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Technology Stocks : SENATOR TORICELLI'S ILLEGAL STOCK DEALS AND WHERE'S THE DOJ?
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To: Smartypts who started this subject7/31/2000 8:43:53 PM
From: Smartypts  Read Replies (1) of 13
 
Among Torricelli's holdings is a giant telecommunications company that would benefit from legislative language he is sponsoring. Torricelli owns stock in Global Crossing, a telecommunications company that is involved in a pitched battle on Capitol Hill over disputed radio spectrum worth billions of dollars. Torricelli has been seeking to aid NextWave, a bankrupt wireless company in which Global Crossing has invested heavily.

This spring, Torricelli has been a prime mover in the Senate to aid NextWave, a wireless company that Global Crossing is helping to reorganize its finances. NextWave filed for bankruptcy after winning the right to buy $4.7 billion in spectrum from the Federal Communications Commission. The FCC wants to reclaim the licenses--which have since doubled in value--a move supported by other telecommunications companies that would like to bid on them. Torricelli tried unsuccessfully to get language added to a bankruptcy bill that would have prevented the FCC from taking back the licenses for reauction.

Torricelli spokesman Richard McGrath said the senator's actions on behalf of NextWave were unrelated to his stock investments. "Global Crossing has never contacted Senator Torricelli concerning its investment in NextWave, and the senator has been unaware of Global Crossing's interest in NextWave," McGrath said.
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