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The Drexel Connection at Global Crossing (How the firm's alumni helped launch the telecom startup )
BusinessWeek ^ | MARCH 11, 2002 | By Christopher Palmeri in Los Angeles, with Mark Clifford in Hong Kong and Mike McNamee in Wash.

Posted on 03/02/2002 4:49:21 PM PST by jern

Edited on 04/13/2004 2:16:30 AM PDT by Jim Robinson. [history]

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.


(Excerpt) Read more at businessweek.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: alert; cibc; dbl; garywinnick; globalcrossing; leonblack; likashing
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To: terilyn
Thanks for the ping! Stay tuned...
21 posted on 03/02/2002 9:29:00 PM PST by Bayou City
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To: Registered
bump (no, many are just stunned by the depth of all this)
22 posted on 03/02/2002 9:40:16 PM PST by flamefront
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To: terilyn
Does anyone know where Terry is lately? I haven't heard a peep out of him.
23 posted on 03/02/2002 9:40:53 PM PST by Bayou City
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To: Bayou City
I haven't seen or heard a peep out of him in a couple of weeks. He must be back at DNC headquarters churning out all of those brilliant dem talking points that we've been hearing lately!

Either that or he's sipping pina coladas on a beach somewhere where nobody will ever find him. Counting his profits from Global Crossing...

24 posted on 03/02/2002 9:50:25 PM PST by terilyn
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To: terilyn;Black Jade;Tumbleweed_Connection;*GlobalCrossing;Ernest_at_the_Beach; JohnHuang2...
Remember this post from a few weeks ago... How CIBC keeps money from the taxman - Offshore accounting
25 posted on 03/02/2002 10:06:01 PM PST by Bayou City
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To: Black Jade;Tumbleweed_Connection;*GlobalCrossing;Ernest_at_the_Beach; JohnHuang2; terilyn...
Another CIBC post CIBC reveals Global Crossing exposure
26 posted on 03/02/2002 10:32:09 PM PST by Bayou City
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To: Alamo-Girl
Global Crossing ping.
27 posted on 03/02/2002 11:30:14 PM PST by anymouse
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To: terilyn
.......the mind boggles at the crimes these people might get away with.......
28 posted on 03/03/2002 4:26:56 AM PST by Liz
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To: Bayou City
FROM THE LINK: Despite the hit in loan losses, CIBC has done extraordinarily well on GC given its initial investment of just $30-million (U.S.). Mr. McLeod said that during the past three years, the bank has "realized more than $2-billion (Canadian) in revenues" from its association with the company, excluding investment banking fees.

CIBC will also profit some $350 mill after closing out hedged futures contracts.

29 posted on 03/03/2002 4:34:07 AM PST by Liz
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To: terilyn
Too many politicians involved for Congress to mess with!And the Demcritics talk against big corporations and hold their slimey hands out.This is repulsive on both sides of the isle.The average American is bilked by taxes and the rest is stolen!
30 posted on 03/03/2002 5:42:41 AM PST by gunnedah
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To: jern
Thanks for this article.

The absence of the demonicRats in investigating Double Crossing speaks volumes re their involvement in Double Crossing, Drexel, the CIBC, the ChiCom front organizations, Arthur Anderson and only God knows what else.

31 posted on 03/03/2002 6:29:54 AM PST by Grampa Dave
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To: terilyn
I posted these remarks on a reply above. They answer your specific question:

The absence of the demonicRats in investigating Double Crossing speaks volumes re their involvement in Double Crossing, Drexel, the CIBC, the ChiCom front organizations, Arthur Andersen, and only God knows what else.

32 posted on 03/03/2002 6:31:41 AM PST by Grampa Dave
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To: jern
It's that time again, please help keep this site running, click on the picture to donate by secure credit card.

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33 posted on 03/03/2002 7:11:51 AM PST by WIMom
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To: Grampa Dave
bump
34 posted on 03/03/2002 10:13:02 AM PST by prognostigaator
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To: Bayou City; Black Jade; Wallaby; thinden; rdavis84
Here's two more Drexel connections this article doesn't mention.

1) Norman Brownstein, a director for AGX, was one of the attorneys for Drexel, and is closely connected to Milken. He was also involved in a number of S&L scandals.

