Tags: Dems | Not | Chafing | Probe | Global | Crossing

Dems Not Chafing to Probe Global Crossing

Monday, 18 February 2002 12:00 AM

"I don’t know much about Global Crossing," Senate Plurality Whip Harry Reid, D-Nev., told the Washington Times over the weekend.

The Nevada Democrat acknowledged that the media's infatuation with Enron and the minimal spotlight on Global Crossing may well be what is driving the Senate agenda on the investigations.

Sen. Jon Corzine, D-N.J., the Wall Street billionaire who knows about acquiring a Senate seat by blitzing the media while opposing the right of independent citizens groups to express their views 60 days before an election, says he doesn’t "see the obvious connects” between Enron and Global Crossing.

Thus, any congressional action on this will have to come from the House side. During the weekend, House deputy Majority Whip Roy Blunt, R-Mo., repeated what he told NewsMax.com 10 days ago: He supports a Global Crossing probe, which he said "would make all the sense in the world."

GOP staffers on Capitol Hill have begun a preliminary probe.

Senate Democrats insist their reluctance to probe the telecom giant has nothing to do with persistent reports that Democratic National Committee Chairman Terry McAuliffe made an 18,000 percent profit by cashing in his Global Crossing chips before the firm went under.

Nor, we are given to understand, does this sudden lack of the bloodhound instinct have anything to do with an appearance of connections between profiteering and Global Crossing’s contributions to the Democratic Party. The fiber optics firm gave more money to Democrats than Enron gave to Republicans.

The AP has reported yet another Global Crossing link to McAuliffe. Global Chairman Gary Winnick controlled companies that had lucrative dealings with his high-flying telecommunications firm. Those connections involved transactions with a bank, Pacific Capital Group. McAuliffe worked for Pacific Capital.

There were also reports that McAuliffe, who never denied it when he was confronted with the story on national TV, is now changing his story on just how much money he ended up with when he made a killing on GC.

His spokeswoman was quoted in news accounts as saying that contrary to widespread reports, Bill Clinton’s handpicked DNC chairman did not make $18 million from Global Crossing before it went under, leaving shareholders and employees in the lurch. However, she acknowledged that McAuliffe "did well” by his investment in the firm.

As of the weekend, remnants of Global Crossing's "better days” were still on a big billboard in New York City near Madison Square Garden. The advertisement for the bankrupt fiber optics firm read: "Every network says they're fast. Wanna race?"

© 2019 Newsmax. All rights reserved.

   
1Like our page
2Share
Pre-2008
I don't know much about Global Crossing, Senate Plurality Whip Harry Reid, D-Nev., told the Washington Times over the weekend. The Nevada Democrat acknowledged that the media's infatuation withEnron and the minimal spotlight on Global Crossing may well be what is...
Dems,Not,Chafing,Probe,Global,Crossing
417
2002-00-18
Monday, 18 February 2002 12:00 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved