gathering. "This egomaniac who could afford the tab got up and rambled on about how rich and daring he was and how great his kids were," writes Reeves. When Albright got up to speak, Winnick adorned her with a baseball cap bearing the corporate logo of his telecommunications company, Global Crossing. "It made you cringe to be a citizen of the world's greatest democracy," Reeves reports. "But that's the way it is these days."
The man needs immediate treatment for clinical narcissism.
They'd have to blindfold and gag me before I'd donate to the DemonRats.
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