Posted on 02/09/2002 3:03:05 PM PST by Bayou City
From SEC Edgar on line form S-1/A filed on 07/23/1998
Page 53
BENEFICIAL OWNERSHIP OF COMMON STOCK
MRCo, Inc. (4).................... 16,959,462
111 Massachusetts Avenue NW
Washington, DC 20001
Michael R. Steed(19).............. 16,974,462
Note 19 on Page 54
Includes all shares of Common Stock owned by MRCo, Inc. Mr. Steed is the Senior Vice President of ULLICO and the President of MRCo, Inc., which is a wholly-owned subsidiary of ULLICO. Includes 15,000 shares of Common Stock issuable upon the exercise of options within 60 days of July 13, 1998. Includes 368,353 shares of Common Stock issuable upon the exercise of GCL Warrants.
Now for the connection... Laborers.org
Kheel and McAuliffe Raise Some Money
News reports that labor lawyer Theodore Kheel gave $20,000 in illegal cash to Carey’s 1996 campaign were easy to overlook for those not familiar with who he is or his long role in labor relations. Cornell University has a new facility at its famous Industrial and Labor Relations School and it is named after the generous Kheel. Probably the finest labor relations training institution in the country, the Cornell school was founded by Irving Ives, a respected labor expert and patrician Republican who served on the Senate Labor Rackets Committee with Arkansas Democrat John McClellan. Ives, with then-Senator John F. Kennedy, sponsored the labor reform legislation that became the great investigation’s legacy.
In 1995, Kheel played a major role arranging the sale of the AFL-CIO’s "affinity credit card" from the Bank of New York to Household Finance. The sale brought over $35 million to the AFL-CIO, which gave it the liquidity to pump over $30 million into the Democratic Party’s 1996 congressional campaigns. Kheel brokered the deal with Democratic fundraiser Terry McAuliffe. In 1992, Kheel had convinced the newly elected Carey to endorse the credit card program. Carey delivered 1.5 million Teamsters who previously had not participated in the program. Kheel profited handsomely, from the new Teamsters in the credit card program, and he subsequently contributed the $20,000 to Carey’s 1996 Teamsters reelection bid.
McAuliffe, chairman of a record-breaking Democratic fundraiser in May and chairman of recent Democratic convention in Los Angeles, has long been associated with organized labor. In addition to his work on the Union Privileges "affinity" credit card, McAuliffe has had a major role handling investments for the AFL-CIO Union Labor Life Insurance Company (ULLICO). But while he may be welcome at AFL-CIO headquarters, he is reportedly persona non grata at the International Brotherhood of Electrical Workers (IBEW). McAuliffe-related businesses borrowed millions of dollars in loans over the years from the Electrical Workers Pension Plan for a series of business ventures, many of which he defaulted on. The loans themselves were highly favorable to McAuliffe, and there is evidence that the former Electrical Workers secretary-treasurer who made these loans was himself in business dealings with McAuliffe. Labor rackets investigators have been looking into the underlying transactions, and the trustees of the plan have been sued for their negligence in making these imprudent loans. The transactions scream ‘kickbacks’ to any experienced labor rackets investigator, but the probe remains stalled.
This was done by thousands and thousands of folks during 1999 - 2001. Many of those companies that produced stock option millionaires are today selling as low as 1% of their peak, and/or are bankrupt.
TM rode the wave in GX, he may have ridden the wave down in other issues. But, his GX profits are rightfully his.
Unless it is shown that TM's GX investment was either protected against loss or somehow effected illegally (such as backdated by a year or so) there is nothing here. That is how folks get rich on Wall Street. Then, even if it were to be shown to be improper in its design, a DIRECT link would then have to be established to a specific event to tie this to a political scandal.
You surely are aware that there are Republicans who also received very low cost GX stock?
The scam that has been performed on the investing public these past few years is huge, the largest ever, but it is not a political scandal. Few even understand or grasp its scope and I seriously doubt that we will ever see any of the guilty parties behind bars. The investment banks made BILLIONS with the IPO frenzy and their controlling of the pricing, distribution and promotion. Billions.
Recently, CSFB gladly agreed to pay 100 million to settle with the SEC and NASD. $100 million is chump change relative to the profits CSFB took in via fees, illegal commissions and principal trading transaction. CSFB sometimes made $100 million on the manipulated trading of a single issue.
The point is simply that TM's actions (that are publicly known) regarding GX are not improper or unethical. Chasing TM on this issue will prevent valid investigations into other areas of impropriety that may warrant the attention.
Just my opinion and I could be wrong, but I don't think so...
This is a dna requirement to be a demonicRat. To be a real demonicRat, you have to a total deficit of the genes that recognize honesty and the need to be honest. Then you have to total loyalty genes like the Germans had towards the Nazis during the 1930's / 1940's!
Nostrilitis is a prime example of the New National Socialists of America. He is totally amoral and is incapable of being honest. He like the first Nazis, has total loyalty to his fellow demonicRats. There is no crime that his fellow demonicRats can commit that he would even recognize let along withdraw his total allegiance.
Absent any proof, your accusations are baseless and reflect a lack of understanding of the workings of wall street.
Wishful thinking and baseless accusations weaken our postion.
Mother Jones | March 5, 2001 | Michael Scherer
Posted on 1/30/02 11:27 AM Pacific 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.
Big deal, you have posted 100% old public information.
Even your posted info discloses that GX gave equal $ to the Republican party. BUT, nothing illegal is even hinted at.
Don't allow "wanting to nail TM" color your reasoning process.
In America, corporations make big political donations to BOTH parties. Where is the crime? And don't try and justify a "crime" simply on the basis of how big a profit TM made. So far, nothing about the GX situation hints at illegality on TM's part.
Notices of Proposed Sale Reported on Form 144 of
BUSH GEORGE & BARBARA COMMUNITY PROP TRS Description
Filed on 11/19/1999 sale of 100,000 shares of Global Crossing
Filed on 03-15-2000 sale of 1,000 shares of Global Crossing
You can see it Here
The price of the stock around 11/19/1999 was about $45.00 a share according to this CHART.
That's funny. I guess I shouldn't expect a response to this post (vbg).
Sorry to cloud your argument with facts, but TM isn't (as you state) my friend.
Obviously you are unaware that the payment for consulting services right here in the USA is often made using equity such as stock or options. And in the late 90's it was normal fare. Foe start ups it was the rule so as to coserve corporate cash. Pre IPO shares were the most desired of the lot.
The accusations of "insider trading" (actually, to be a crime the correct term is 'illegal insider trading')and "market manipulation" were claimed. As yet, neither you nor anyone else has provided ANYTHING that would support either accusation.
TM did not have the position or power to manipulate the market prices of GX, if you think he does or ever did, you need to do some homework.
Look, you may choose to believe me rude, so be it. But that does not change the FACT that what is known about TM's GX transaction (start to finish) does not reveal anything that is illegal or even unethical (Unethical in the realm of wall street and politics).
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