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Matthew Hoy
By Matthew Hoy on January 29, 2002

It appears as though the Democrats may want to rethink their attempts to tie President Bush and his administration to the Enron failure. The Drudge Report is reporting that Democratic National Committee chairman Terry McAuliffe, helped by Global Crossing CEO Gary Winnick, turned a $100,000 investment into $18 million. (Refrains of Hillary Clinton's foray into the commodities market spring to mind.)

Why is this little revelation important? Because yesterday Global Crossing declared bankruptcy.

Republicans shouldn't rejoice at this news. Former President George H. W. Bush also took Global Crossing stock, in lieu of a $80,000 honorarium for a speech he gave several years ago.

Segueing to media bias, The New York Times' report on Global Crossing's collapse contains the following:

The company had attracted many notable business and political figures as investors, including Terry McAuliffe, chairman of the Democratic National Committee, who profited by selling Global Crossing stock before it declined.

Another early investor was former President George Bush, who accepted stock in lieu of an $80,000 fee for speaking to Global Crossing customers in Tokyo in 1999, although it is not known whether Mr. Bush sold his stock. Other investors included the Tisch family of New York and Lodwrick Cook, the retired chairman of ARCO and a big Republican Party fund-raiser.

So, the Times mentions McAuliffe, but the only money figure is Bush 41's. Other names tossed out appear to be Republicans.

Maybe the Times just didn't have the information on McAuliffe. I'll be watching to see if they see fit to report the depth of McAuliffe's connection to the failed company.

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