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Global Crossing: Enron
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The Global Crossing collapse hurt a great many people, the most conspicuous victims being the 9,000 workers who found themselves jobless. Also, the ...-many it was who put up $15 billion. But — and in this respect, Global Crossing and Enron do have something in common — a joint casualty is the encouragement given to such as Representative Jones to flame out with her demagogy.
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While Enron was an equal opportunity influence peddler, Global Crossing’s political leanings are noticeably one-sided. The company was the fifth largest corporate donor to the Democratic Party during the 2000 election cycle, but moved swiftly into first place this year. So far, Global has donated $350,000 to the Democratic Party for the 2002 campaign, and none to the GOP.
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The bankruptcy is twice as large as Enron's record-setting filing in December and four times as big as Global Crossing's in January. Worldcom reported more than $100 billion in assets at the end of March but is burdened by $30 billion in debt.
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Steve Malcolm, the new chief executive of Williams, said the delay is prudent in the wake of Monday's filing of bankruptcy by Global Crossing, a major competitor of Williams Communication. That could leave Williams exposed to meeting certain debt obligations of the former Williams subsidiary. In addition, Williams has exposure to the Enron bankruptcy, and like Enron, has been a major trader or energy derivatives.
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