Tuesday, December 14, 2004
Winnick gets away with Global Double Crossing
You might not have noticed. USA Today put it on page 3B. The Washington Post ran it on 2E. The Financial Times gave it three paragraphs.
Master story teller Gary Winnick, the spinner of the fantasy that was to have been the Network di tutti Networks, the diadem of the Telecosm, had worked out an agreement with U.S. Securities and Exchange Commission (SEC) staffers to pay a US$1 million fine for his hollow-swapping double bookkeeping. But in a closed-door decision, all three of the SEC's Republican commissioners voted against their staff and against investors who had believed the fairy tale by absolving Winnick of legal responsibility in the crashing bankruptcy of Global Crossing.
Not that it would have mattered much. Winnick made about US$800 million at the Global Crossing game.
The SEC commissioners rationalized that Winnick was non-executive chairman. But he was the founder, the spokesman, and the largest shareholder.
Want to build an air castle, sucker investors and get rich? Green light is on at the SEC.
Master story teller Gary Winnick, the spinner of the fantasy that was to have been the Network di tutti Networks, the diadem of the Telecosm, had worked out an agreement with U.S. Securities and Exchange Commission (SEC) staffers to pay a US$1 million fine for his hollow-swapping double bookkeeping. But in a closed-door decision, all three of the SEC's Republican commissioners voted against their staff and against investors who had believed the fairy tale by absolving Winnick of legal responsibility in the crashing bankruptcy of Global Crossing.
Not that it would have mattered much. Winnick made about US$800 million at the Global Crossing game.
The SEC commissioners rationalized that Winnick was non-executive chairman. But he was the founder, the spokesman, and the largest shareholder.
Want to build an air castle, sucker investors and get rich? Green light is on at the SEC.
Comments:
What do Gary Winnick, Ken Lay, Osama bin Laden and an Apple have in common? All would look great in a tree!
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# posted by 
: 1/27/2005 4:45 PM
: 1/27/2005 4:45 PM
