JW Hits Global Crossing With Lawsuit
Clinton Defense Secretary Cohen and Democratic Party Chairman McAuliffe Also Named

While Enron recently earned the indignation of the American people for allegedly attempting to manipulate California¹s electricity market, another company is on JW’s radar screen for Enron-like activity.

On Tuesday, May 7, Judicial Watch filed a lawsuit against telecom giant Global Crossing on behalf of shareholders who were defrauded by the company’s shady tactics and subsequent bankruptcy filing. Also named in the lawsuit are William Cohen, Terry McAuliffe and Communist Chinese businessman Li Ka Shing.

Among the charges JW will seek to prove in court:

* Former Defense Secretary William Cohen improperly obtained contracts with the Pentagon on behalf of Global Crossing and conspired to artificially inflate and then dump Global Crossing stock.

* DNC Chairman Terry McAuliffe also helped "pump and dump" Global Crossing stock, turning a $100,000 personal investment into an $18 million windfall, according to The New York Times. He also allegedly arranged a political payoff scheme to former President Clinton in exchange for political favors.

* Li Ka Shing, a Communist Chinese agent and businessman, has sought control of interest in Global Crossing in order to, in effect, "become the phone company for the Pentagon." Li Ka Shing already owns Asia Global Crossing, a Global Crossing affiliate, and controls the Panama Canal, thanks to the Clinton Administration¹s transfer of control in 1998.

Enron and Global Crossing donated millions in campaign contributions to both parties in the last election cycle in an effort, JW believes, to secure "political insurance," should they run into financial problems. Thus far the tactic appears to be working as the Bush Administration has taken no meaningful action against either company.

"Whether it¹s Enron or Global Crossing, Judicial Watch’s non-partisan efforts to clean up corporate, legal and political corruption will not be deterred by government inaction," said JW President Tom Fitton. "The Bush Justice Department has thus far failed to act, so the job falls to Judicial Watch."