Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: TigerPaw who wrote (226170)	2/8/2002 11:58:38 AM
From: Bald Eagle	Read Replies (1) \| Respond to of 769670

Terry McAuliffe(sp?) made $20 million dollars from this company. This could get interesting :-) FBI, SEC Investigating Global Crossing Feb 8 11:28am ET WASHINGTON (Reuters) - Telecommunications company Global Crossing on Friday found itself the focus of two federal investigations by the FBI and securities regulators as the fallout from its huge bankruptcy filing last month worsened. In a double blow to the high-speed telecommunications network operator, federal law enforcement officials said the FBI had launched an investigation into the company, including its accounting practices. Global Crossing said the U.S Securities and Exchange Commission had also launched a formal probe into the company, after a letter from a former employee alleged it used improper accounting methods that artificially inflated revenues. Global Crossing said it would not comment on the probe by the Federal Bureau of Investigation, but a spokeswoman said the company had received notice of the SEC investigation in a letter dated Feb. 6. "Our policy is and always has been to cooperate with any investigation by appropriate authorities," Global Crossing spokeswoman said Becky Yeamans told Reuters. Hamilton, Bermuda-based Global Crossing filed for bankruptcy last month in the fourth-largest corporate insolvency in U.S. history. The company disclosed earlier this week that the SEC had asked it to hand over certain documents, including the former employee's letter. In addition, Global Crossing said on Monday it would open its own probe to review the letter, written by Roy Olofson, a former vice president of finance. It also said the panel would retain independent counsel and an accounting firm other than Andersen, the company's regular accountants, to review the matter. Global Crossing's Chapter 11 bankruptcy filing followed similar filings by energy trading giant Enron Corp. and retailer Kmart Corp. , both of whose accounting practices have been called into question. Andersen, the No. 5 U.S. accounting firm, has been under heavy fire for approving Enron's financial results, which were later restated, and for admitting its partners destroyed Enron-related documents. An FBI spokesman had no comment when asked about the Global Crossing investigation and added, "As a policy, we do not confirm or deny investigations."