2) I believe I read that Blackstone Group was working on a restructuring for GX. Blackstone Group is run by Leon Black, who--you guessed it--also worked for Drexel.

35 posted on 03/03/2002 10:36:01 AM PST by independentmind
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To: jern
From ---- http://www.corpwatch.org/news/PND.jsp?articleid=1772

"During a breakfast with the company's co-chairmen, Lodwrick Cook (an old Bush chum and former head of Atlantic Richfield Co.) and Gary Winnick, Bush agreed to take his compensation in Global Crossing stock.


 
Lodwrick Cook (with Carole D.)
March 5, 2001
Party lines don't hamper Lodwrick Cook. As chairman of the Atlantic Richfield Company, Cook was one of the most generous supporters of the first President Bush, giving more than $860,000 to Republicans through his energy company. At the time, Cook was pushing for expanded drilling in Alaska and new clean air rules that would boost sales of reformulated gasoline -- both policies supported by Bush. In 1992, Cook hosted a gala luncheon at the Republican National Convention that raised $4 million. <<<<snip>>>>>

"Staying true to form, Cook supported the younger George Bush this year. But with his company, he made sure Democratic politicians were covered as well. Global Crossing Development, a subsidiary, gave at least $475,000 to the Democratic Party.

lodwrick cook

Lodwrick Cook
Co-Chairman
Global Crossing Ltd.

alt
alt
alt

Co-Chairman
Asia Global Crossing Ltd.
Chairman
Global Marine Systems
Vice-Chairman and Managing Director
Pacific Capital Group

Pacific Capital Group, Inc. Lodwrick (Lod) Cook became co-chairman of Global Crossing Ltd. in 1998 and chairman, Global Marine Systems, a wholly owned subsidiary of Global Crossing, in 1999. In April 2000 he became Co-Chairman of Asia Global Crossing Ltd.

Through its Global Marine Systems subsidiary, which Mr. Cook chairs, Global Crossing owns the largest fleet of cable laying and maintenance vessels in the world and currently services more than a third of the world's undersea cable miles.

Mr. Cook also serves as vice-chairman and managing director of Pacific Capital Group, which he joined in September 1997. Pacific Capital played a principal role in the founding of Global Crossing and continues to invest in the real estate, financial services, media, health care, and telecommunication industries.

Prior to joining Pacific Capital Group and Global Crossing, Mr. Cook had a 39-year distinguished career at Atlantic Richfield Company (ARCO), the 7th largest U.S. oil company. He began in 1956 as an engineer trainee and went on to hold management positions in labor relations, refining, marketing, planning, supply and transportation and was elected vice president in 1970. He became president and chief Executive Officer of ARCO in October 1985 and during this time served as chairman of the Owners' Committee of the Trans Alaska Pipeline System. He became chairman and CEO in January 1986 and upon retirement in June 1995, became Chairman Emeritus.


36 posted on 03/03/2002 11:00:06 AM PST by rdavis84
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To: all
bump.
37 posted on 03/03/2002 12:41:56 PM PST by Registered
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To: Registered
Re: #36 ---

"Gary Winnick --------- Founder and Chairman, Global Crossing, Ltd., and Founder, Chairman and Chief Executive officer, Pacific Capital Group "

38 posted on 03/03/2002 2:55:49 PM PST by rdavis84
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To: rdavis84;Registered;Liz;Dog;Bayou City;Tumbleweed_Connection;Grampa Dave
Thanks for adding to the already overwhelming evidence of corruption and RICO type charges that should be brought against this bunch of 'wealthy/greedy' manipulators of the law. The money that this group has manipulated, by whatever means, away from the children, the poor, and the working middle class should be a testimony to their greed, and a witness against their 'words' of good deeds.

The voices of freedom, once stilled, may wait generations, before being heard from again. Arising from the next Dark Ages of 'tribal dispute', One greater than us all may be recognized as Lord of the land once again, and His peace will once again come to THAT nation, IMHO.

39 posted on 03/03/2002 4:49:51 PM PST by d14truth
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To: steenkeenbadges
All you need or want to know in the 'link' in reply #4.
40 posted on 03/08/2002 2:27:00 PM PST by d14truth
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