Skip to comments.COMMENTARY: CONGRESS SHOULD QUESTION DNC CHAIRMAN
Posted on 10/31/2002 6:35:22 AM PST by Elkiejg
As the stock market continues to tumble, Americans who once planned to retire are finding that their life savings have evaporated. Although Terry McAuliffe is currently employed as Chairman of the Democratic National Committee, he could retire today thanks to the $18 million he pocketed from possible insider trading in Global Crossing. Meanwhile, shareholders have lost some $50 billion as a result of Global Crossing's bankruptcy.
McAuliffe has predictably sought to divert attention from his role in this scandal by hurling stones from his glass house at the White House. He asked of President Bush, "How can he restore confidence to Wall Street when he has engaged in the same practices he condemns today?" McAuliffe was apparently making reference to the President's sale of stock in Harken Energy more than a decade ago, a transaction that the Securities and Exchange Commission thoroughly investigated and found no wrongdoing.
Even with 57 lawsuits filed by Global Crossing employees and shareholders now before U.S. District Judge Gerard Lynch in Manhattan, Congress has a duty to the shareholders defrauded by the company to conduct a full investigation. The House Energy and Commerce Committee has begun the fact-finding process, but it is imperative that both the House and Senate conduct hearings and subpoena McAuliffe to testify.
Although some will attribute such a move to partisan motives, the facts suggest it would be more than justified. If McAuliffe is called to testify, there are many questions he should be asked. Most importantly, on what basis did he decide to sell his shares of Global Crossing, pocketing an $18 million profit from a $100,000 investment shortly before the company's collapse? At the time he sold his shares, McAuliffe served on the board of directors of the now-bankrupt Telergy, a telecommunications company based in Syracuse, New York that "swapped capacity" with Global Crossing.
Global Crossing made such swaps days before it was required to release quarterly earnings estimates in order to meet projections. It doesn't take an economist to realize that two profit-seeking companies making an arms-length transaction would only swap assets of equal value. To create the illusion that it was profitable and thereby deceive investors, Global Crossing inflated the value of what it received in such swaps.
McAuliffe was on the board of Telergy when its swap with Global Crossing was executed. As The Washington Times reported on September 12, 2002, "Mr. McAuliffe sold his Global Crossing shares in the fall of 1999. In other words, Mr. McAuliffe reaped his huge Global Crossing profit during the quarter following the month that his firm, Telergy, helped to inflate Global Crossing's revenues - and, hence, its stock price." Of course, McAuliffe knew to cash out his shares right before the clock ran out on Global Crossing's funny money swaps.
While they have him on the hot seat, McAuliffe should also be asked about another questionable windfall he received from a commercial real estate investment with the International Brotherhood of Electrical Workers Pension Fund. According to a December 12, 1999 New York Times article, McAuliffe's return was an amazing $2.45 million on an original investment of $100. The "County Run" project, which involved apartment complexes and shopping centers near Orlando lost money for the Pension Fund. The Clinton Labor Department fined the Fund managers and forced them to pay restitution. However, McAuliffe has never been called to account for his role in skimming a profit off the backs of union workers.
Moreover, on April 4, 1999, the Washington Post reported that the Justice Department charged Prudential Insurance with paying McAuliffe an illegal $375,000 consulting fee in 1997 for helping the company win a lucrative government lease. Prudential settled the civil suit and prosecutors failed to pursue McAuliffe.
It is time for Congress to finally bring Terry McAuliffe to Capitol Hill to answer for his insider deals that have come at the expense of American shareholders and workers. To enact the necessary corporate reforms to prevent future fiascos like Global Crossing and County Run, Congress must first get to the bottom of what went wrong and McAuliffe represents a piece in that puzzle.
Democrats, who have made corporate malfeasance a centerpiece of their election year campaign, have no basis for objecting to the questioning of McAuliffe. As the political party that professes to represent "the people" against the powerful, this is an opportunity for congressional Democrats to put principle, as well as the best interests of millions of defrauded American shareholders and workers, ahead of partisanship.
