Big shots and big money, that's the subject of this evening's Talking Points memo.
Company called Global Crossing has filed for bankruptcy in a situation similar to the Enron case. The CEO of GC, Gary Winnick, made more than $700 million with that company while its stockholders are left with nothing.
And another big winner in the Global Crossing sham is DNC chief Terry McAuliffe, Bill Clinton's best friend. According to The Washington Times, Mr. McAuliffe made $18 million on an initial $100,000 investment. That makes Hillary Clinton's $100,000 cattle futures score look like bubble gum money.
McAuliffe explained it today to Shepard Smith.
(BEGIN VIDEO CLIP)
TERRY MCAULIFFE, CHAIRMAN, DEMOCRATIC NATIONAL COMMITTEE: I invested in many companies, and I'm happy this one worked. This is capitalism. You invest in stock, it goes up, it goes down. You know, if you don't like capitalism, you don't like making money with stock, move to Cuba or China.
(END VIDEO CLIP)
Former President Bush also held Global Crossing stock given to him by the company after he gave a speech for them. We don't know yet how much money Mr. Bush made. But we do know that big business and big political names are far too cozy in this country. McAuliffe, for example, introduced CEO Winnick to President Clinton. They played golf. Shortly after that, Winnick donated a million bucks to the Clinton Library, money that is keeping company with the large donation from Denise Rich.
There is no question that many elected officials for both parties are in bed with big business and receive off-the-record advice. That's insider trading, for you and me. Simply a courtesy for the rich and powerful.
And here's the really terrible part. While Winnick and McAuliffe and Mr. Clinton were getting big money from Global Crossing, the company was losing billions, and the stockholders eventually paid.
So how can a CEO who runs a company into the ground walk away with $700 million? The answer to that question is, nobody's watching them. The Security and Exchange Commission has been moribund for the past 10 years, and outside of hammering Microsoft, the Justice Department has looked the other way as corporate bandits looted their companies as the Vandals once did to Rome.
America needs to beef up its oversight of sleazy executives and fraudulent bookkeeping. Everyday Americans are getting killed in mutual funds and 401(K)s because of all the corporate corruption.
President Bush has to turn his attention to this, as investing is vital to the economy and capitalism. But right now, investing is dangerous, and the crooks are running wild. Too many fat cats in Washington are getting rich of shady-looking deals. We need a big cleanup here. Paging Rudy Giuliani.
And that's the memo.
The Most Ridiculous Item of the Day
Time now for the Most Ridiculous Item of the day.
The Nevada Athletic Commission has ruled that boxer, Mike Tyson, cannot go ahead with his April 6 fight with Lennox Lewis in Vegas, because of his erratic behavior. Before that decision, Tyson's lawyers pulled out a bag of tricks, including showing the commission a movie scene Tyson shot.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: The film, Crocodile Dundee in L.A., which shows a side of Mike Tyson that most people are unaware of, and it demonstrates his ability to speak.
(END VIDEO CLIP)
(BEGIN FILM CLIP: CROCODILE DUNDEE IN L.A.)
UNIDENTIFIED MALE CHILD: What are you doing?
MIKE TYSON: Well, I am meditating, man.
UNIDENTIFIED MALE CHILD: What is meditating?
TYSON: Meditating is a special place I go in my mind, where there is no distraction and I receive a great source of power. Inhale. Exhale.
(END FILM CLIP)
And he didn't bite anybody. Of course, in the movie, Tyson himself and all those surrounding this guy is ridiculous.
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