February 11, 2002

How Executives Prospered as Global Crossing Collapsed

By GERALDINE FABRIKANT with SIMON ROMERO
The Associated Press

Even as the government looks for evidence of accounting fraud at the troubled communications company Global Crossing, some analysts are shaking their heads over the apparently legal ways the company's executives were able to walk away with personal fortunes.

No one did better than Gary Winnick, a former executive at Drexel Burnham Lambert who founded Global Crossing in 1997, took it public the next year and sold shares worth $734 million before the company collapsed.