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

To: TigerPaw who wrote (226223)	2/8/2002 2:10:17 PM
From: Bald Eagle	Read Replies (2) \| Respond to of 769670

RE:it just illustrates that Terry McAuliffe was not an isolated guy who got a special deal. No, it doesn't. It doesn't illustrate anything. I'm sure that most of that money was from institutions not 200,000 individuals!

To: TigerPaw who wrote (226223)	2/8/2002 3:14:08 PM
From: jlallen	Respond to of 769670

Still, it just illustrates that Terry McAuliffe was not an isolated guy who got a special deal hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha You don't actually believe that, do you??

To: TigerPaw who wrote (226223)	2/8/2002 3:22:06 PM
From: Bill	Respond to of 769670

Message 16991236

To: TigerPaw who wrote (226223)	2/8/2002 3:27:23 PM
From: Bill	Respond to of 769670

FBI, SEC Investigating Global Crossing Feb 8 2:29pm ET By Siobhan Kennedy NEW YORK (Reuters) - Telecommunications company Global Crossing Ltd. 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 intensified. In a double blow to the high-speed telecommunications network operator, federal law enforcement officials said the Federal Bureau of Investigations had launched a probe into the company, including its accounting practices. Global Crossing said the U.S. Securities and Exchange Commission also had launched a formal Global Crossing investigation, after a letter from a former Global employee alleged that the firm had used improper accounting methods that artificially inflated revenues. Global Crossing said it would not comment on the probe by the FBI, 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. 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." Hamilton, Bermuda-based Global Crossing filed for protection under Chapter 11 of the bankruptcy code on Jan. 28 in the fourth-largest corporate insolvency in U.S. history. It listed assets of $22.4 billion and $12.4 billion in debts. The company disclosed earlier this week that the SEC had asked it to hand over documents including the former employee's letter. 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 accounting firm, to review the matter. In the letter, dated Aug. 6, 2001, Olofson alleged that it was improper for Global Crossing to have reported pro forma values for cash revenue and adjusted earnings before interest, taxes, depreciation and amortization because the numbers were not measures of cash receipts or earnings. He also alleged that the amounts were inflated. After reviewing the letter and consulting outside counsel, Global Crossing said the allegations were without merit. The company also questioned Olofson's motives, saying he had previously threatened to sue the company and has been attempting to negotiate a settlement. Olofson was fired by Global Crossing on Nov. 30 as part of a move to cut 1,200 jobs. The company said last week it had received a new letter from Olofson saying he would sue for wrongful termination unless a multimillion-dollar payment were made to him by Feb. 1. Olofson's attorneys have denied Global Crossing's claims. They allege that the company fired Olofson because of his accounting allegations and have said that the law firm is poised to file a law suit against Global Crossing any day now. Global Crossing's Chapter 11 bankruptcy filing followed similar filings by energy trader Enron Corp. and retailer Kmart Corp. , the accounting practices of both of which 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 that its partners destroyed Enron-related documents.