Don't despair that we seem to be all alone on this endeavor. We are not alone!
Keep posting and replying, our message is and will get out about Double Crossing!
Purchase of Global CrossingPosted on 08/12/2002 8:24 PM Eastern by wiseone
Hutchison Whampoa, the mammoth company that runs the Panama Canal and has close ties to the Chinese army, has a new rhinestone in its crown: Global Crossing. . .
Li Ka-shing, owns ten percent of Canadian Imperial Bank of Commerce (CIBC), making him the single largest individual shareholder. CIBC, in turn, owns Merrill Lynch Canada . Merrill Lynch International is owned jointly by Thomas Fung and Li.On several occasions, Li has been called a "spy" and an "intelligence-collection front for China." He has also been implicated in US presidential campaign finance scandals. He is closely associated with General Ji Shengde, a former military intelligence director of the PLA (recently arrested for corruption) and is also close to General Xiong Guankai (also PLA) and Jiang Zemin. Li has also participated in several real estate deals with Chen Xitong, famous for his involvement in Tiananmen Square.
http://www.intellnet.org/topics/china-taiwan/analysis/ka-shing.htmlA spokesman says CIBC had no knowledge that Global's business was souring. He adds that the bank always regards such investments as short-term.
Long before the company's stock hit the skids, Winnick apparently informed his wealthiest friends that he believed the excitable high-tech market had driven the stock's price far too high."Gary knew a couple of years ago that Global Crossing was way overpriced," says one rich pal. "He understood he was riding a very inflated crest, so he sold stock at highly inflated prices and bought into companies that did have assets worth the stock price."
Along with several other officers of the company, Winnick began offloading large chunks of stock and taking huge profits. Winnick sold $730 million worth of stock. . .
Meantime, stories about pals from Winnick's inner circle who made a killing on Global Crossing inconveniently continue to dribble out.
Business Week has reported that Canadian Imperial Bank of Commerce made more than $1.3 billion in profits from Global Crossing, thanks to shrewd moves by four of Winnick's former Drexel colleagues working at the bank's L.A. office. Some of those former colleagues sat on the Global Crossing board at various times.
The most shocking aspect of the huge profit made by the four men at Canadian Imperial Bank of Commerce is that they earned $200 million of the total after Global Crossing stock had plummeted to a few cents.
As it turns out, Winnick's former Drexel colleagues at the bank had taken a huge "hedge" position --essentially, they risked tens of millions of dollars to bet that the stock was going to nosedive when nobody else believed it would. When the bankers were proved right, they made a fortune.