[jern]

MARCH, 1997
Gary Winnick, a former Drexel exec, and CIBC are brought together by Bruce Raben, a dealmaker for the bank in L.A. who also worked for Drexel. CIBC pays $41 million for a 25% stake in Global.

AUGUST, 1998
Global sells stock to the public, valuing CIBC's stake at $926 million. Of the 19-member board, 3 out of 5 CIBC seats are filled by Drexel alums.

JUNE, 2000
All CIBC directors have resigned.

OCTOBER, 2000
CIBC hedges on Global; locks in gains of about $800 million.

FEBRUARY, 2002
To date, CIBC has sold $1.3 billion worth of Global shares. It has locked in profits on an additional $300 million, yet to be realized. Write-offs on loans and preferred shares may hit $242 million, however.

[terilyn]

Great article - Businessweek even? Where is congress on this one?

Ping!

[billbears]

Great article. I wish somebody, anybody would cover GC. I've been watching the major three for the first few minutes of their evening news broadcasts for a hint about GC lately and haven't seen a thing. I know, I know, what should I expect? But ten minutes a night on Enron when there's nothing really there anymore and it's getting ridiculous. I think Rather would cover Chandra Levy before he would cover Global Crossings

[lakey]

Deeper and deeper.

[lentulusgracchus]

Leon Black, who used to be No. 3 in Milken's bond trading organization within Drexel, went on to found Apollo Group, which did a deal with California insurance commissioner Garamendi for the First Executive junk-bond portfolio seized by Garamendi to insure that California annuitants would be made whole. Black paid maybe half what the portfolio was worth, maybe less -- and Garamendi let him have it for that, since his own objectives didn't include getting full market value for the portfolio, but only taking care of the California voters who were exposed.

Apollo went on to purchase Allright Auto Park, the big urban parking-lot outfit. Notice parking rates going up? That's Leon Black in your pocket again.

[Free the USA]

bttt

[Registered]

Now,we need the hard evidence of how the capitalist pig ;-) Terry McAuliffe figures in this deal...

[Registered]

Is the lack of bumps for this thread an indication that FReepers don't care?

[beckett]

When is Waxman going to haul Winnick before his committee for a public caning?

[lilylangtree]

All right, Congress, it's now time to take a real hard look at Global and not just Enron. It's hearings. Where's GAO when you need them? GAO pretends to be the investigative arm of Congress. Right! And there are a lot of Peter Pans flying around.

[anymouse]

Global Crossing ping.

[Grampa Dave]

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.

[WIMom]

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[rdavis84]

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 Co-Chairman Global Crossing Ltd.
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.