SEC Rebuffs Global Crossing Proposal !!!!!!

Reuters ^ | Wed Aug 28, 1:31 AM ET | 8-28-2002

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Technology - Reuters

SEC Rebuffs Global Crossing Proposal

Wed Aug 28, 1:31 AM ET

NEW YORK (Reuters) - The U.S. Securities and Exchange Commission ( news - web sites) (SEC) has rebuffed an initial settlement proposal from troubled fiber-optic carrier Global Crossing Ltd , the Wall Street Journal online edition reported on Wednesday.

 

Under Global Crossing's offer, the Madison, N.J., company would have agreed to cease and desist fraudulent practices without admitting or denying guilt, the Journal reported, citing people familiar with the matter.

But the SEC did not accept the proposal because it would have applied generally to the company and not against specific individuals, the Journal reported.

Global Crossing was not immediately available for comment.

SEC officials are pushing to name company officers and executives in any settlement reached, according to the Journal.

The Journal reported that potential sanctions under consideration for company executives are disbarment from future office at publicly traded companies, according to one person familiar with the situation.

The Journal said despite the negotiating setback, the two sides could still come to terms over the next few months.

 

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Watch closely for a sweating brow on the head of the DNC.

[blackdog]

Watch that wording very carefully! Notice that one of the proposed actions is barring the individual from serving as a director of a PUBLICLY TRADED company. They will just all go steal from non-profits, the postal system, the federal reserve, Goodwill Industries, and countless sham charities.

Why won't they be barred from serving on non-profits as well?