> BusinessWeek online - March 14, 2002
> Global Crossing: Labor's Questionable Windfall
What BizWeak's story left out, but which the Wall Street Journal left in, is that a high-level official of the Dem Nat'l Committee played a key role in getting the directors to cross the, um, you know, Ullicon; and the vile Terry MacAuliffe, plus another key player in the oiligarchy (you'll never guess who), had splendidly fulsome roles in the festivities -- text is below. I tell you, it's like the final days of the Soviet Union around here.
-- Dennis
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Federal Officials Probe Stock Offer To Union Chiefs by Global Crossing 3/18/2002 By TOM HAMBURGER and JOHN HARWOOD Staff Reporters of THE WALL STREET JOURNAL
"...Ullico's ties to Global Crossing were forged by a former Democratic National Committee official, Michael Steed, who had gone on to be director of investments for Ullico in the early 1990s.
Mr. Steed had led Ullico investment in several private-capital deals including a Los Angeles real-estate partnership that involved, among others, Gary Winnick, the California-based financier who would later launch Global Crossing . When Mr. Winnick was looking for investors in Global Crossing in early 1997 he approached Mr. Steed. By that point, Mr. Steed had introduced Mr. Winnick to his friend from his days at the Democratic National Committee, Terry McAuliffe.
Mr. McAuliffe, who is now chairman of the DNC, invested $100,000 of his own money in Global Crossing in those early days. A few months later, also before the IPO, former President George Bush received shares in Global Crossing in lieu of a fee for speaking on behalf of the company in Japan..."