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1. en.wikipedia.org › wiki › Global_CrossingGlobal Crossing - Wikipedia

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   Global Crossing Limited, was a telecommunications company that provided computer networking services and operated a tier 1 carrier. It maintained a large backbone network and offered peering, virtual private networks, leased lines, audio and video conferencing, long-distance telephone, managed services, dialup, colocation centres and VoIP.

2. www.investopedia.com › terms › gGlobal Crossing: What It is, How It Works, Example - Investopedia

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   Jan 26, 2023 · Global Crossing: A communication services company that filed for bankruptcy protection amid an accounting scandal where it had allegedly inflated earnings by using capacity swaps, among other ...

   • Author: Jason Fernando

3. Videos

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     2001 Global Crossing at the Glen

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     2001 Global Crossing at the Glen [Part 10/11]

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     Global Crossing, SEC agree on settlement

     12 Apr 2005

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4. www.pbs.org › the-long-fall-of-global-crossingThe Long Fall of Global Crossing | PBS News

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   Mar 21, 2002 · Gary Winnick, still the Global Crossing chairman, has no such problems. 3,000 miles away in California, he is renovating his $94 million palatial estate. You can't see much from the ground, but an ...

5. www.nytimes.com › 2023/11/09 › businessGary Winnick, Who Won and Lost With Global Crossing, Dies at 76

   www.nytimes.com › 2023/11/09 › business

   Nov 9, 2023 · Nov. 9, 2023. Gary Winnick, a former junk-bond salesman who in 1997 founded Global Crossing, a telecommunications company that laid fiber-optic cable underwater around the world to speed internet ...

6. knowledge.wharton.upenn.edu › article › factorsFactors Behind Global Crossing’s Failure - Knowledge at Wharton

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   Feb 13, 2002 · According to several experts, Global Crossing’s woes are largely representative of an industrywide problem. “Accounting doesn’t sink a company,” notes Gerald Faulhaber, professor of ...

7. www.marketwatch.com › story › anatomy-of-globalAnatomy of Global Crossing's failure - MarketWatch

   www.marketwatch.com › story › anatomy-of-global

   Jan 29, 2002 · In the third quarter alone, Global Crossing lost $3.4 billion on revenue of just $793 million. When it filed for bankruptcy, Global Crossing was paying an estimated $600 million in annual interest.

8. People also ask

   What happened to Global Crossing?

   • In November 2002, Global Crossing's Asian subsidiary, Asia Global Crossing, filed bankruptcy and sold its assets to Asia Netcom, a subsidiary of China Netcom. Between 1998 and 2001, Winnick sold approximately $420 million in company stock and other executives sold an additional $900 million in company stock.

   Global Crossing - Wikipedia

   en.wikipedia.org/wiki/Global_Crossing

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   Is Global Crossing a problem?

   • According to several experts, Global Crossing’s woes are largely representative of an industrywide problem. “Accounting doesn’t sink a company,” notes Gerald Faulhaber, professor of management and public policy at Wharton. “Accounting that tries to cover up bad business sinks a company. Everyone overestimated the demand for these networks.

   Factors Behind Global Crossing’s Failure - Knowledge at Wharton

   knowledge.wharton.upenn.edu/article/factors-behind-global-crossings-failure/

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   What does Global Crossing do?

   • Global Crossing Limited, was a telecommunications company that provided computer networking services and operated a tier 1 carrier. It maintained a large backbone network and offered peering, virtual private networks, leased lines, audio and video conferencing, long-distance telephone, managed services, dialup, colocation centres and VoIP.

   Global Crossing - Wikipedia

   en.wikipedia.org/wiki/Global_Crossing

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   Why did Global Crossing go bankrupt?

   • In 2002, the company filed for one of the largest bankruptcies in history and its executives were accused of covering up an accounting scandal. On October 3, 2011, Global Crossing was acquired by Level 3 Communications for $3 billion, including the assumption of $1.1 billion in debt.

   Global Crossing - Wikipedia

   en.wikipedia.org/wiki/Global_Crossing

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   How did Global Crossing inflated its earnings?

   • In 2005, it settled with the Securities and Exchange Committee (SEC). Under the terms of this settlement, it was determined that Global Crossing had failed to comply with numerous accounting laws. One of the ways Global Crossing inflated its earnings was by the use of so-called capacity swaps.

   Global Crossing: What It is, How It Works, Example - Investopedia

   www.investopedia.com/terms/g/globalcrossing.asp

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   How did Global Crossing impact the financial industry?

   • While Global Crossing’s downfall had significant repercussions, it also prompted regulatory reforms and increased scrutiny in the finance industry. The SEC’s investigation and subsequent settlements shed light on the challenges of enforcing financial regulations in a rapidly evolving market environment.

   Global Crossing: History, Impact, and Acquisition by Level 3

   www.supermoney.com/encyclopedia/global-crossing-scandal

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9. www.supermoney.com › encyclopedia › global-crossingGlobal Crossing: History, Impact, and Acquisition by Level 3 ...

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   Mar 8, 2024 · Summary: Global Crossing, a once-prominent telecommunications provider, filed for bankruptcy in 2002 amidst allegations of accounting irregularities, echoing the dot-com bubble’s excesses. This article explores its history, including its aggressive accounting practices, legal settlements, and eventual acquisition by Level 3 Communications ...