Global Crossing paid George Bush in stock
By Bloomberg News
Special to CNET News.com
March 19, 1999, 5:40 AM PT
Global Crossing, a provider of long distance phone services through an undersea fiber-optic network, paid former U.S. President George Bush in stock options now worth about $14.4 million for giving a speech to the company's customers, according to reports.
After addressing customers in Tokyo on behalf of the company, which was not yet publicly traded, Bush agreed to take shares in lieu of his $80,000 speech fee, the Wall Street Journal reported, citing people close to the situation.
The former president gave the company a 20 percent discount on his normal fee of $100,000 for overseas trips, the newspaper reported
Global Crossing, which had its initial public share sale in August, agreed to buy Frontier for $12.5 billion in stock and assumed debt on March 17, giving it U.S. Internet access as well as voice and data services.
Copyright 1999, Bloomberg L.P. All Rights Reserved.
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