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Pissing in the cornflakes
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You people have heard of Global Crossings right?
Quote:
While the news media have shown much enthusiasm in highlighting the monetary ties between top Republicans and the bankrupt energy corporation Enron, they have almost completely ignored such connections between Democrats and another big company that went belly-up nearly three weeks ago.
On January 28, telecommunications firm Global Crossing filed the fourth-largest bankruptcy in history, costing its stockholders millions and leaving thousands of employees without jobs. Its stock, which once traded for over $60 a share, now yields just 7 cents a share.
Global Crossing's bankruptcy, however, is just one of the many characteristics it shares with Enron. Like Enron, Global Crossing is now the subject of investigations by both the FBI and the SEC, which are looking into whether the companies deceived investors by inflating earnings and revenue in their financial statements. Auditor Arthur Andersen LLP, which has fired or demoted more than a half-dozen senior partners because of their dealings with Enron, also checked the books for Global Crossing.
In addition, Global Crossing, like Enron, was a major campaign contributor, donating $3.6 million since it started up in 1997. In 2001, the company was one of the top ten soft money contributors, with a majority of its donations filling Democratic coffers. In fact, Global Crossing gave more money to Democrats than Enron gave to Republicans.
It appears that the relationship between Democrats and Global Crossing was mutually beneficial.
Terry McAuliffe, who is now the Democratic National Committee Chairman, invested $100,000 in Global Crossing in 1997 as the company was just getting started. He sold his shares in the company a few years later for a reported $18 million.
In 1999, McAuliffe arranged for Global Crossing founder Gary Winnick to play golf with then President Bill Clinton. Soon after, Winnick pledged $1 million for the Clinton Presidential Library Fund, although DNC spokeswoman Jennifer Palmieri said Winnick has fulfilled just $100,000 of his pledge.
Last summer, Global Crossing was awarded a $400 million Defense Department contract, which called for an extensive phone and data network linking more than 6,000 scientists and engineers at defense test centers, laboratories, universities and industry locations around the country. However, the deal, which was decried by critics as a political prize left over from the Clinton Administration, was canceled just a month later.
Finally, two of the most vocal critics of Bush's connections to Enron, Senator Tom Daschle (D-S.Dak.) and Representative Henry Waxman (D-Calif.), were beneficiaries of Global Crossing. The company held a fundraiser for Daschle, and donated thousands of dollars to Waxman.
The media have done numerous stories on Enron, but despite the similarities between the two disgraced companies, they have almost completely ignored Global Crossing. In addition, most of the Global Crossing stories that do make it into print or on the airways fail to reveal the company's links to the Democratic Party. One notable exception is the Washington Times, which has run front-page stories on Global Crossing and has revealed some of its connections to top Democrats.
For the most part, though, the major media are dedicated to keeping the public focused on Enron and its ties to Republicans, despite the fact that there is still no evidence that political favors were exchanged for campaign contributions. There are at least indications that the previous Administration did engage in such exchanges with Global Crossing. As long as the media play up the demise of one company and ignore the reality of the other, they will continue to prove where their loyalties really lie.
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Are all these guys in jail?
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Agents of the enemies who hold office in our own government, who attempt to eliminate our "freedoms" and our "right to know" are posting among us, I fear.....on this very forum. - host
Obama - Know a Man by the friends he keeps.
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