Charles Ganske is a Fellow at the American Freedom Center (www.americanfreedomctr.org), an Austin, TX-based public policy institute.
What Happenned to that Company ? Chapter 11 ??
96-fiber Manhattan network is first of several planned city networks that will be added to the Global Crossing Network. 100-mile network to connect all major central offices and telehouses in New York City.
Adds last-mile access rights to one million homes and office buildings in New York City.
Gives Global Crossing ownership interest in Telergy, which is building the network (40 miles in Manhattan
Terry McAuliffe Slimy Bill Clinton Perverted Hillary Clinton Offensive Tom Dasshole VulgarHmmm... anyone beside me seeing a pattern here?
National Enquiring minds wanna know...
Just how did Terrible Terry get the original $100 thou stake to invest?
Was Terry a fictitious "employee" on the Global X books?
Did insider info get passed?
Was there a quid pro quo involved?
Was Clinton a "silent partner" ?
Did Clinton move any federal mountains for good ol' Global X Gary?
Did Terry have to kickback some of his profits to anyone at Global X, or to a "pal" inside the govt?
Mother Jones said it was given to him by Winnick as a "Consulting Fee"...LOL!!
"Was Terry a fictitious "employee" on the Global X books?"
Yes, as well as a BoardMember at Telergy", a shell Corporation Global X used to divert funds to TerryMac and Der SchleekMeister and others (dont' forgit the others)!!
"Did insider info get passed?"
"Was there a quid pro quo involved?"
C'mon Liz...we're gonna take you off first chair if you can't do better than that...LOL!
"Was Clinton a "silent partner"?"
Subpeoning Clinton's financial records will provide all the PROOF in the World that Slick Willie's been enriched financially in exchange fer changing US policy to support the needs of his contributors.
"Did Clinton move any federal mountains for good ol' Global X Gary?"
Tough to prove, but there is evidence that the Pakistani/India deal WITH GLOBAL CROSSING was made possible by threats of reprisal--BY THE U.S.GOVERNMENT--WERE THEY TO REJECT IT!!
"Did Terry have to kickback some of his profits to anyone at Global X, or to a "pal" inside the govt?"
Check out Telergy, where the other Board Members were just thug-buddies of T-MAXX from upState NooYawk...MUD
LOL.....she was just getting the questions ready for the inquisition! WE know, but THEY don't know what to ask!
I'm desperately hoping that ALL the people Clinton campaigned for (and even the ones he didn't) will be thoroughly repudiated tonight -- a big smackdown for them would really cap off my night! I have a list and I'm going to mark them off as they go down!
As do I, my FRiend, as do I...MUD
Right Howlin.....questions I posed were purely rhetorical.
And Mud, pal o' mine......sometimes you have to read my stuff with tongue in cheek. Oftentimes I add (/sarcasm off) to make sure.
We'll sing this all day ....."makin' a list....checkin' it twice....gonna find out who's naughty or nice........"
..... and tonight we'll be singing (about the Senate), "You've Changed."
At Midnight tonite EST, let's all gather round our 'puters and sing a raucous rendition of this ol' Eagles' Ditty!!
"Take It to The Senate!!"
(To be sung to the Eagles' "Take It To The Limit")
Willie moans as he dreams 'bout Lewinsky...
While his "bright" wife's still playin' "Bill's Fool!!"
Slick keeps lyin' 'bout "that woman" he used...used like his Tool!
You know Bill's always been a Creeper...spent his life sleepin' 'round...
And it's so hard to change...Fem'nists like to go down!
But the sleaze we've seen lately...
Slick's a frickin' lout, layin' interns down, 'and lyin' 'bout "his shame."
So join me on the High Road and tell Slick, "Resign!"
Take it to the Senate...Impeach this Slime!
Bill spends all of his time hustlin' money...
Willie spends all his Power hiding crimes!
