Sunday, April 26, 2009

Moran Raises Global Crossing

In a Democrat debate over the weekend Brian Moran made a reference to Terry McAuliffe's investment in failed telecommunications giant Global Crossing. The company may have gone bankrupt but not before McAuliffe was able to make a reported 18 million dollars.

Moran didn't mention McAuliffe by name, but by raising the company it was clearly a slap at McAuliffe.

In a 2002, the political website Drudge, reported on McAuliffe's involvement with Global Crossing. Drudge reported that Judicial Watch, a conservative government watchdog group claimed,

"In what is an unprecedented case of political profiteering, McAuliffe turned a $100,000 initial investment in the company into $18 million in less than a year and a half—a nifty 18,000% profit. According to the New York Times, McAuliffe made millions more trading the stock and options after the company went public in 1998."

I don't know if McAuliffe did anything unethical regarding Global Crossing, but if it turns out that he was able to sell stock and make 18 million while the companies rank and file workers, lost their jobs, and benefits, it will probably derail his campaign.

I think the media and McAuliffe's opponents should look into this matter.

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