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Telecom's Bad Boy

How Telecom's Bad Boy Did It
As allegations of accounting misdeeds continue, the telecom industry looks to have its very own poster child for rotten numbers - Gary Winnick, chairman of Global Crossing. His initial investment of $15 million was only worth $8 million when his cash cow keeled over, but Gary Winnick still got out with $633 million. More...

Global Flameout
Back in the go-go 1980s, Gary Winnick was one of the big boys on Wall Street, selling junk bonds alongside Michael Milken at Drexel Burnham Lambert.
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Covering Their Assets
So you think you escaped Global Crossing and Enron? Surprise! Banking's dastardly debt trick may leave you vulnerable. It turns out it's not just lenders like JP Morgan Chase and Citigroup that are on the line for billions in loans to now-bankrupt entities such as Enron and Global Crossing; it's a host of hedge funds, insurance companies, and even retirement plans that bought slickly repackaged debt from them.
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Emperor of Failure Cleans Out His Castle
Ex-Global Crossing employee Margaret Clark is raving mad. 'The man has no conscience, no scruples, no nothing at all!' The renovation of the company mansion cost $7.5 million, that of the Winnick private mansion $30 million - cash found after the Chapter 11 of Global Crossing.
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Ego Trippin' Out
With Global Crossing headed into bankruptcy, Gary Winnick's $40 million palace of excess looks like a departure from the road of wisdom.
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How Global Crossing Spun Political Gold
Think Enron was politically wired? Gary Winnick's soft-money machine was bigger, better, and bipartisan.
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The Long Fall
PBS interviews with unfortunate people in Rochester Global Crossing and Gary Winnick screwed. Gary Winnick, still the Global Crossing chairman, has no problems. 3,000 miles away in California, he is renovating his $94 million palatial estate. You can't see much from the ground, but an aerial view offers the full majesty of a home with 15 bedrooms and 17 bathrooms, overlooking the Bel Air Country Club.
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Global Crossing's Voyage to the Bottom of the Sea
Report originally from the Wall Street Journal. Those who forget history are doomed to testify before congressional committees, and the execs at Global Crossing Ltd are the latest to earn that dubious distinction. Move over, Enron. Amid allegations of sales fraud and accounting irregularities, the House Financial Services Committee opens hearing today on the accounting practises of everyone's favorite telecommunications giant.
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Global Crossing: Another Model For Bush Administration Business Practices
The pieces of the puzzle look strangely familiar: The Bush Dynasty, Andersen Consulting, a chairman who profited while the company declined in value, and lots of political contributions and connections.
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A Corporate Crime Wave?
Report originally from the Wall Street Journal. Gary Winnick was party to a previous potlatch at Drexel Burnham, where he played a key role in financing the communications infrastructure through MCI, Telecommunications Inc., Turner broadcasting, and McCaw Cellular. Then he and his associates were alleged to have ravaged savings and loans by inducing some of them to buy those companies' high-yield securities before a government ban briefly destroyed their value.
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Global Crossing: How to Leave Your Investors Fuming
The problems are getting worse for Global Crossing Ltd., the former telecom highflier now in bankruptcy court. On Jan. 29, a whistleblower letter was made public with accusations that Global had inflated its revenues and profits through swaps of capacity on its fiber-optic network. An investigation by the Securities & Exchange Commission is in full swing.
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Greed on Steroids
With Arthur Anderson as his accountant, he set up shop in an offshore tax haven and, according to his vice president of finance, used funny-money numbers to deceive investors.
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More Trouble for Dems and Global Crossing
Don't expect most of the mainstream media to be all over this story but Democrat National Chairman Terry McAuliffe could soon be in legal hot water over his sweetheart deal with Global Crossing.
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As Global Crossing Sinks, Gary Winnick Stays Dry
Of all the overnight tech sensations of the late 1990s, few can match the story of Gary Winnick's spectacular rise and equally breathtaking decline. Winnick's initial investment of $15 million was worth only $8 million when Global Crossing fell apart, yet Winnick has about $500 million today. Go figure.
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Investigations, Class Action Against Gary Winnick...

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