When it all falls to pieces tomorrow, Slick'll do Prison Time!!
I know you're you're searchin' for a reason...why nobody seems to care...
That EX-Prez'dent's a WHORE! Left loves their Miscreants!!
Still, this Country's worth retrievin'...
Right'll come stormin' back, we're on the attack, next we'll get Algore!!
So join me on the high road...inform Slick, "It's Time!"
Take it to the Senate...Convict this Slime!!
Take it to the Senate...RE-Impeach this Prez'dent...
Take it to the Senate...IT'S JUSTICE TIME!!!
[Chorus to fade]
To my fellow Vast, Right-Wing Conspirators--
Well, folks, Operation ClintonBeGone is on schedule and gaining speed, as powerful forces grind mercilessly on, and the scenario for Slick Willie's dismissal becomes apparent to all. I'm sure all of you are reading the tea leaves and it's becoming increasingly obvious that the Rapist-in-Chief/ First Traitor is precariously close to being replaced by his trusted henchman, Algore.
What?! You say, you've been keeping up with the news and you've heard nothing of this? Of course, you say, a story of this magnitude would be the Number One Lead story by Mssrs. Rather, Jennings and Brokaw...they are all patriotic Americans ready and willing to lay their careers--and lives--on the line to pursue rampant corruption at the highest levels of our Federal Guv'ment...aren't they?
Remember Impeachment I, when the Lame-Stream Media kept on telling us how the Republicans were going to pay a Helluvaprice at the polls in '00...seeing as to how they were dragging us through that nasty Impeachment Trial and all? You recall the mantra..."the American Sheeple just want to allow their Great and Fearless Leader, William Jefferson Clinton, to be freed from the concerns surrounding his corruption so he can 'get back to the Work of the American people'...gawldurnit!!!" I actually recall Dick Gephardt predicting that not only would they retake the House and retain the White House...Hell, the Democrats might even take back the Senate! Turns out the Socialist Media and their hand-puppets in the Democratic Congressional Caucus had it wrong all along.
From a 25 June 1999 news report in the Washington Times, reporter Ralph Z. Hallow writes..."Republicans actually helped their image with voters--and boosted their election prospects in the 2000 election--by impeaching President Clinton, a leading DEMOCRATIC pollster said Thursday. At the same time, Democrats are suffering from a delayed voter disgust with Mr. Clinton's scandals that has improved GOP chances for the presidency and Congress in next year's elections, according to DEMOCRATIC pollster Celinda Lake."
Folks...THIS IS HUGE! If Impeaching a shamelessly-corrupt President for Perjury and Obstruction of Justice surrounding a series of sexual liaisons turned out to be a Net Positive, what kind of "bump" in the polls will transpire when Congress goes after Clinton for TREASON surrounding Communist China's Cash-for-Nuclear-Technology-Secrets Espionage/Bribery Scandal? Or how about Abuse of Power for the Slick Willie-ordered slaughter of innocent Serbian and Kosovar Albanian civilians, for no apparent benefit whatsoever? And how must the DemonRATS feel, after recieving solemn assurances from Willie Jeff that there were "...no other shoes to fall," then standing united behind a ethically-challenged and morally-corrupt man who knew full well that there is always "...another shoe to drop" with this Clinton Cadre of Corrupt Communist Co-Conspirators! Are these folks, having been cut off at the knees once, going to roll over for Clinton yet again? I say at least Twelve Democratic Senators will NOT pull another "Webb Hubbell." At some point over the next 15 months, these facts will become undeniable, unavoidable, and unspinnable for Bill Clinton...and HE WILL RESIGN!!
1 Posted on 07/05/1999 08:30:36 PDT by Mudboy Slim (Impeach@gain.harder)
William Jefferson Blythe Clinton, the Gift that keeps on giving...MUD
He owes us.
Yes...and America owes him...MUD
MUD, I've been singing since 5:00. LOL. This is your best effort yet.