Posted on 05/29/2009 6:36:45 PM PDT by NormsRevenge
RICHMOND, Va. – In a governor's race that's all about jobs, Terry McAuliffe is facing questions about huge profits he made from a company that collapsed two years later, leaving 10,000 people unemployed.
...
In 1997, McAuliffe sank $100,000 into the Beverly Hills, Calif.-based startup's bold plan to link North America and Europe with a trans-Atlantic fiber optic cable, a super-fast conduit for voice, video and digital data.
"When I invested in Global Crossing, understand that it was a very risky deal," ...
His return was $8.1 million, ...
(Excerpt) Read more at news.yahoo.com ...
Why Virginia voters would want this slimeball as Gub is beyond me.
8.1 million on a $100 K investment....sounds like Hillary’s cattle futures deal. Funny how the Clintoon cronies could make tons of money like this....
This crooked punk made a killing on this stock!!!
Cronyism at it’s finest. Global Crossing got a bunch of government contracts during the late 90s. Wonder how Terry knew about those?????
What a crook. But Libs like their politicians extra slimy.
The real story is not that he got out just before the stock took a dive...
The real story is that just after it took a dive guess who bought it?
Chinese billionaire Li Ka-shing who has ties to China’s Peoples Liberation Army.
“He already controls the Panama Canal. Will it threaten national security to have a Chinese company controlling the fiber-optic network our defense department uses to communicate and store data ?”
Bush 41 made some bucks on GC also. Many people worldwide made plenty of bucks during the dot com bubble. Plenty cashed out at the top.
Global Crossing virtually wired the world for fiber optics? Unfortunately, fiber optics can carry so much IT no one could figger out how to make it profitable. It had about 1000X the capacity of the entire worlds needs at the time. How do you charge for a KB when you can deliver a terabyte for the same price? This was 10 yrs ago. That's my take on the thing.
yitbos
The Global Crossing headquarters look like Versailles, these people pissed away investor money like water
But then again the the little startup telcom I was working for did the same
Rush dubbed him “Terry McAwful” years ago. And just like Dick Morris’ nickname “The Toe Sucker”, Terry McAwful has stuck.
gitmos
yitbos
The link below takes us to the many postings on Global Crossing.
http://www.freerepublic.com/tag/globalcrossing/index
Again the rats were up to their eyeballs in this mess and walked away with no real problems.
“Cronyism at it’s finest. Global Crossing got a bunch of government contracts during the late 90s. Wonder how Terry knew about those?????”
Gee were the evil GW, Cheney and Rove in charge in the late 1990’s?
I can’t recall, so it must be Bush’s fault.
Maybe the SEC can explain it to the braindead Dem. It's called "insider trading."
EMAIL enforcement@SEC.gov
NOTE TO THE SEC: This is one you missed alongside Madoff.
===============================================
Global Crossing then got a bunch of profitable government contracts during the late 90s. How did Terry know about those?
There's so many crimes being committed here it's not even funny. Can you say government fraud, conspiracy, kickbacks, money laundering, theft of public property and official govt records? Conspiracy counts might include mail fraud, electronic fraud, and accounting fraud.
L/E might consider:
(a) conspiracy to defraud the IRS, and evade US banking laws,
(b) international money laundering,
(c) conspiracy to commit money laundering, and,
(d) aiding and abetting the preparation of false federal/state income tax returns.
Authorities might examine the company's receipts to verify bogus charitable contributions (kickbacks) and multiple conspiracies, and wire-transfers of funds (as part of a money-laundering conspiracy).
Government audits might show off-the-books bank accounts that were accessed solely by insiders, and that government-funds were used in various illegal schemes that might have integrated:
(1) money laundering,
(2) tax evasion (stolen money is taxable),
(3) violations of US banking and currency laws,
(4) conspiracy to commit wire fraud,
(5) commercial bribery in various financial schemes,
(6) establishing secret offshore bank accounts outside the purview of the IRS and US banking laws,
(7) fraudulent and casual accounting practices,
(8) non-existent financial oversight,
(9) having a hidden financial interest in companies faking business w/ Global Crossing,
(10) putting phantom employees on the Global Crossing payroll (money laundering).
The IRS should determine if taxes were paid (stolen money is taxable).
IRS TOLL-FREE 1-800-829-0433----you may remain anonymous when reporting tax fraud.
Report fiduciary negligence; signing off on falsified documents here:
EMAIL askDOJ@usdoj.gov
FBI TIP PAGE http://tips.fbi.gov/ (you may remain anonymous)
REPORT TAX FRAUD AND TAX LAW VIOLATIONS HERE:
EMAIL .......OAAG.Tax@tax.USDOJ.gov
He did better than Hilliarliesalot with her cattle futures.
Insider knowledge is what it was given Terry’s relationship with the Clintons.
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