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Global Crossing Leader Testifies On Stock Sale Amid Crisis
Global Crossing chairman Gary Winnick told a House panel he did not know of the companys deteriorating finances before selling 123 million of stock. He defended the May 2001 sale as appropriate and said he relied on public assurances from executives. The hearing probes possible sham deals to bolster revenues and mislead investors as Global Crossing filed for bankruptcy in January.
MENTIONED IN THIS ARTICLE
Washington
Global Crossing Ltd
Gary Winnick
Winnick
Thomas Casey
Global Crossing
House Energy and Commerce Committee
Casey
Qwest Communications
Afshin Mohebbi
Joseph Nacchio
Lenette Crumpler
Rochester, N.Y
Crumpler